Lower Mainland 2020 Property Assessments
Updated: Jan 13, 2020
Lower Mainland 2020 Property Assessments in the Mail
January 02, 2020
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.
温哥华 - 在接下来的几天，104万屋主将会收到政府寄出的最新的2020评估报告，报告的数据反映的是截至2019年7月1日的市场价值。
"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.
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:
These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select urban areas:
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."
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.