Advertisement

Assessed value of Lower Mainland homes to drop in 2020: BC Assessment

A real estate sign is pictured in Vancouver, B.C., on June, 12, 2018.
A real estate sign is pictured in Vancouver, B.C., on June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward

The government agency that assesses the value of B.C. homes says many Lower Mainland owners can expect a lower valuation next year.

BC Assessment previewed 2020 home value assessments Monday, and said Lower Mainland single-family home values could fall by five to 15 per cent next year, depending on location.

READ MORE: Lower Mainland property assessments show white hot condo market, detached homes sagging

Condos and townhouses in the region could see a drop of zero to 15 per cent, according to the agency.

Click to play video 'Mortgage stress test contributes to a decline in BC home sales' Mortgage stress test contributes to a decline in BC home sales
Mortgage stress test contributes to a decline in BC home sales

On Vancouver Island, the situation is less clear. Detached home values could drop as much as 10 per cent or climb by as much as 15 per cent, said BC Assessment. Condos and townhouses could swing by a drop of five per cent to an increase of 15 per cent.

Story continues below advertisement

In the Thompson Okanagan, BC Assessment says detached home values could drop by five per cent or climb by as much as 10 per cent. Condos and townhomes could drop by as much as 10 per cent or climb by as much as 15 per cent, it said.

Anticipated property assessment changes for B.C. in 2020.
Anticipated property assessment changes for B.C. in 2020. BC Assessment

“Changes in property assessments really depend on where you live,” said assessor Tina 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.”

Ireland said commercial properties around B.C. continue to trend upward in value, though increases have “stabilized” in the Lower Mainland.

READ MORE: Most expensive home in Okanagan listed at $10.5 million

Story continues below advertisement

According to the agency, values in Vancouver and the inner suburbs including the North Shore, Richmond, Burnaby and Tri-Cities will see the biggest dip.

It said detached homes are slated to drop 10 to 15 per cent in value, while condos and townhomes would drop by zero to 15 per cent.

BC Assessment values, which are calculated based on assessments taken July 1 every year, are used to determine property taxes.

The province will finalize and release assessments on Jan. 2. Residential and commercial property owners can expect a property assessment notice in the mail next month.