Home values in the Peace region are expected to stay steady but cool in 2020 as the value of commercial and industrial properties heats up, according to data from BC Assessment.
Assessments will be out in the mail in early January 2020, with some early-warning letters issued in December to those whose property valuation changes deviate from the norm.
Many areas of the province will see home values that “reflect B.C.’s moderating real estate markets,” according to BC Assessment.
“We first saw signs of moderation during the 2019 property assessments. For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province," said Assessor and B.C. Assessment spokesperson Tina Ireland.
Regions expected to see an increase in home values include some Northern and Interior areas, such as Prince George, Terrace, and Williams Lake.
“Changes in property assessments really depend on where you live,” Ireland said.
For the Dawson Creek area, home values, including condos, are expected to drop up to 5% or increase by up to 5%. Commercial and industrial landowners can expect property values to rise by up to 15%, according to data released Monday, Dec. 9.
Data for Fort St. John and other Peace region communities will be released in 2020, however, BC Assessment says the figures for Dawson Creek are an indication of what the region can expect as a whole.
Assessments are all calculated based on the value of the property on the same date, July 1, every year.
In 2019, home values in Fort St. John dropped by an average of 2% from 2018.
The city also saw a dramatic spike in assessment appeals this year, which dropped commercial property values by $34.2 million, and major industry property values drop by $1.9 million.
That left a $601,000 shortfall in the city's budget, which was offset by the tax stabilization reserve and a boost in investment returns.
— with files from Joannah Connolly
Email Managing Editor Matt Preprost at email@example.com.