2019 property assessments will reflect BC's shifting housing markets
After years of dramatic increases in British Columbia’s annual property
assessments, we are now seeing signs of moderation as the real estate market
softens in some areas of the province. The soon to be released 2019 property
assessments are based on what was happening in the real estate market as of
July 1 this year.
"It’s a real mix in property value changes, but the market can best
be summed up as showing signs of stability across most areas of the province,”
says Assessor Tina Ireland. "Changes in property assessments really depend
on where you live. For example, assessed values for detached single family
homes in many areas of Metro Vancouver may see a softening in value, while
other markets and areas of the province will see modest increases over last
year’s values.”
Based on what was happening in the real estate market as of July 1 this
year, the 2019 property assessment highlights include:
Some Metro Vancouver detached single family homes were showing decreases
in value of -5% to -10% over last year, including in areas of Vancouver, the
North Shore, South Surrey, White Rock, South Delta and Richmond. Other areas
were relatively stable or even showing modest increases.
The rest of the province could expect increases of +5 to +15% for single
family home assessed values. This includes the Fraser Valley, Vancouver Island,
Okanagan and the North. In many parts of central and northern Vancouver Island,
values were increasing closer to +20%. And, in Kitimat, the increases were even
greater in response to activity within the resource sector.
The residential strata market (i.e. condominiums) increased with typical
values of +10 to+20% across most areas of the province. Vancouver, the North
Shore and Burnaby increases were slightly less than this range while the
eastern Fraser Valley increases may be higher in some cases.
Typical commercial and industrial properties experience continued
increases across most of the province in the +10 to +20% range, with some
markets around Metro Vancouver up +30%.
All British Columbia's property owners will receive their annual
property assessment notices in early January 2019. Additional price moderation
has been seen later in the year, particularly in Metro Vancouver. 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,"
adds 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 increasing significantly more than the
average change.
Visit bcassessment.ca after January 1 to access a variety of 2019
assessment information including searching and comparing 2019 property
assessments as well as market movement trends.
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