Assessments Expected to Climb again in Northwest BC, bucking provincial trend

John Crawford
12/10/2019

The BC Assessment Authority says the 2020 property assessments will show a moderating market across much of the province -- but that's not necessarily the case in northwest BC.

The assessments will be mailed out in the first week of January, and the authority says the moderating trend that began in the 2019 figures will likely continue this year for most of BC.  

BC-Assessment-2.jpg

However, for Terrace, the authority is projecting the value of a single-family residential property to increase by between 15% and 25%.

Condos and townhouses are expected to jump by 10 to 20%, while commercial properties could go up by 30 to 50%. 

By contrast, single-family home assessments in the Lower Mainland are expected to drop by between 5% and 15%.

The assessments are based on what's happening in the real estate market as of July 1st of each year, and are issued on January 2nd of the following year.

During December, BC Assessment is sending out notification letters to property owners whose assessments are changing significantly more than the average change.

See News Release below for full details. 

=== NEWS RELEASE === 
 

UPDATE: 2020 Property Assessments Will Reflect BC’s Moderating Real Estate Markets

 

 

VICTORIA, British Columbia, Dec. 09, 2019 (GLOBE NEWSWIRE) -- Many soon-to-be released property assessments will show a moderating market, with more modest changes in property values compared to previous years based on trends in the real estate market as of July 1, 2019.

"We first saw signs of moderation during the 2019 property assessments,” says Assessor Tina Ireland. "For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province.”

The following table* demonstrates the forecasted ranges of typical changes in 2020 property assessments by region and property type:



BC Assessment
Regions

2020 Residential
Single–Family Homes

Range of %
Changes in Value
(as of July 1, 2019)

2020 Residential
Strata Condos/
Townhouses

Range of %
Changes in Value
(as of July 1, 2019)

2020 Commercial
Properties


Range of %
Changes in Value
(as of July 1, 2019)

Lower Mainland

-5% to -15%

0% to -15%

-15% to +15%

Vancouver Island

-10% to +15%

-5% to +15%

0% to +15%

Thompson Okanagan

-5% to +10%

-10% to +15%

0% to +20%

Northern BC

-5% to +20%

0% to +10%

0% to +30%

Kootenay Columbia

0% to +15%

0% to +15%

0% to +15%

*All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020.

“Changes in property assessments really depend on where you live,” says Ireland. “For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year’s values.”

“Commercial properties continue to trend upwards in many parts of the province, but have stabilized within the Lower Mainland,” adds Ireland.

Based on what was happening in the real estate market as of July 1 this year, the table* below provides examples of what percentage changes that property owners in various areas of the province can expect to see with their 2020 assessed values (listed by property type):

 

2020 Property Assessments
Projected Typical Market Value Changes
(Comparing July, 2018 to July, 2019)

 

Geographic Area
of British Columbia

 
Residential
Single-Family
Homes

 
Residential
Strata
Homes
(Condos/

Townhouses)

 
Commercial
Properties

 
Industrial
Properties

Lower Mainland Region

 

 

 

 

Vancouver / North Shore
Burnaby / Tri-Cities

-10% to -15%

-15% to 0%

-15% to +15%

-10% to +25%

Squamish

-5% to +5%

-10% to 0%

-5% to +5%

0% to +5%

Whistler

0% to +15%

-10% to 0%

-5% to +5%

-5% to +5%

Sunshine Coast

-10% to +5%

-5% to +5%

-5% to +15%

+5% to +15%

Richmond / Delta

-10% to -15%

-10% to 0%

0% to +10%

+10% to +30%

Surrey / Langley

-10% to -5%

-10% to 0%

0% to +10%

+10% to +30%

Abbotsford / Chilliwack

-10% to 0%

-10% to 0%

+10% to +25%

+5% to +35%

Vancouver Island Region

 

 

 

 

Greater Victoria Area (South Island)

-10% to +5%

-5% to +5%

+5% to +15%

+10% to +25%

Central & North Vancouver Island

-5% to +15%

-5% to +15%

+5% to +15%

+5% to +25%

Thompson Okanagan Region

 

 

 

 

Okanagan

-5% to +10%

-10% to +10%

0% to +15%

+5% to +30%

Kamloops

0% to +10%

-5% to +15%

+5% to +20%

0% to +20%

Kootenay Columbia Region

 

 

 

 

Cranbrook

+5% to +10%

0% to +5%

0% to +5%

0% to +5%

Nelson

0% to +5%

+5% to +10%

+5% to +10%

+5% to +10%

Revelstoke/Golden

+5% to +15%

+5% to +15%

+5% to +15%

+5% to +15%

Northern BC Region

 

 

 

 

Prince George

0% to +10%

0% to +10%

+15% to +30%

+15% to +30%

Williams Lake

0% to +10%

0% to +10%

+0% to +15%

0% to +15%

Dawson Creek

-5% to +5%

-5% to +5%

+5% to +15%

0% to +15%

Terrace

+15% to +25%

+10% to +20%

+30% to +50%

+5% to +10%

*All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020.

All British Columbia property owners will receive their annual property assessment notice in early January 2020. However, to make sure property assessments are fair, they are all calculated based on the same date of July 1st every year.

"When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value," explains Ireland. "Our job is to make sure your assessment is fair and accurate as compared to your neighbours.” 

During December, BC Assessment is providing notification letters to property owners whose assessments are changing significantly more than the average change.

The contents of this news release is based on preliminary information only and subject to change when all confirmed 2020 property assessment information is finalized and released on January 2, 2020.

Visit bcassessment.ca on January 2 to access a variety of 2020 assessment information including searching and comparing 2020 property assessments as well as market movement trends.


 

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