A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017. THE CANADIAN PRESS/Graeme Roy

B.C. assessed home values to dip 2.5% in 2020

‘Changes in property assessments really depend on where you live,’ BC Assessment’s Tina Ireland says

Most of the province can expect ‘moderate’ changes in their property values, in large part because of a sluggish housing market in 2019.

On Thursday, BC Assessment released its annual assessments, based on market projections as of July 1, 2019 for more than two million properties.

ALSO READ: CMHC expects housing market to recover in next two years after declines

On the whole, property values dipped about 2.5 per cent to $1.94 trillion, but assessor Tina Ireland said it depends on where you live.

“For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value,” Ireland said in a news release, “while other markets and areas of the province will see minimal change and even modest increases over last year’s values.

“Commercial properties continue to trend upwards in many parts of the province, but have stabilized within the Lower Mainland.”

Within Metro Vancouver, each municipality saw a decrease in single-family residential property value except for Whistler and Pemberton, which saw five-per-cent increases. In Whistler, the average benchmark became more than $2 million, up from $1.9 million.

West Vancouver saw the largest drop in value, at 16 per cent, from $2.8 million to $2.3 million on average.

ALSO READ: Don’t agree on your property assessment? Here’s what to do

On Vancouver Island, the biggest spikes were in Tofino and Alert Bay at 15 per cent. Tofino’s average home price rose from $767,000 to $883,500.

In the Thompson-Okanagan region, the majority of homeowners should see an increase in value, deputy assessor Tracy Shymko said in the release.

“Comparing July 2018 and July 2019, home values have risen consistently for most of Kamloops and the Thompson with a few communities seeing increases slightly higher than others, especially in Clinton, Lillooet, Ashcroft and Lytton,” she said.

The biggest hike was in Lillooet, from $215,0000 to $257,000, or roughly 25 per cent.

Meanwhile, Kelowna, West Kelowna and Peachland saw one- to two-per-cent dips.

Properties in northern B.C. earned a mix of modest increases and decreases.

“There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively,” said deputy assessor Jarret Krantz.

Values slid five per cent in Dawson Creek and Fraser Lake, and dropped one per cent in 100 Mile House and Burns Lake.

Region by region, properties in Kootenay-Columbia saw the most widespread overall increase. The only areas where values went down were Slocan at one per cent and Midway at seven per cent.

Deputy assessor Ramaish Shah said assessed property values rose in this region largely because of unusually high demand. Proprieties in Salmo rose an average of 20 per cent in value, followed by a 16-per-cent jump in Warfield and 11 per cent in Creston.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

UPDATE: Missing man found

‘Family and police are concerned for his wellbeing at this time’

TransLink CEO asks riders not to enforce mask rules after Surrey bus punch-up

A fight broke out on a bus at 96 Avenue and Scott Road involving a man who refused to wear a mask

Police investigating shooting in North Delta

Police say occupants of two vehicles exchanged gunfire near 120th Street and 82nd Avenue

UPDATED: Surrey RCMP arrest six youths after fight involving airsoft pistol in Newton

Police chased up to 30 youths, arresting six, after they scrambled from a fight behind Kennedy Trail elementary

Staff member at Surrey long-term care facility diagnosed with COVID-19

Fraser Health said a rapid response team is on site

Weekend sees 267 cases, 3 deaths in B.C.; Dr. Henry says events leading to COVID spread

There are currently 1,302 active cases in B.C., while 3,372 people are under public health monitoring

Lightning strike: Tampa Bay blanks Dallas 2-0 to win Stanley Cup

Hedman wins Conn Smythe Trophy as playoff MVP

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Liberals seek to fast track new COVID-19 aid bill after CERB expires

Government secured NDP support for legislation by hiking amount of benefits by $100 to $500 per week

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

B.C. VOTES 2020: Echoes of HST in B.C. debate over sales tax

Cannabis, tobacco, luxury cars still taxed in B.C. Liberal plan

She warned her son about toxic drugs, then he was dead

Donna Bridgman’s son died at the age of 38 in Vancouver

B.C. food and beverage producers set record sales in 2019

Farmed salmon again leads international exports

Most Read