Property owners across most of B.C. will have seen the value of their homes go up over the past year, according to data published by BC Assessment on Monday (Jan. 4).
The data, based on market values as of July 1, 2020, found that the total value of real estate assessed went up by 4.2 per cent to $2.01 trillion. Overall, every single region in B.C. reported a zero to 10 per cent increase in valuation, although individual city results differed.
(Brackets below denote newly assessed values)
The most populated region of B.C. saw total assessed value increase from $1.41 trillion in 2020 to about $1.46 trillion this year. Vancouver ($1,717,000) and Squamish ($1,026,000) saw the biggest jumps with a 10 per cent increase in the value of single family homes, while Surrey ($1,062,000), Chilliwack ($627,000) and Abbotsford ($343,000) saw four, six and seven per cent increases, respectively. Langley City ($838,000) moved up by four per cent, while the Township ($986,000) increased by seven per cent.
Condos and townhouses didn’t fair quite as well, with the highest increases of five per cent seen in Maple Ridge ($457,000) and six per cent in the District of North Vancouver ($732,000). White Rock ($452,000) was the only city to see a drop of two per cent in condo valuation.
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said BC Assessment deputy assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value.
The Lower Mainland remained home to the most expensive property in B.C. for 2021, Lululemon founder Chip Wilson’s $66,828,000 pad in Vancouver’s ritzy Kitsilano neighbourhood.
Much like other parts of B.C., the Kootenay communities with the biggest percentage increases in singly family home value were small villages. The Village of Slocan ($196,000) went up by 19 per cent while Nakusp ($275,000) increased by 16 per cent. Bigger cities like Castlegar ($349,000) saw an increase of nine per cent, while Cranbrook ($327,000) went up by six per cent.
“Some of the smaller communities have experienced higher demand than previous years and that is reflected in this year’s assessments,” said deputy assessor Sharlynn Hill.
In the interior of B.C., Logan Lake ($282,000) saw the biggest jump in single family home value at 15 per cent, with Cache Creek ($207,000) close behind at 14 per cent. Bigger cities like Kelowna ($650,000) saw jumps of three per cent.
On the condo and townhouse front, SunPeaks jumped up by 10 per cent ($531,000), with Kamloops ($285,000) up by six per cent and Kelowna ($372,000) up by two per cent. West Kelowna ($374,000) fell by three per cent while Vernon fell by one per cent ($281,000).
Okanagan area Deputy Assessor Tracy Wall said that “Some of our smaller communities… are seeing notably higher increases in residential values compared to last year.”
For the Thompson region, deputy assessor Tracy Shymko said that “housing demand has remained strong.”
Similarly to the Thompson Okanagan region, the biggest increases in single family values were seen in small communities and villages. The Village of Tahsis ($135,000) saw a whopping 36 per cent increase and the Village of Gold River ($212,000) jumped 17 per cent.
Tofino ($956,000) and Ucluelet ($496,000) saw nine and 11 per cent increases, respectively, while Victoria ($459,000) went up by two per cent. In the centre and north of the Island, Nanaimo ($324,000) went up by three per cent while Courtenay ($319,000) went up by four per cent.
On the condo and townhouse side, Campbell River ($285,000) saw a jump of eight per cent while Esquimalt went up by five per cent ($414,000).
“Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale,” said assessor Tina Ireland.
In the north, the biggest single family value increase was seen in Burns Lake ($180,000) with 21 per cent, while Smithers ($362,000) went up by 15 per cent. Williams Lake ($266,000) and Prince George ($333,000) were in the middle of the road with a seven per cent increase, while Kitimat ($330,000) – where a large LNG export facility is being built – went down by one per cent.
On the condo and townhouse front, Terrace ($189,000) saw an increase of 14 per cent while Prince George ($186,000) went up by eight per cent.
“In some instances, there has been a larger increase in rural areas within the region, particularly with lakefront properties,” said deputy assessor Jarret Krantz.