Victoria home value assessments could fall 10 per cent next year
Condos in the Greater Victoria area could fall up to five per cent next year, according to BC Assessment: (CTV News File Photo)
VICTORIA -- Homes in the Greater Victoria area could see their property value assessments fall by 10 per cent next year, according to BC Assessment's preliminary look at the province's real estate market.
According to BC Assessment, 2020's projected market value change will be relatively moderate for the Vancouver Island region, especially in the Central and North Vancouver Island areas, with Victoria homes potentially seeing the largest dip in value.
Residential single-family homes and residential condos could see both a negative and positive assessment swing, while commercial and industrial properties are projected to only increase in value.
"Changes in property assessments really depend on where you live," said BC Assessment assessor Tina Ireland in a news release Monday. "For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year's values."
"Commercial properties continue to trend upwards in many parts of the province, but have stabilized within the Lower Mainland," added Ireland.
In the Greater Victoria area, BC Assessment predicts that residential single family homes could fall 10 per cent in value while condos could see a drop of five percent. However, the assessment agency notes that residential properties could also see a raise of up to five percent in market value, depending on specific neighborhoods and properties.
In 2020, commercial properties in Victoria are set to see an increase of five to 15 per cent in value, while industrial properties are predicted to see the largest increase in value, from 10 to 25 per cent in 2020.
Meanwhile, in the Central and North Vancouver Island region, both residential homes and condos are predicted to increase up to 15 per cent, with a potential drop of up to five percent.
Commercial properties on the northern half of the island are also expected to see value increases, ranging from five per cent to 15 per cent. Meanwhile, industrial properties in this region could also see value raises of five to 25 per cent.
BC Assessment says that this month, the organization will send out letters to property owners if their assessment is predicted change significantly compared to the regional average.
The assessment organization notes that yesterday's data is strictly preliminary, with official value changes to be announced on Jan. 2, 2020.
"When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value," said Ireland. "Our job is to make sure your assessment is fair and accurate as compared to your neighbours."
For more information on property assessments, visit BC Assessment's website online here.