Wondering how much your home is worth as 2019 gets underway?
How about your neighbour’s?
BC Assessment’s valuation of homes across the province, which is based on what was happening in the real estate market as of July 1 this year, was released this morning.
“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,” said assessor Tina Ireland, in a press release. “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 per cent to -10 per cent 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 five to 15 per cent 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 per cent. 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 per cent 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 per cent range, with some markets around Metro Vancouver up +30 per cent.
All British Columbia’s property owners will receive their annual property assessment notices in early January 2019.
During December, BC Assessment is providing notification letters to property owners whose assessments are increasing significantly more than the average change.