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2020 Property Assessments will Reflect BC’s Moderating Real Estate Markets

VICTORIA – Many soon-to-be released property assessments will show a moderating market, with more modest changes in property values compared to previous years based on trends in the real estate market as of July 1, 2019.

“We first saw signs of moderation during the 2019 property assessments,” says Assessor Tina Ireland. “For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province.”

The following map* demonstrates the forecasted ranges of typical changes in 2020 property assessments by region and property type:

*All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020.

“Changes in property assessments really depend on where you live,” says Ireland. “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,” adds Ireland.”

Based on what was happening in the real estate market as of July 1 this year, the table* below provides examples of what percentage changes that property owners in various areas of the province can expect to see with their 2020 assessed values (listed by property type):

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The Rise in Price per Floor-Level | Vancouver Real Estate

How much would you pay in order to live on the 50th floor of a high-rise? We estimate that you have to pay almost twice the price of an equivalent unit on the 10th floor or 2.7 times the price on the first floor.

Would you pay twice, three-times or quadruple the price to live high in the sky? What if you had a view versus no view? Would you pay more for a home with a view despite it being smaller in size?

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Recycling Odd Household Items

Hey there Strathcona, Downtown and Mt Pleasant residents! Ever wonder where exactly you can dispose of batteries, paint cans, light bulbs, and small appliances?

We have an easy drop-off location close to Clark and Terminal.

Regional Recycling Vancouver is located at 960 Evans Ave, Vancouver and takes all of those items off your hands. They are open every day between 9am – 6pm.

Other items they accept: tools and equipment, exercise equipment, motor oil products and paper products. Cash in your bottles and scrap metal, even car batteries!

Go green and give yourself a pat on the back!

Mortgage Pre-Qualification vs Mortgage Pre-Approval vs Mortgage Approval

In early 2019, several Canadian banks launched digital apps that offer home buyers easy, hassle-free mortgage pre-qualification in 60 seconds or less. Sounds great, right?  The problem is many consumers believe a mortgage pre-qualification is a lot like a mortgage pre-approval or mortgage approval. As a result, prospective home buyers and sellers are left expecting the financial institution associated with the app to lend them hundreds of thousands of dollars, despite the fact they simply keyed their names, addresses, contact information and gross income into various online fields.

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