The assessed values of Delta homes have dipped but that’s not the case for other types of properties in the city.
B.C. Assessment has now mailed out this year’s property assessments that show a decline in values for the vast majority of residential properties in Metro Vancouver.
According to B.C. Assessment, the City of Delta had a total residential decline of 7.7 per cent. Single-family dwellings saw a decrease of 8.4 per cent while strata fell 5.4 per cent.
However, the categories of business/other saw a sharp increase of 15.3 per cent while light industry jumped 18.1 per cent.
The assessments are based on values as of July 1, 2019.
Broken down by community, B.C. Assessment notes the overall decline in residential values in Ladner was 5.9 per cent, while in Tsawwassen it was 10.7 per cent.
As far as North Delta, the area designated Sunshine Hills/Scottsdale dropped 8.9 per cent, while North Delta Centre fell 5.3 per cent and Burnsview/Sunbury fell 7.3 per cent.
Overall, the assess value of the average single-detached house in Delta dipped to $917,000. That figure was $978,000 in 2018 and $1,003,000 last year.
At 4.2 per cent, the overall residential decline was moderate at the Tsawwassen First Nation. Strata units there fell 16.6 per cent but single-family dwellings increased by almost to 10 per cent.
New subdivisions continue to spring up at the TFN, including Tsawwassen Shores by Aquilini Development, which is building in phases and has people already taking up residence. Onni Group and Mosaic will also build a range of homes at the TFN, where approximately 2,800 residences will eventually be built.
The assessment authority notes it’s the first time in the last 20 years that B.C.’s total property assessment values have gone down, most of that in the Lower Mainland.
"The Lower Mainland residential real estate market continues to see signs of moderation," said deputy assessor Brian Smith in a news release last week.
"Depending on your location and property type, you will experience a different level of change on your 2020 assessment notice. Homes located in Whistler and Pemberton can expect a minimal increase in their assessments whereas the rest of the region will likely experience a reduced assessment value."
The biggest overall drops for detached homes in the region were in West Vancouver and the University Endowment Lands at around 16 per cent, while Richmond dropped 14 per cent and Vancouver, Coquitlam, Port Moody and North Vancouver fell 11 per cent.
As far as the latest change in property values, including the larger declines, B.C. Assessment notes it may not result in a corresponding dip in how much property taxes owners have to pay.
The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction.