Ex­pect prop­erty val­ues to mod­er­ate

Mar­ket soft­en­ing, re­port says

The Province - - NEWS - TIF­FANY CRAW­FORD ticraw­[email protected]­media.com

Af­ter years of dra­matic in­creases in B.C.’s prop­erty as­sess­ments, ex­pect to see some­thing more mod­er­ate this year, with some Van­cou­ver homes go­ing down in value.

That’s ac­cord­ing to B.C. Assess­ment, which said Thurs­day that it is see­ing signs of mod­er­a­tion, as the real es­tate mar­ket softens in some ar­eas of the prov­ince.

The soon-to-be-re­leased 2019 prop­erty as­sess­ments are based on what was hap­pen­ing in the real es­tate mar­ket as of July 1.

Asses­sor Tina Ire­land said changes in prop­erty as­sess­ments de­pend on where you live.

For ex­am­ple, she said, as­sessed val­ues for de­tached sin­gle-fam­ily homes in many ar­eas of Metro Van­cou­ver may see a soft­en­ing in value, while other mar­kets and ar­eas of the prov­ince will see mod­est in­creases over last year’s val­ues.

B.C. Assess­ment says some Metro de­tached sin­gle-fam­ily homes were show­ing de­creases in value of five to 10 per cent over last year, in­clud­ing in ar­eas of Van­cou­ver, the North Shore, South Sur­rey, White Rock, South Delta and Rich­mond.

The rest of the prov­ince can ex­pect in­creases of five to 15 per cent for sin­gle-fam­ily homes.

This in­cludes the Fraser Val­ley, Van­cou­ver Is­land, Okana­gan and the north.

In many parts of the cen­tral and north­ern Is­land, val­ues in­creased closer to 20 per cent, the agency said. In Kiti­mat, the agency added, in­creases were even greater in re­sponse to ac­tiv­ity within the re­source sec­tor.

B.C. Assess­ment says con­dos in­creased with typ­i­cal val­ues of 10 to 20 per cent across most 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.

All B.C. home­own­ers should re­ceive their an­nual prop­erty assess­ment no­tices in early Jan­uary. B.C. Assess­ment will send out no­ti­fi­ca­tion let­ters this month to prop­erty own­ers whose as­sess­ments are up more than the av­er­age change.

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