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Metro Vancouver single family home values see decline: BC Assessment

Last Updated Dec 6, 2018 at 11:43 am PDT

A real estate sign is pictured in Vancouver on June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward

VANCOUVER (NEWS 1130) – There’s more evidence it was a tough year for the real estate market.

Metro Vancouver has been at the epicenter of the hot real estate market in recent years. However, with sales slowing down across the region, things are shifting.

BC Assessment has released its 2019 preview, and the numbers suggest single family homes dropped by between five and 15 per cent in Metro Vancouver and the North Shore.

“What we’re seeing in our assessments that are coming out shortly is based on market conditions as of July 1,” Assessor Tina Ireland with BC Assessment says. “For the most part, it’s a pretty stable market out there, is what we’re seeing.”

Throughout Greater Vancouver, Ireland adds, there have been modest increases based on what was happening in the real estate market as of July.

The assessed value of places in the Fraser Valley, the Okanagan and Vancouver Island increased by up to 15 per cent.

“Some areas of the Island are seeing closer to 20 per cent increases,” she adds.

Things differ when it comes to the condo market.

These types of dwellings are seeing increases of between 10 to 20 increases across most of the residential strata market. However, Ireland points out places like Vancouver, the North Shore, and Burnaby are on “the lower end of that increase.”

When it comes to the Fraser Valley, Ireland says “in the condominium market, their increases are even greater than 20 per cent.”

The reason BC Assessment uses the standard date of July 1 is to ensure “market conditions are equitable across all properties and all areas,” Ireland explains.

People can expect to receive their mailed assessment at the beginning of January 2019.