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Lower Mainland 2020 Property Assessments in the Mail

Lower Mainland 2020 Property Assessments in the Mail

VANCOUVER — In the next few days, owners of 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.

The table below indicates the Lower Mainland's estimated range of percentage changes to 2020 assessment values by property type compared to 2019.  Please note property assessments may vary by jurisdiction or municipality within the region, which includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and Sunshine Coast.

 

 

Property Type

Greater Vancouver Areas

of Lower Mainland

2020 Assessments

Range of % Changes in Value

(as of July 1, 2019)

Fraser Valley Areas

of Lower Mainland

2020 Assessments

Range of % Changes in Value

(as of July 1, 2019)

Residential Single Detached Homes

 -15% to 0%

-15% to +5%

 Residential Strata Units

(e.g. condominiums)

 -15% to 0%

-15% to 0%

 Commercial

 -15% to +20%

-5% to +25%

Industrial

 -5% to +20%

0% to +25%

           

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.

The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region.

These examples demonstrate market trends for single-family residential properties by geographic area:

Single Family Home Changes by Community

2019 Typical Assessed Value

as of July 1, 2018

2020 Typical Assessed Value

as of July 1, 2019

% Change

 

City of Vancouver $ 1,755,000$ 1,568,000-11%
University Endowment Lands$ 5,904,000$ 4,946,000-16%
City of Burnaby $ 1,512,000$ 1,363,000-10%
City of Coquitlam$ 1,254,000$ 1,121,000-11%
City of Port Coquitlam$ 969,000$ 875,000-10%
City of Port Moody$ 1,342,000$ 1,192,000-11%
City of New Westminster$ 1,147,000$ 1,054,000-8%
City of North Vancouver$ 1,510,000$ 1,351,000-11%
District of North Vancouver$ 1,616,000$ 1,479,000-9%
District of West Vancouver$ 2,803,000$ 2,356,000-16%
District of Squamish$ 927,000$ 930,0000%
Resort Municipality of Whistler

$ 1,935,000

 

$ 2,033,000

 

+5%
Village of Pemberton$ 829,000$ 873,000+5%
Bowen Island Municipality $ 967,000$ 933,000-4%
Village of Lions Bay$ 1,493,000$ 1,384,000-7%
Village of Belcarra $ 1,461,000$ 1,318,000-10%
Village of Anmore$ 2,134,000 $ 1,989,000-7%
Town of Gibsons$ 675,000$ 657,000-3%
District of Sechelt$ 605,000$ 568,000-6%
City of Surrey$ 1,042,000$ 1,010,000-3%
City of White Rock$ 1,310,000 $ 1,196,000-9%
City of Richmond$ 1,532,000$ 1,322,000 -14%
City of Delta$ 1,003,000$ 917,000-9%
Township of Langley$ 971,000$ 922,000-5%
City of Langley$ 862,000$ 809,000-6%
City of Abbotsford $ 758,000$ 727,000-4%
City of Chilliwack$ 613,000$ 590,000-4%
City of Maple Ridge$ 820,000$ 768,000-6%
City of Pitt Meadows$ 871,000$ 821,000-6%
District of Mission$ 698,000$ 652,000-7%
District of Kent$ 511,000$ 494,000-3%
District of Hope $ 416,000$ 410,000-1%
Harrison Hot Springs$ 608,000$ 577,000-5%

 

These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select urban areas:

 

Strata Home Changes by Community

2019 Typical Assessed Value

as of July 1, 2018

2020 Typical Assessed  Value

as of July 1, 2019

% Change

 

City of Vancouver $ 740,000$ 686,000-7%
City of Burnaby $ 623,000$ 569,000-9%
City of Coquitlam$ 591,000$ 537,000-9%
City of Port Coquitlam$ 533,000$ 486,000-9%
City of Port Moody$ 648,000$ 615,000-5%
City of New Westminster$ 547,000$ 500,000-9%
City of North Vancouver$ 707,000 $ 656,000-7%
District of North Vancouver$ 758,000$ 693,000-9%
District of West Vancouver$ 1,288,000$ 1,156,000-10%
District of Squamish$ 584,000$ 562,000-4%
Resort Municipality of Whistler$ 957,000$ 919,000-4%
City of Surrey$ 522,000$ 497,000-5%
City of White Rock$ 478,000$ 461,000-4%
City of Richmond$ 654,000$ 600,000-8%
City of Delta$ 568,000$ 545,000-4%
Township of Langley$ 561,000$ 531,000-5%
City of Langley$ 396,000$ 369,000-7%
City of Abbotsford $ 356,000$ 329,000-7%

 

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.

The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map. New for 2020, the website is fully mobile-friendly.

"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.

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Smith.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

"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."

Have questions?

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.

 

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Media contact:   Tim Morrison, Senior Communications Advisor, BC Assessment

Tel. 1.866.825.8322 Ext. 00135 Email: tim.morrison@bcassessment.ca