The value of single-family houses has cratered in Burnaby, according to the 2020 assessments released today (Thursday).
BC Assessment says 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.
The numbers are dire if you are an owner – or positive for anyone on the outside of home ownership fed up with the affordability crisis.
According to BC Assessment, the typical assessed value of single-family houses dropped 10% - to $1,363,000 from $1,512,000.
For strata properties like condos and townhouses, the news isn’t much better as the typical assessed value dropped 9% - to $569,000 from $623,000.
"The Lower Mainland residential real estate market continues to see signs of moderation," says BC Assessment Deputy Assessor Brian Smith.
Burnaby managed to be marginally better than some other Metro Vancouver communities.
The biggest drops were seen in single-family home values in West Vancouver and UBC, both down 16 per cent year over year, followed by Richmond's detached houses, down 14 per cent, and then Vancouver, Coquitlam and North Vancouver single-family homes - all down 11 per cent.
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,” saysDeputy 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,” addsSmith.
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."
- With files from Joannah Connolly, Glacier Media