Home values boosted by $50 billion in one year

In the teeth of a pandemic, Lower Mainland housing values have soared to new high of $1.46 trillion, according to BC Assessment

By
Western Investor
January 4, 2021





Three-bedroom house on Dunbar Street, Vancouver recently listed at $4.9 million. |Royal Lepage/ REW.
— Three-bedroom house on Dunbar Street, Vancouver recently listed at $4.9 million. |Royal Lepage/ REW.

Owners of more than one million properties in the Lower Mainland have seen values increase by $50 billion over the past 12 months, according to BC Assessment.

"Despite COVID-19, the Lower Mainland residential real estate market has been resilient," noted BC Assessment deputy assessor Bryan Murao.

"For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”

Total assessments for the Lower Mainland have increased by about $50 billion in value year over year, to $1.46 trillion in 2021 from $1.41 trillion in 2020.

The majority of single-family and strata homes in the region will see increases in the 6 per cent range on their assessments, which should be received before January 15.

At the top of the range are single-family homes in the City of Vancouver and the District of Squamish (+10 per cent), followed by detached homes on Bowen Island, (+9 per cent) and in Pemberton, Mission and Port Coquitlam (+8 per cent).

According to data from BC Assessment, condos in the District of North Vancouver will see the greatest change in value (+6 per cent), followed by strata units in the City of North Vancouver and Maple Ridge (+5 per cent).

Strata homes in the City of White Rock (-2 per cent) and single-family homes on University Endowment Lands (-1 per cent) are the only property categories that saw overall decreases in value.

At the provincial level, the total value of residential real estate rose 4.2 per cent year over year, to $2.01 trillion.

BC Assessment notices reflect changes in the estimated market value of properties from July 1, 2019 to July 1, 2020.

 


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