{"id":14432,"date":"2019-12-19T10:10:00","date_gmt":"2019-12-19T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14432"},"modified":"2019-12-10T14:41:33","modified_gmt":"2019-12-10T22:41:33","slug":"bc-assessment-values-to-reflect-moderating-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/12\/bc-assessment-values-to-reflect-moderating-market\/","title":{"rendered":"BC Assessment Values to Reflect Moderating Market"},"content":{"rendered":"<p style=\"text-align: justify;\">BC\u2019s housing market may already be seeing an upswing following its recent slowdown, but price trends are lagging \u2014 and this is set to be reflected in some depressed home assessments, BC Assessment announced December 9.<\/p>\n<p style=\"text-align: justify;\">Many areas of the province will see home values that \u201creflect BC\u2019s moderating real estate markets,\u201d according to the property valuation agency.<\/p>\n<p style=\"text-align: justify;\">Assessor and BC Assessment spokesperson Tina Ireland said, \u201cWe 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.\u201d<\/p>\n<p style=\"text-align: justify;\">In Metro Vancouver, single-family homes are generally expected to see a decline in value from the previous year of 10% to 15%. Condo values across the region are expected to range from remaining flat with last year to falling 15%.<\/p>\n<p style=\"text-align: justify;\">\u201cChanges in property assessments really depend on where you live,\u201d said Ireland. \u201cFor 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&#8217;s values.\u201d<\/p>\n<p style=\"text-align: justify;\">Regions expected to see an increase in home values include some Interior and Northern areas, such as Kamloops, Nelson, Cranbrook, Revelstoke, Prince George, Williams Lake and Terrace.<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=14433\" rel=\"attachment wp-att-14433\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-14433\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/12\/december-2019-press-release-map-288x225.png\" alt=\"\" width=\"585\" height=\"457\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/12\/december-2019-press-release-map-288x225.png 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/12\/december-2019-press-release-map-768x600.png 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/12\/december-2019-press-release-map.png 888w\" sizes=\"auto, (max-width: 585px) 100vw, 585px\" \/><\/a><br \/>\nSource : BC Assessment<\/p>\n<p style=\"text-align: justify;\">Commercial values across the province held their values more consistently, with assessments rising in most areas and remaining generally flat in the Lower Mainland.<\/p>\n<p style=\"text-align: justify;\">Industrial real estate values also stayed very strong, especially in the Fraser Valley, where property assessments are likely to come in between 10% and 35% higher than one year previously.<\/p>\n<p style=\"text-align: justify;\">All BC property owners will receive their annual property assessment notice in early January 2020, with some early-warning letters issued in December to those whose property valuation changes deviate from the norm. Values are all calculated based on the value of the property on the same date, July 1, every year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/info.bcassessment.ca\/\/news\/Pages\/2020-property-assessments-reflect-BC-moderating-markets.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to see a table of likely home-valuation changes in your region.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/12\/upcoming-bc-assessment-values-reflect-moderating-market-map\" target=\"_blank\" rel=\"noopener noreferrer\">Upcoming BC Assessment Values to &#8220;Reflect Moderating Market&#8221;<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC\u2019s housing market may already be seeing an upswing following its recent slowdown, but price trends are lagging \u2014 and this is set to be reflected in some depressed home &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/12\/bc-assessment-values-to-reflect-moderating-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14432","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Assessment Values to Reflect Moderating Market &#8226; 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