Shifting property values across British Columbia’s Lower Mainland reflect a pandemic-induced push to the suburbs.
The B.C. Assessment Authority released its latest data earlier this week, detailing market values around the province as of July 1, 2021 and how much they had changed from the previous year.
The numbers demonstrate how increased demand for single-family homes and reduced affordability has sent buyers searching for properties in the Fraser Valley, away from Vancouver’s higher prices and limited supply.
While single-family home prices in Vancouver increased 16 per cent year-over-year — rising from an average of $1,717,000 to $1,997,000 — they surged 38 per cent in Abbotsford and 39 per cent in Langley, pushing past the $1 million mark in both communities.
“The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10 to 30 percent increases throughout the Lower Mainland,” said B.C. Assessment deputy assessor Bryan Murao.
Price increases in Burnaby and Richmond hovered around 20 per cent, while Surrey saw a 34 per cent jump, from an average of $1,063,000 to $1,420,000. Further east, Chilliwack led the region with a 40 per cent increase, from $627,000 to $877,000.
B.C. Assessment data reflected the same trend in the multi-family market, although with prices rising at a slower pace. The average Vancouver condo increased seven per cent, from $711,000 to $759,000, compared to 20 per cent increases in Abbotsford and Langley.
“City of Vancouver condos are on the lower end of the changes, generally with single digit increases, whereas homes in the Fraser Valley suburbs are changing higher compared to most of Metro Vancouver.”
Overall, Lower Mainland assessments, encompassing more than 1 million properties, increased from approximately $1.46 trillion in July 2020 to $1.75 trillion in July 2021. New construction, subdivisions, and property rezoning made up more than $23.7 billion of the updated assessments.
“British Columbia’s real estate market remains resilient and that means most property owners can expect higher assessment values for 2022,” said Murao.
Homeowners can access detailed property information and compare values on the B.C. Assessment website at bcassessment.ca.
