Wednesday, December 11, 2019
Northwest anticipated to feature higher assessment rates for British Columbia in 2020
The Northwest will stand somewhat alone next month when the annual BC Assessment listings roll out with BC Assessment anticipating some significant increases in this region for all categories when the information is released on January 2nd.
The Terrace office notes the following projections when it will come time to view the Northwest findings:
Residential Single Family Homes -- 15% to 25% increase
Residential Strata Homes (condos) -- 10% to 20% increase
Commercial properties -- 30% to 50% increase
Industrial Properties -- 5% to 10 % increase
How those values will be delivered among the communities of the Northwest won't be available until the official release of the assessment data next month.
During December, BC Assessment is providing notification letters to property owners whose assessments are changing significantly more than the average change.
BC Assessment makes note of the moderating trends for much of British Columbia that is expected to be released next month.
"We first saw signs of moderation during the 2019 property assessments. For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province.
Changes in property assessments really depend on where you live. For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year's values." -- Assessor Tina Ireland.
And as noted by Ms. Ireland; a look at the map below, highlights how the Northwest results are well above much of the province including the heavily populated Lower Mainland and Vancouver Island areas.
You can review the full preview here.
The official release of assessments will come on January 2nd, you can access the data through the BCAssessment website at that time.
Access to a range of 2020 assessment information, including the ability to search and compare 2020 property assessments, as well as market movement trends will also be part of the release in January.
For more items of interest on real estate and housing in the Northwest see our archive pages here.