Tri-City assessments expected to drop

Single-family home assessments expected to see the biggest declines, says the BC Assessment Authority

Tri-City residents looking forward to seeing their property assessments Jan. 2 might be a little disappointed to see a slight softening in the value of their homes.

Single-family homes are expected to see the biggest declines of between 10% and 15% in assessed value, and while condos are doing slightly better, many are seeing a drop, too, according to the BC Assessment Authority.

Property assessments are based on prices from a July 1, 2019 snapshot, so actual market values now could be different from assessments.

For condo owners, property values could see no change to a drop in value of about 15%.

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

All British Columbia property owners will receive their annual property assessment notice in early January 2020.

During December, BC Assessment is providing notification letters to property owners whose assessments are changing significantly more than the average change.

Visit bcassessment.ca on Jan. 2 to access a variety of 2020 assessment information, including searching and comparing property assessments as well as market movement trends.

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