FILE – Construction cranes tower above condos under construction near southeast False Creek in Vancouver on February 9, 2020. THE CANADIAN PRESS/Darryl Dyck

FILE – Construction cranes tower above condos under construction near southeast False Creek in Vancouver on February 9, 2020. THE CANADIAN PRESS/Darryl Dyck

B.C. property values went up 4.2% in 2020 as most homeowners see ‘moderate increases’

Every region in B.C. reported a zero to 10 per cent increase in valuation, although individual cities differ

Property owners across most of B.C. will have seen the value of their homes go up over the past year, according to data published by BC Assessment on Monday (Jan. 4).

The data, based on market values as of July 1, 2020, found that the total value of real estate assessed went up by 4.2 per cent to $2.01 trillion. Overall, every single region in B.C. reported a zero to 10 per cent increase in valuation, although individual city results differed.

(Brackets below denote newly assessed values)

Lower Mainland

The most populated region of B.C. saw total assessed value increase from $1.41 trillion in 2020 to about $1.46 trillion this year. Vancouver ($1,717,000) and Squamish ($1,026,000) saw the biggest jumps with a 10 per cent increase in the value of single family homes, while Surrey ($1,062,000), Chilliwack ($627,000) and Abbotsford ($343,000) saw four, six and seven per cent increases, respectively. Langley City ($838,000) moved up by four per cent, while the Township ($986,000) increased by seven per cent.

Condos and townhouses didn’t fair quite as well, with the highest increases of five per cent seen in Maple Ridge ($457,000) and six per cent in the District of North Vancouver ($732,000). White Rock ($452,000) was the only city to see a drop of two per cent in condo valuation.

“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said BC Assessment deputy assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value.

The Lower Mainland remained home to the most expensive property in B.C. for 2021, Lululemon founder Chip Wilson’s $66,828,000 pad in Vancouver’s ritzy Kitsilano neighbourhood.

Kootenays

Much like other parts of B.C., the Kootenay communities with the biggest percentage increases in singly family home value were small villages. The Village of Slocan ($196,000) went up by 19 per cent while Nakusp ($275,000) increased by 16 per cent. Bigger cities like Castlegar ($349,000) saw an increase of nine per cent, while Cranbrook ($327,000) went up by six per cent.

“Some of the smaller communities have experienced higher demand than previous years and that is reflected in this year’s assessments,” said deputy assessor Sharlynn Hill.

Thompson Okanagan

In the interior of B.C., Logan Lake ($282,000) saw the biggest jump in single family home value at 15 per cent, with Cache Creek ($207,000) close behind at 14 per cent. Bigger cities like Kelowna ($650,000) saw jumps of three per cent.

On the condo and townhouse front, SunPeaks jumped up by 10 per cent ($531,000), with Kamloops ($285,000) up by six per cent and Kelowna ($372,000) up by two per cent. West Kelowna ($374,000) fell by three per cent while Vernon fell by one per cent ($281,000).

Okanagan area Deputy Assessor Tracy Wall said that “Some of our smaller communities… are seeing notably higher increases in residential values compared to last year.”

For the Thompson region, deputy assessor Tracy Shymko said that “housing demand has remained strong.”

Vancouver Island

Similarly to the Thompson Okanagan region, the biggest increases in single family values were seen in small communities and villages. The Village of Tahsis ($135,000) saw a whopping 36 per cent increase and the Village of Gold River ($212,000) jumped 17 per cent.

Tofino ($956,000) and Ucluelet ($496,000) saw nine and 11 per cent increases, respectively, while Victoria ($459,000) went up by two per cent. In the centre and north of the Island, Nanaimo ($324,000) went up by three per cent while Courtenay ($319,000) went up by four per cent.

On the condo and townhouse side, Campbell River ($285,000) saw a jump of eight per cent while Esquimalt went up by five per cent ($414,000).

“Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale,” said assessor Tina Ireland.

Northern B.C.

In the north, the biggest single family value increase was seen in Burns Lake ($180,000) with 21 per cent, while Smithers ($362,000) went up by 15 per cent. Williams Lake ($266,000) and Prince George ($333,000) were in the middle of the road with a seven per cent increase, while Kitimat ($330,000) – where a large LNG export facility is being built – went down by one per cent.

On the condo and townhouse front, Terrace ($189,000) saw an increase of 14 per cent while Prince George ($186,000) went up by eight per cent.

