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

Police are warning people of flu shot and vaccination frauds. (Black Press Media file photo)
Flu shot fraud charges West Shore resident for non-existent appointments

Fraudulent email claimed to be from London Drugs

Victoria police are seeking a young woman suspected of spitting on a bus driver in October 2020. (Courtesy of Victoria Police Department)
Young woman sought after ‘spitting assault’ on Victoria bus driver

Suspect became irate after bus came to a sudden stop

Victoria police will be making numerous arrests throughout the day Jan. 27 as part of its #VicPDWarrantWednesday project. (Nina Grossman/News Staff)
UPDATED: Victoria police’s #WarrantWednesday makes 11 arrests and counting

VicPD says arrests part of warrant enforcement project

A Cessna 170 airplane similar to the one pictured above is reported to be missing off the waters between Victoria and Washington State. Twitter photo/USCG
UPDATE: No sign of small plane that went down in Juan de Fuca Strait

Searchers out on both sides of border between Victoria and Port Angeles

A tip from the public helped Victoria police located and arrest wanted men Jonathon Muzychka and Dean Reber. (Courtesy of Victoria Police Department)
Tips lead police to arrest convicted killer, robber near downtown Victoria

Two men were at large after failing to return to community facility

(Twitter/Ateachersaurus)
The Pachena Bay shoreline in 2013. (Twitter/Ateachersaurus)
This week in history: 9.0 magnitude quake struck under what is now called Vancouver Island

According to First Nations elders, the 9.0-magnitude quake in 1700 CE kick-started a tsunami

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Jan. 26

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

B.C. Premier John Horgan speaks at B.C. legislature on the province’s mass vaccination plan for COVID-19, Jan. 22, 2021. (B.C. government)
COVID-19 quarantine not an option for B.C., John Horgan says

Apres-ski parties increase risk, not interprovincial travel

Worker at Swartz Bay terminal on Monday, January 20, 2020. (THE CANADIAN PRESS/Chad Hipolito)
Former BC Ferries employee alleges he was fired because of his race

Imraan Goondiwala has been granted a BC Human Rights Tribunal hearing

An Island Health graph showing COVID-19 cases in the central Island by local health area between Dec. 27 and Jan. 23. (Island Health image)
Central Island’s COVID-19 case spike shifting, says Island Health

Cowichan Valley has seen the highest number of cases, but Nanaimo and south Island seeing upticks

Rodney and Ekaterina Baker have been ticketed and charged under the Yukon’s Civil Emergency Measures Act for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
B.C. couple who travelled to Yukon for COVID vaccine ineligible for 2nd dose until summer

Health officials planning new measures to ensure people verify where they live before inoculation

(File)
Mask dispute in court leaves Vancouver cop with broken leg

Man allegedly refused to put on a mask and resisted arrest

(Kraft Dinner/Twitter)
Kraft Dinner launches candy-flavoured mac and cheese just in time for Valentine’s Day

Sweet and cheesy treat will be here just in time for the cheesiest holiday of the year

Most Read