Assessed value of Lower Mainland homes expected to decrease in 2020

Other areas of province may see modest increases over last year’s values

The assessed values of single family homes and condos in the Lower Mainland are expected to drop by up to 15 per cent next year, according to BC Assessment.

In a release on Dec. 9, the British Columbia Assessment Authority also predicted little to no change in the assessed values of commercial properties in B.C. in 2020, and modest increases over last year’s values in other markets across the province.

For example, the assessed values of commercial properties in Northern B.C. are projected to increase by up to 30 per cent and the assessed values of homes in the Kootenays are expected to increase by up to 15 per cent.

See the BC Assessment map below for all of the forecasted changes for 2020 property assessments.

All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020. (BC Assessment map)

READ MORE: Property values released by B.C. Assessment

“Changes in property assessments really depend on where you live,” Assessor Tina Ireland said in the release. “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.”

READ MORE: 2017 BC Assessment values now available online

All B.C. property owners will receive their finalized annual property assessment notice in early January 2020. However, they are based on what was happening in the real estate market as of July 1.

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

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



karissa.gall@blackpress.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

An electrical vehicle charging station on Fort St. across from the Hope Legion appears to have suffered extensive damage. (Emelie Peacock/Hope Standard)
Electric vehicle charging station in Hope vandalized

Cables were cut to all four charging stations at a soon-to-be-opened lot on Fort St.

Kastor Hansen gets the right timing on the double-Dutch ropes, cheered on by principal, Bruce Becker. For the past 10 years, Becker has been Silver Creek Elementary’s principal, he is now moving on to become principal at Coquihalla Elementary School. (Barry Stewart/Hope Standard)
Bruce Becker to be Coquihalla Elementary’s new principal, leaving role at Silver Creek open

Longtime SD78 educators Monique Gratrix and Peter Flynn are retiring

Google Maps screenshot taken at 7:56 a.m., Oct. 29.
TRAFFIC: Westbound Highway 1 crash between Chilliwack and Abbotsford

Left lane is blocked, traffic backed up to No. 3 Road

AdvantageHOPE is working with Boston Pizza to find a franchisee for a Hope location. (Facebook/AdvantageHOPE photo)
Boston Pizza eyeing Hope for new location

With over 395 locations Canada-wide, company is looking to expand to Hope

A woman holds a packet of contraceptive pills. (AP Photo/Tsvangirayi Mukwazhi)
Chilliwack women’s organization among those lobbying for free contraception

Ann Davis Society says while it’s a women’s issue, all of society would benefit from program

A woman wears a face mask and plastic gloves while browsing books as a sticker on the floor indicates a one-way direction of travel between shelves of books at the Vancouver Public Library’s central branch, after it and four other branches reopened with limited services, in Vancouver, on Tuesday, July 14, 2020. (THE CANADIAN PRESS/Darryl Dyck)
B.C. reports 234 new COVID cases, 1 death of senior who had attended small birthday party

Roughly 5,700 people are isolating due to being exposed to a confirmed case

Provincial Health Officer Dr. Bonnie Henry speaks Thursday (Oct. 29) during a news conference held at Fraser Health office, in video posted to Facebook. (Photo: Government of British Columbai/Facebook)
COVID-19 ‘disproportionately’ affecting Fraser Health: Henry

Health region has about 75 per cent of B.C.’s active cases

Burnaby RCMP responded to a dine-and-dash suspect who fell through a ceiling in March 2020. (RCMP handout)
VIDEO: Suspected dine-and-dasher falls through ceiling of Burnaby restaurant

A woman believed to be dashing on her restaurant bill fell through the kitchen ceiling

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

A can of Canada Dry Ginger Ale is shown in Toronto on Thursday Oct. 29, 2020. The maker of Canada Dry Ginger Ale has agreed to pay over $200,000 to settle a class-action lawsuit launched by a B.C. man who alleged he was misled by marketing suggesting the soda had medicinal benefits. THE CANADIAN PRESS/Joseph O’Connal
B.C. man’s lawsuit over marketing of Canada Dry ginger ale settled for $200K

Soda’s maker, Canada Dry Mott’s Inc., denied the allegations and any liability

Vancouver Island-based Wilson’s Transportation has expanded to fill some of the routes left unserviced by Greyhound as of Nov. 1, 2018. (Black Press files)
B.C. bus companies say they need help to survive COVID-19

Like airlines, motor coaches have lost most of their revenue

A deer was spotted in October 2020 in Prince Rupert, B.C., with a bright pink yoga ball stuck in its antlers. (Kayla Vickers/Chronicles Of Hammy The Deer Official Page)
Hammy 2.0? Prince Rupert deer spotted with bright pink yoga ball stuck in antlers

The BC Conservation Officer Service is aware of the deer roaming around the city

RCMP. (Phil McLachlan - Black Press Media)
Kelowna Mountie hit with 2nd lawsuit in 2 months for alleged assault

Const. Julius Prommer is accused of breaking a woman’s knee during while responding to a noise complaint

Hirdeypal Batth, 24, has been charged with sexual assault and forcible confinement in relation to an incident in August 2020. (VPD handout)
Man, 24, charged with sex assault after allegedly posing as Uber driver in Vancouver

Investigators believe there could be more victims outside of the Vancouver area

Most Read