B.C. Assessment updates 2021 - Increase

B.C. Assessment updates 2021 - Increase

B.C. Assessment updates 2021 – Increase

The sample shows the City of Vancouver detached home values up between five and 10 per cent — and more in Surrey

The B.C. Assessment Authority released its online record of property valuations for 2020 without the usual fanfare.

Traditionally around New Year’s Day, the Crown corporation issues a media release showing the percentage increases in values across different residential property types in different parts of B.C. — plus the total assessed value of all residential property in the province.

The information has been available online since Jan. 1, but the B.C. Assessment Authority waited until Monday to release the details of its valuation.

Which is surprising, because 2020 was a bizarre and totally miscalculated year for B.C. real estate — with the Canada Mortgage and Housing Corporation saying in April that prices could fall up to 19 per cent in 2020, and sales would likely plunge due to COVID-19.

In fact, across Canada, residential property prices have jumped 20 per cent in 2020, and it was a record year for sales.

This was driven primarily by further drops in interest rates due to Bank of Canada policy.

In Metro Vancouver, property assessments saw significant gains across the region.

The average assessed value of a single-family home in Vancouver has jumped 10 per cent, from $1.567 million in 2020 to $1.717 million in 2021. While the median value of a condominium in Vancouver went up three per cent from $688,000 to $711,000.

Squamish, where the assessed value of an average home inched above the $1 million marks ($1.026 million), was the only other Lower Mainland community to record a 10 per cent increase.

“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said B.C. 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.”

The lone Metro Vancouver region where home assessments dropped was UBC’s Endowment Lands where the average value fell one per cent to $4.923 million.

Province-wide, the community with the biggest leap in assessment values was the Vancouver Island village of Tahsis where the average home climbed 36 per cent from $99,000 to $135,000.

Up north, Burns Lake saw the average valuation jump 21 per cent from $148,000 to $180,000.

Princeton had the largest gains in the Okanagan with the value of the average family home jumping 17 per cent from $215,000 to $252,000.

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