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Home Prices Headed Downwards In The Lower Mainland, New Property Assessments Show

 

VANCOUVER – Judging from the latest property assessments – home prices in the lower mainland have fallen steeply over the last year and will continue to do so in the future.

More than 1,040,000 properties throughout the Lower Mainland can expect to receive their 2020 assessment notices which reflect market value as of July 1, 2019.

“The Lower Mainland residential real estate market continues to see signs of moderation,” says BC Assessment Deputy Assessor Brian Smith. “Depending on your location and property type, you will experience a different level of change on your 2020 Assessment Notice. Homes located in Whistler and Pemberton can expect a minimal increase in their assessments whereas the rest of the region will likely experience a reduced assessment value.”

As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, the Lower Mainland region’s total assessments have reduced from about $1.48 trillion in 2019 to about $1.41 trillion this year. A total of $18.6 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.

BC Assessment’s website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020’s top valued residential properties across the province.

“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor Brian Smith.

“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Smith. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”

 

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