2020 Property Assessments Will Reflect BC’s Moderating Real Estate Markets
/EIN News/ -- Victoria, 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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Attachments
Tim Morrison, BC Assessment Senior Communications Advisor
BC Assessment
1-866-825-8322 loc.00135
tim.morrison@bcassessment.ca
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