2020 BC Assessment For British Columbia! Vancouver Has Dropped!

Happy New Year, British Columbians. Guess what?

Your property values are considered 5 to 15% lower according to the BC assessment website.

Hey guys, my name is Solomon and I'm a local real estate agent and today's video is all about the new BC assessment values.

That just came out as of January 1st. You're able to now log into the BC assessment website and see what your home is worth in 2020.

Now, I've also got this chart that I'm going to display for you to show you exactly what the values range all across British Columbia here.

All right. So let's look at this graphic here showing The Province showing single-family homes condos and commercial. So the typical market value changes as of July 1st, 2019.

Let's focus on the Lower Mainland. So homes have dropped from single-family homes from 5% to 15% lower condos are zero percent to 15 percent and Commercial properties have a range between 15% drop to actually increasing by 15%. If you look at the Island, homes are dropping single families - 10 % to increasing 15% condos minus 5% to 15 percent increasing and Commercial has gone up so Islands looking pretty good. The Northern BC homes are dropping between 5% and increasing by 20% condos.

I've actually gone up by 10% and Commercial properties are up 30%. And if you look at the Thompson Okanagan 5% drop and an additional 10% for single-family condos some have dropped 10% some have increased 15% so I mean surprise will be again in the Lower Mainland section as you can see that's where the biggest hit has happened.

Where does this information come from to determine the value? According to the BC assessment site, our assessment is based on the market value of your property as of July 1st of the previous year and when determining the assessed value our appraisers consider your properties unique characteristics including the location of the home, the view from the home, the size of the home, the age of the home, garages, carports, decks, pool. etc and comparable sale prices and other real estate market information and their appraisers also consider recent sales of properties with similar characteristics to your home.

And if you're not satisfied with the results of your assessment you have until January 31st to file a concern or complaint and I have posted a link to in the description of where to go for the process to do that. Now the good news is that not all assessment values are considered to be accurate the BC housing market has recently experienced an uptrend and the values have significantly increased. There's been more activity. Now if you wanted to know exactly what it's worth.

You may want to contact your local Realtor or you can reach out to our team.

So what do you think do you agree or disagree with the assessments?

Please drop a comment below and let us know your feedback. And again if you want a true representation of what your home is worth in 2020 don't hesitate to reach out to me.

Thanks for watching!