Residential single-family property assessment values are expected to rise up to 10 per cent in the Cranbrook area for next year, according to a report from BC Assessment.
Condominiums, along with commercial and industrial property value assessments, are set to rise by up to five per cent, based on comparison data collected between July 2018 to July 2019.
All numbers are preliminary and subject to change ahead of the release of the final report set for Jan. 2, 2020.
“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.”
Other areas in the Kootenay region such as Nelson, Golden and Revelstoke are set for projected increases in residential, condo, commercial and industrial assessed property values.
“Changes in property assessments really depend on where you live,” said 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.”
Property assessments will be sent out in early January and calculated based on data available on July 1 of the previous year.
“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.”