Home values in Metro Vancouver to drop in 2020 property assessment

Dec 10 2019, 11:41 am

BC Assessment has provided a preview of the range of assessed value changes for real estate across the province, just weeks ahead of the full release of the latest assessment roll.

The provincial crown corporation says the released property assessments will show a moderating residential market; however, the changes will be more modest compared to 2017 and 2018 based on recent market trends as of July 1, 2019.

“We first saw signs of moderation during the 2019 property assessments,” said assessor Tina Ireland in a statement. “For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province.”

She says many areas in Metro Vancouver will see softened values, a sign of stabilization, while other markets in the province will see minimal changes.

But significant growth in assessed value continues to be experienced with commercial and industrial properties, largely due to high demand for these types of spaces.

Here is a rundown of the Lower Mainland subregional changes:

  • Vancouver/North Shore/Burnaby/Tri-Cities:
    • Residential single-family homes: -10% to -15%
    • Residential strata homes (condominiums): -15% to 0%
    • Commercial properties: -15% to +15%
    • Industrial properties: -10% to +25%
  • Richmond/Delta:
    • Residential single-family homes: -10% to -15%
    • Residential strata homes (condominiums): -10% to 0%
    • Commercial properties: 0% to +10%
    • Industrial properties: +10% to +30%
  • Surrey/Langley:
    • Residential single-family homes: -10% to -5%
    • Residential strata homes (condominiums): -10% to 0%
    • Commercial properties: 0% to +10%
    • Industrial properties: +10% to +30%
  • Abbotsford/Chilliwack:
    • Residential single-family homes: -10% to 0%
    • Residential strata homes (condominiums): -10% to 0%
    • Commercial properties: +10% to +25%
    • Industrial properties: +5% to +35%

Property owners whose assessments have seen significant increases that are higher than the average change will receive a notification letter from BC Assessment over the coming weeks.

All property assessment information will be finalized and released to the public through BC Assessment’s website on January 2, 2020.