The assessed value of a typical single-family home in Mission has dropped by about seven per cent, according to statistics released by BC Assessment.
The average Mission home is now valued at $652,000, down from $698,000 at the same time last year.
Brian Smith, BC Assessment deputy assessor, said the seven per cent drop of an average home in Mission is not unusual.
“This fits with the trend that we have been seeing within the Lower Mainland, with the majority of the markets seeing this type of change to their property assessments,” Smith said.
He said property owners are likely to see changes in value that range from -15 to zero per cent for single- family homes, -10 to plus five per cent for townhomes, and between zero per cent and plus five per cent for apartments.
Properties in Mission range from an assessed value of $115,100 to a value of $3,648,000.
“Within the context of BC, some markets outside of the Lower Mainland have been relatively stable, with some major markets seeing minor increases in the average change to their assessments,” Smith said.
“The Lower Mainland residential real estate market continues to see signs of moderation.
“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.”
Overall, the Lower Mainland region’s total assessments have reduced from about $1.48 trillion in 2019 to about $1.41 trillion this year. A total of $18.6 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
Mission’s five most
According to information provided by BC Assessment, the five highest assessed residential properties are:
1. 34869 Ferndale Ave. – $3,648,000
2. 34801 Ferndale Ave. – $2,982,000
3. 34809 Ferndale Ave. – $2,963,000
4. 8843 Edwards St. – $2,800,000
5. 9441 Hayward St. – $2,622,000