2019 Property Assessments Preview from BC Assessment website
by Mir Khan
on Sunday, January 13th, 2019 at 8:00pm.
From the BC Assessment website:
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%.