For strata units, virtually every municipality saw overall property values higher than a year ago, including Vancouver and West Vancouver, which saw the most modest total-value increases in the Lower Mainland, both up six per cent overall.
Property assessment notices, which will be filling mailboxes around the province starting this week, are a good snapshot of another point in time, but definitely not reflective of Greater Victoria’s current real estate market, according to experts. “It’s softening across the board actually”, he added.
The average residential property value now sits at $319,000, compared to $326,000 in the Assessment from 2018. Its assessments are based on the estimate of a property’s market value on July 1 of each year and its physical condition on October 31.
Property values in Greater Vancouver are showing signs of cooling as the real estate market softens in some areas. “How your assessment changes relative to the average change in your community is what may affect your property taxes”. ”
For example, assessed values 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 over last year’s values”.
Condo values, however, are up between six and seven per cent across the North Shore. Eilers said it makes sense that the highest end of the market is experiencing the biggest drop.
The increased value of some condos reflects their affordability compared to detached homes, he said.
“There are definitely pockets that have seen higher increases and decreases”. “If you have a property that’s different from the other stuff that’s transactioning, it’s easier for B.C. Assessment to blow it”, he said. The report says there were 1,072 homes sold last month, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.
“Also, the Northern Rockies Regional Municipality where there have been decreases in the range of 20 per cent or more”. In February, 2018, the BC NDP government raised the foreign-buyers tax to 20 per cent from 15 per cent, while expanding that tax beyond the initial target of the Vancouver region.
“High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018”. John, the assessment indicates that there was a 2.51 percent decrease in residential property values.
The Real Estate Board of Greater Vancouver says 24,619 residential properties sold last year – down 31.6 per cent from almost 36,000 in 2017 and 25 per cent below the region’s 10-year average.
Yan said the increase in commercial and industrial assessments is important because most businesses didn’t see similar increases in revenue. He covers local architecture, urban issues, politics, business, retail, economic development, transportation and infrastructure, and the travel industry.