The average Tri-City homeowner will likely see the value of their properties dip when their assessment notices arrive this week.
According to BC Assessment numbers released Wednesday, the average value for a detached home fell 11% in Coquitlam, 10% in Port Coquitlam and 11% in Port Moody between July 1, 2018, and July 1, 2019.
The drop is in range with the rest of Metro Vancouver, where the change in detached home values ranged from down 15% to even, according to the data.
"The Lower Mainland residential real estate market continues to see signs of moderation," said BC Assessment Deputy Assessor Brian Smith in a statement.
Multi-family dwellings saw similar decreases in value, according to the data. The typical assessed value of a strata residential property fell 9% in Coquitlam and Port Coquitlam while a decrease of 5% was seen in Port Moody.
BC Assessment warns that just because a property has fallen in value does not mean they will see a similar decrease in property taxes this year.
Because of the way taxes are calculated, changes in rates only occur if a property's value has significantly appreciated or depreciated in comparison to their neighbours, Smith noted.
"It is important to understand that change in property assessments do not automatically translate into a corresponding change in property taxes," said 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."
Across the province, property values have declined modestly over the past year.
Combining all residential and commercial properties in the Lower Mainland, Vancouver Island, Thompson-Okanagan, Northern B.C. and Columbia-Kootenays, the total value of properties was $1.934 trillion, down 2.45% from the previous year’s $1.983 trillion.
B.C.'s housing minister — and Coquitlam-Maillardville NDP MLA — Selina Robinson lauded the news as a win for the NDP government’s recent housing policies.
"As the 2020 property assessments are released, people living in the regions hardest hit by sky-high property-value increases are seeing a moderating trend in housing prices," she said in a statement. "For the second year in a row, we see only modest changes in the value of both single-family and strata homes in most regions, particularly in the Lower Mainland and on Vancouver Island. This is a positive sign that our government’s efforts to make housing more affordable for more British Columbians are having a real impact.”
Property owners that do not believe their assessment reflects values as of July 1, 2019, or see incorrect information on their assessment notice can contact BC Assessment at 1-866-825-8322. In January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.
To see a property assessment, go to bcassessment.ca.
-with files from Joannah Connolly