The Bc assessment authority starts mailing property assessments to owners in January, based on market values as of July 1 of previous year, in 2019 Assessment values in Metro Vancouver show declining values for the first time in about a decade but gains in assessment values in Fraser Valley.
In Fraser valley house values average range is negative 10 per cent to plus 15 per cent compared to Metro Vancouver which is opposite negative 15 per cent to plus 10 per cent.
According to the new numbers from Bc Assessment authority, The city of Vancouver, detached homes dropped an average of four per cent in value, while condo values rose six per cent as compared to Surrey, detached homes gained an average four per cent rise and 14 per cent for condos.
City of Langley condo owners will see a 27 per cent average jump in valuation. Abbotsford, condo owners will see their assessed values jump on average 28 per cent while detached homeowners will see an average 9 per cent rise. Chilliwack values growing 10 per cent, District of Hope rising 17 per cent and District of Mission 10 per cent. Single family homeowners in White Rock and Richmond will see an average two per cent drop.
Realtors in Bc acknowledge the change in market conditions, as 2018 has been a slowest year in sales for real estate since 2013 as Government policy and natural market cycles are slowly cooling down real estate. With Mortgage rules changed and interest rates rising in 2018 made a huge contribution in slowing down the hot real estate market in Metro Vancouver and Fraser Valley. With years of experience as a realtor in Surrey , i have seen these market change cycle year after year in exception of last three years of hot real estate market in BC.
You can appeal your assessment value, if you think its high or low. Please note that the deadline to appeal your 2019 Assessment is January 31. Here Below is the link with the information about how to appeal and what is the process of the appeal.