House values down in Metro Vancouver

Just as Metro Vancouver homeowners are sorting through their holiday credit card bills, there may be another shock in the mail.

Most homeowners, especially those with detached homes, will notice their property assessments are significantly down, according to B.C. Assessment.

That is except Whistler and Pemberton, where property assessments have gone up slightly.

In the next few days, owners of more than a million properties throughout Metro Vancouver can expect to receive in the mail their 2020 assessment notices, which reflect market value as of July 1, 2019.

In a statement, B.C. Assessment deputy assessor Brian Smith says the real estate market continues to see signs of moderation following soaring property values over the last few years.

Smith says depending on your location and property type, homeowners will experience change on their 2020 assessment notice.

For example, owners of detached homes and condos in the Lower Mainland and the Fraser Valley can expect up to 15 per cent lower property vales.

“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,” said Smith.

Overall, the region’s total assessments have reduced to about $1.41 trillion from about $1.48 trillion.

A total of $18.6 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties, according to B.C. Assessment.

Some of the biggest drops in detached homes, according to B.C. Assessment, will be seen on the University Endowment Lands and West Vancouver (- 16 per cent) and in Richmond (-14 per cent). Also noticeable will be Vancouver, North Vancouver, and Port Moody (- 11 per cent)

Strata homes taking the biggest hit are in West Vancouver (-10 per cent) followed by Coquitlam, Port Coquitlam, New Westminster and Burnaby (-9 per cent,) and then Richmond (-8 per cent.) Vancouver, North Vancouver, Langley and Abbotsford have assessment decreases around -7 per cent.