Residential property values across Metro Vancouver fell in 2019, with the value of homes — including detached houses and condo units — decreasing by up to 15 per cent.
That’s according to B.C. Assessment, which released its 2020 property assessments for the province on Thursday.
“The Lower Mainland residential real estate market continues to see signs of moderation,” said deputy assessor Brian Smith in a statement.
The value of detached homes decreased in Vancouver by around 11 per cent, in Surrey by three per cent, in Burnaby by 10 per cent and in Richmond by 14 per cent, B.C. Assessment said.
The provincial government, which promised to take action to “moderate” the housing market after years of skyrocketing increases, expressed happiness with the downturn.
“This is a positive sign that our government’s efforts to make housing more affordable for more British Columbians are having a real impact. For too long, the previous government sat back and watched housing prices climb well out of the reach of average people,” said Housing Minister Selina Robinson in a statement.
“As we move into the next decade, we will continue our work to stabilize the market and support investment in new housing supply, while we ensure that more families and businesses are able to be part of our economic success.”
Property values are based on the assessed value from July 1 the previous year. Changes to individual property tax bills are based on changes in value relative to surrounding properties.
While residential property values were down across Metro Vancouver, the value of some commercial and industrial properties went up by as much as 20 per cent.
B.C.’s 10 most valuable properties
Once again, the most valuable property in the province belongs to Lululemon founder Chip Wilson.
Wilson’s waterfront mansion on Kitsilano’s Point Grey Road was valued at just under $65 million — an 11 per cent decrease from its $73.1 million value in 2019.
The next three most valuable B.C. properties remained the same as well: two homes on Belmont Avenue in Vancouver’s Point Grey neighbourhood; and James Island, a private island east of Greater Victoria owned by billionaire Craig McCaw.
For the first time in recent memory, properties in Surrey and Abbotsford also made the top 10 list:
- 3085 Point Grey Rd., Vancouver — $64,946,000
- 4707 Belmont Ave., Vancouver — $58,728,000
- James Island, James Island — $56,747,000
- 4719 Belmont Ave., Vancouver — $36,042,000
- 4743 Belmont Ave., Vancouver — $32,771,000
- 2815 Point Grey Rd., Vancouver — $32,588,000
- 4773 Belmont Ave., Vancouver — $31,720,000
- 17146 20 Ave., Surrey — $31,524,000
- 4857 Belmont Ave., Vancouver — $30,208,000
- 35220 Cassiar Ave., Abbotsford — $30,022,000
