Single-family home values in Metro region expected to drop

Owners of single-family homes in Metro Vancouver are likely to be the most disappointed when B.C. Assessment Authority valuations are sent out in the new year.

On Monday, the assessment authority released its general estimate of how far up, or down, residential property values are expected to have moved between July 1, 2018 and July 1, 2019.

“Assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year’s value,” said assessor Tina Ireland. “Changes in property values really depend on where you live.”

For example, owners of single-family homes in Vancouver, Burnaby, and the North Shore will likely see their property value fall between 10 and 15 per cent. Condo owners could see their values fall by as much as 15 per cent, although some condo values will hold up.

This will come as no surprise to market watchers who have seen hundreds of thousands of dollars shaved off the value of homes sold in Vancouver, especially among single-family homeowners who bought at the peak of the market in the spring of 2016 and are selling now.

“We first saw signs of moderation during the 2019 property assessments,” Ireland said. “For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province.”

On Vancouver Island, value changes will fluctuate from a 10-percent drop to a 15-per-cent increase (mostly in central and north Vancouver Island.)

Assessments will be available online as of Jan. 2 at bcassessment.ca