2020 property assessments have been mailed to homeowners across BC. Nanaimo homeowners will sigh with relief that their assessments don’t come with the sticker shock of years past.
Provincially, home values dropped by 2.5% while Nanaimo saw an increase of 3%. This is a moderate increase compared to a whopping 50% increase in property values for single family homes in Nanaimo between 2015 and 2019.
A moderate increase is a good indication that the real estate values are stabilizing. We are experiencing a more balanced market in Naniamo, with less dramatic price increases.
It’s important to remember that your BC Assessment value is not an indication of your homes market value. Rather, municipalities use it to generate your property tax bill.
Find your property assessment online here: https://www.bcassessment.ca/
Home owners who disagree with their assessment have until January 31, 2020 to dispute their property assessment.
Thinking of buying or selling? To find out what your home is worth in today's real estate market, give me a call to schedule your FREE no obligation home valuation