Lower Mainland property assessments up $50 billion

HAYLEY WOODIN (BUSINESS IN VANCOUVER) - Owners of more than one million properties in the Lower Mainland can expect “moderate” increases in value on their 2021 assessment notices, according to BC Assessment. 

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

"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 between 0% and 10% on their assessments, which should be received in the days ahead.

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

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

Strata homes in the City of White Rock (-2%) and single-family homes on University Endowment Lands (-1%) 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% 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.