VICTORIA, B.C. – B.C. Assessment has released their preview for the 2019 Property Assessments.
The preview indicates that there will be signs of moderation as the real estate market softens in some areas of the province following years of dramatic increases in annual property assessments.
Meanwhile, other parts of the province could expect to see an increase of five percent to 15 percent for single-family home assessed values. This rise includes parts of Northern B.C.
According to the preview, the residential strata market increased with typical values of 10 percent to 20 percent across most areas of the province.
The typical commercial and industrial properties are expected to continue increasing across most of the province in the 10 percent to 20 percent range.
Tim Morrison, media contact for BC Assessment, says while he can not comment on specific areas at this time, he does say that this year’s assessment results will a “mixed bag”.
“It’s sort of described as a mixed bag; that’s the best way to describe it. It really depends not only on the location but also the property types. So, if it’s commercial versus residential, they’re different stories. Like I say, it’s really a mixed bag.”
All British Columbia property owners are expected to receive their annual property assessment notices in early January 2019, with the full report being released on January 2, 2019.