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.
Based on what was happening in the real estate market as of July 1 last* year, the 2019 property assessment highlights include:
- some lower mainland 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.
- remainder 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.
- 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.
- 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.