British Columbia

New property assessments reveal up to 10% drop in value for detached Metro Vancouver homes

After years of dramatic increases, new figures from the B.C. Assessment Authority show signs of moderation as the real estate market softens in some areas of the province.

As Metro mansions take a hit, values generally up in other markets and parts of province

B.C. Assessment has released its latest property values, based on what homes were worth in July 2018. (Gian-Paolo Mendoza/CBC)

After years of dramatic increases, new assessment numbers show signs of moderation as the real estate market cools in some areas of B.C. — especially in Metro Vancouver, where the priciest homes have lost assessed value.

Curious property owners can now find out what their home is worth after the B.C. Assessment Authority released its latest numbers Jan. 1. The list is based on how much the home was worth as of July 1, 2018.

Outside of Metro Vancouver, values continue to trend upwards.

"Assessed vales for detached single family homes in many areas of Metro Vancouver may see a softening in value, while other markets and areas of the province will see modest increases," said assessor Tina Ireland in a statement.

B.C.'s priciest home in 2017 — a Point Grey mansion owned by Lululemon founder Chip Wilson — has taken a hit in the new figures, losing more than $5 million in value.

Previously assessed at $78,837,000 , the home is now considered to be worth $73,120,000.

Key trends from B.C. Assessment's website this year are:

1. Metro Vancouver detached home values are decreasing: Homes in Vancouver, the North Shore, South Surrey, White Rock, South Delta and Richmond are showing decreases in value of five to 10 per cent.

2. Values of single-family homes outside Metro Vancouver are increasing: Homeowners in the Fraser Valley, Vancouver Island, the Okanagan and the northern areas of the province can expect increases of five to 15 per cent. 

3. Vancouver Island and Kitimat are hot spots: In many parts of central and northern Vancouver Island, values show increases of close to 20 per cent. In Kitimat, the terminus of a planned LNG megaproject, increases are above 20 per cent.

4. Condos are worth more: Condominium values have increased an average of 10 to 20 per cent across the province.

5. Commercial and industrial values are increasing: The values of these properties show continued increases across most of the province. In Metro Vancouver, some show increases of up to 30 per cent.

Property owners whose assessments are increasing significantly were mailed notification letters from B.C. Assessment in December 2018. 

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