“In some instances, there has been a larger increase in rural areas within the region, particularly with lakefront properties,” said deputy assessor Jarret Krantz.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Those who want to view the Strathcona Regional District’s public meetings will have to do so after the fact by going to their Youtube Channel. Photo courtesy Youtube.
No live public option for SRD meetings again

Public Health Order says governments must make ‘best efforts’ to give public a live option

People skate on a lake in a city park in Montreal, Sunday, January 10, 2021. THE CANADIAN PRESS/Graham Hughes
The end of hugs: How COVID-19 has changed daily life a year after Canada’s 1st case

Today marks the one year anniversary of COVID-19 landing in Canada

The students in the Timberline Musical Theatre program rehearse this year’s production, Once Upon a Mattress, three days per week after school in preparation for next month’s virtual performances. Photo by Mike Davies/Campbell River Mirror
Timberline’s popular musical goes online for 2021

Once Upon a Mattress will be streamed right to your living room thanks to school’s AV department

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic January 7, 2021. THE CANADIAN PRESS/Nathan Denette
Employers might be able to require COVID-19 vaccination from employees: B.C. lawyer

‘An employer must make the case’ using expert science, explains lawyer David Mardiros

An Atlantic salmon is seen during a Department of Fisheries and Oceans fish health audit at the Okisollo fish farm near Campbell River, B.C. in 2018. The First Nations Leadership Council says an attempt by industry to overturn the phasing out of salmon farms in the Discovery Islands in contrary to their inherent Title and Rights. (THE CANADIAN PRESS /Jonathan Hayward photo)
First Nations Leadership Council denounces attempt to overturn salmon farm ban

B.C.’s producers filed for a judicial review of the Discovery Islands decision Jan. 18

Crews with Discovery Channel film as an Aggressive Towing driver moves a Grumman S2F Tracker aircraft around a 90-degree turn from its compound and onto the road on Saturday, Jan. 23, 2021. It was the “most difficult” part of the move for the airplane, one organizer said. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Vintage military plane gets towed from Chilliwack to Greater Victoria

Grumman CP-121 Tracker’s eventual home the British Columbia Aviation Museum on Vancouver Island

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Residents of the Cowichan Valley decorated more than 55 vehicles with anti-racist slogans for a car rally in support of Cowichan Tribes on Saturday, January 24. (Kevin Rothbauer/Citizen)
Dozens join anti-racism car rally and virtual panel in Cowichan Valley

Provincial ministry and BC Green caucus issue joint statement detailing concerns

Jesse Savidant, 31, is wanted by the RCMP after failing to appear in provincial court in Nanaimo in December. Police warn Savidant should be considered violent. (Photo Submitted)
Warrant out for man accused of stolen property offences across Vancouver Island

Jesse Savidant did not appear for court date in Nanaimo last month, say RCMP

Rolling seven-day average of cases by B.C. health authority to Jan. 21. Fraser Health in purple, Vancouver Coastal red, Interior Health orange, Northern Health green and Vancouver Island blue. (B.C. Centre for Disease Control)
2nd COVID vaccine doses on hold as B.C. delivery delayed again

New COVID-19 cases slowing in Fraser Health region

The Pacific Rim National Park Reserve is urging visitors to stay on designated trails after a hiker became injured in an unsanctioned area last week. (Westerly file photo)
Injured hiker rescued in Pacific Rim National Park Reserve

“Safety is everyone’s responsibility.”

Provincial health officer Dr. Bonnie Henry talk about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. Two more cases of the COVID-19 strain first identified in South Africa have been diagnosed in British Columbia, bringing the total to three as of Jan. 16.THE CANADIAN PRESS/Chad Hipolito
B.C. now has three cases of South African COVID-19 variant, six of U.K. strain

Both variants are thought to spread faster than earlier strains

Rodney and Ekaterina Baker in an undated photo from social media. The couple has been ticketed and charged under the Yukon’s <em>Civil Emergency Measures Act</em> for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
Great Canadian Gaming CEO resigns after being accused of sneaking into Yukon for vaccine

Rod Baker and Ekaterina Baker were charged with two CEMA violations each

Police discovered a makeshift nightclub in a Vancouver apartment on Jan. 23, 2021, and say it wasn’t the first time this month officers have been called to the unit over social gathering concerns. (Phil McLachlan - Capital News)
Doorman of makeshift ‘booze-can’ in Vancouver apartment fined; police look to court order

This marks the fourth complaint about social gatherings inside the apartment in January

Most Read