Residential property values continue climbing in Lower Mainland despite pandemic, new assessments show
COVID-19 is having little effect on real estate value, according to 2021 assessments
We may be in the midst of a raging pandemic but so far COVID-19 seems to have had little effect on Lower Mainland residential property, with values increasing almost across the board, according to newly released numbers from B.C. Assessment.
The City of Vancouver and District of Squamish had the highest rate of increase in the region for single-family residences, at 10 per cent, when comparing 2021 assessments to the previous year.
In Vancouver, the median assessed value of a single-family property rose from $1.567 million in 2020 to $1.717 million in 2021.
Bowen Island followed with a nine per cent increase, and then Port Coquitlam and Mission at eight per cent.
The only area to register a drop in the single-family residence category was the UBC Endowment Lands, which saw values decline by one per cent.
B.C. Assessment tabulates market values as of July 1 of the previous year and publicizes the results the following January. That means 2021 assessments take into account the first four months of the pandemic.
Chip Wilson's waterfront home in Kitsilano maintained its status as the most valuable residential real estate in B.C., with an assessed value of $66.828 million.
The Point Grey Road property increased in value by almost $2 million from 2020, but is still well below its $78.8 million assessment from 2018.
Wilson is the billionaire founder and former CEO of Lululemon.
The District of North Vancouver topped the list of residential strata property increases with a rise of six per cent, followed by the City of North Vancouver and Maple Ridge at five per cent.
On the bottom end was White Rock, which registered a decline of two per cent in strata property values, and West Vancouver which had no change.
Bryan Murao, B.C. Assessment deputy assessor, says despite COVID-19, the Lower Mainland residential real estate market has been resilient.
"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," he said.