BC Home Assessment January 1 2019 Release
For years assessment values have been creeping higher and higher all across Vancouver, until now. Data released January 2019 from BC Assessment shows that some homes in Vancouver have actually lost value – the most expensive homes in particular. The published data represents the home’s value as of July 1 2018.
For some homes, the drop in value was extremely drastic. For example, Lululemon’s founder Chip Wilson’s home in Point Grey dropped by more than $5 million in value. Once assessed at $78,837,000 the most recent data published by BC assessment notes that the home is now worth $73,120,000.
Chip Wilson’s home in Point Grey
Homes located outside of Metro Vancouver, like Squamish saw a slight increase in value.
Notable trends from BC Assessment’s January 1 2019 Update
Single family homes outside of Metro Vancouver are worth more
Owners of homes in the Okanagan, Fraser Valley, Vancouver Island, and Northern BC saw increases of up to 15%.
Metro Vancouver detached homes are worth less
Residences in South Surrey, White Rock, Vancouver, the North Shore, South Delta, and Richmond dropped in values up to 10%.
The value of condos increased
Across the province the value of condos increased 10 to 20%.
Commercial properties increased in value
Across the entire province values of commercial and industrial properties increased. Some commercial properties located in Metro Vancouver rose by 30%.
Residential Property Values: Average Change
Below are the average percent changes in property values, from greatest to smallest.
City of Langley: +19.57%
Township of Langley: +17.29%
Maple Ridge: +15.04%
Pitt Meadows: +14.21%
New Westminster: +12.83%
Port Coquitlam: +11.35%
City of North Vancouver: +10.17%
Port Moody: +8.88%
District of North Vancouver: +4.11%
West Vancouver: +1.12%