Property tax assessments show home values dropping in Lower Mainland
B.C. property tax assessments will be going out in early January, but B.C. Assessment has released some early numbers to indicate what you can expect.
If you live in the Lower Mainland you can expect to see a drop. Single family home prices are down anywhere between 5 to 15 per cent, depending on where you live. Values on condos and townhouses in the Lower Mainland are either unchanged, or down as much as 15 per cent.
However, the story is different in other parts of the province with values up in many areas. Single detached home prices in Northern B.C. are up as much as 20 per cent with some falling about 5 per cent, depending on the specific location.
Vancouver Island has seen a range in values on single homes from down 10 per cent to a 15 percent increase.
Thompson Okanagan assessments on detached homes are in the range of down 5 per cent to up 10 per cent.
Values on single family homes in Kootenay Columbia remain unchanged, to rising as much as 15 per cent.
This year’s assessments are based on market values as of July of 2019 and there has been an uptick in sales activity in the Lower Mainland since then. So things could be very different by next year.
In November, Metro Vancouver sales to listing ratios for single family homes were at 17.2 per cent, townhouses were at 24.9 per cent and 29.3 per cent for condos. The Real Estate Board of Greater Vancouver says sustained sales to listing ratios above 20 per cent over several months is typically an indicator of upward pressure on prices.
Source: BC Assessment