FILE – Construction cranes tower above condos under construction near southeast False Creek in Vancouver on February 9, 2020. THE CANADIAN PRESS/Darryl Dyck

FILE – Construction cranes tower above condos under construction near southeast False Creek in Vancouver on February 9, 2020. THE CANADIAN PRESS/Darryl Dyck

B.C. property values went up 4.2% in 2020 as most homeowners see ‘moderate increases’

Every region in B.C. reported a zero to 10 per cent increase in valuation, although individual cities differ

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)

Lower Mainland

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.

Kootenays

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.

Thompson Okanagan

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.”

Vancouver Island

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.

Northern B.C.

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.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Delta Police Constable Jason Martens and Dezi, a nine-year-old German Shepherd that recently retired after 10 years with Delta Police. (Photo submitted)
Delta Police dog retires on a high note after decade of service

Nine-year-old German Shepherd now fights over toys instead of chasing down bad guys

In 2017, a member of the Disneyana Fan Club curated a small Community Treasures exhibit at the Museum of Surrey about the early days of Disney and the cartoonist Walt Disney. The museum is now accepting applications for its 2022 Community Treasures exhibition. (Photo: Submitted)
Museum of Surrey wants to spotlight local organizations and clubs

Museum now accepting applications for its 2022 Community Treasures exhibit

Pindie Dhaliwal, one of the organizers for the Surrey Challo protest for Indian farmers. She says organizers were told by Surrey RCMP that the event was not allowed due to COVID-19. Organizers ended up moving the protest to Strawberry Hill at the last minute. (Photo: Lauren Collins)
Indian farmers rally moves as organizers say Surrey RCMP told them they couldn’t gather

Protest originally planned in Cloverdale, moved to Strawberry Hill

Musician Dana Vande is seen in a screenshot from a music video on Youtube. Vande recently released a pro-lockdown track in response to an Eric Clapton and Van Morrison anti-lockdown track.
Cloverdale musician writes pandemic response song to Van Morrison and Eric Clapton

Dana Vande answers a Clapton-Morrison anti-lockdown track with a pro-lockdown track

Surrey RCMP Constable Mike Della-Paolera as seen in a cut-out used for the detachment’s Operation Double Take program. (File photo)
Surrey’s tall ‘Operation Double Take’ cop is on the move

Cut-out of Constable Mike Della-Paolera used in program to curb speeding and dangerous driving

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C. adjusts COVID-19 vaccine rollout for delivery slowdown

Daily cases decline over weekend, 31 more deaths

(Realtor.ca)
Rent dropped to 2019 rates across parts of Metro Vancouver in December: Rentals.ca report

Rent costs have declined since May, a trend expected to continue due in part to the COVID pandemic

A female prisoner sent Langford police officers a thank-you card after she spent days in their custody. (Twitter/West Shore RCMP)
Woman gives Victoria-area jail 4.5-star review in handwritten card to police after arrest

‘We don’t often get thank you cards from people who stay with us, but this was sure nice to see’: RCMP

An elk got his antlers caught up in a zip line in Youbou over the weekend. (Conservation Officer Service Photo)
Elk rescued from zip line in Youbou on Vancouver Island

Officials urge people to manage items on their property that can hurt animals

A Trail man has a lucky tin for a keepsake after it saved him from a stabbing last week. File photo
Small tin in Kootenay man’s jacket pocket saved him from stabbing: RCMP

The man was uninjured thanks to a tin in his jacket

Tla-o-qui-aht First Nation Chantel Moore, 26, was fatally shot by a police officer during a wellness check in the early morning of June 4, 2020, in Edmundston, N.B. (Facebook)
Frustrated family denied access to B.C. Indigenous woman’s police shooting report

Independent investigation into B.C. woman’s fatal shooting in New Brunswick filed to Crown

Nurses collect samples from a patient in a COVID suspect room in the COVID-19 intensive care unit at St. Paul’s hospital in downtown Vancouver, Tuesday, April 21, 2020. (THE CANADIAN PRESS/Jonathan Hayward)
5 British Columbians under 20 years old battled COVID-19 in ICU in recent weeks

Overall hospitalizations have fallen but young people battling the virus in hospital has increased

Canada released proposed regulations Jan. 2 for the fisheries minister to maintain Canada’s major fish stocks at sustainable levels and recover those at risk. (File photo)
New laws would cement DFO accountability to depleted fish stocks

Three B.C. salmon stocks first in line for priority attention under proposed regulations

Most Read