What happened: 2020 property values declined as much as 16% in some cities in Metro Vancouver, according to B.C. Assessment
Why it matters: The decline marks a change following values going upward for years
Many homeowners across Metro Vancouver should prepare to see a drop in their properties’ values when assessments arrive in the mail this month.
Data from B.C. Assessment released Thursday (January 2) reveals dips as much as 16% in some cities for 2020 compared with 2019 assessments.
A typical assessed value for a single-family home in the City of Vancouver registers at $1,568,000 in 2020 — down 11% from a year earlier when the typical assessed value was $1,755,000.
Declines are even more pronounced for single-family homes on the University Endowment Lands, falling 16% to $4,946,000 million for 2020 compared with $5,904,000 a year earlier.
Values for single-family homes also fell 16% in the District of West Vancouver where the value is $2,356,000 in 2020 compared with 2,803,000 in 2019.
Assessment notices for 2020 reflect the market value as of July 1, 2019.
B.C. Assessment deputy assessor Brian Smith said in a statement the declines reflect a residential real estate market that is seeing signs of moderation.
“But those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact B.C. Assessment as indicated on their notice as soon as possible in January," he said.
The only communities not to see declines in the value of single-family homes were Squamish (0%), Whistler (+5%) and Pemberton (+5%).
The Lower Mainland, including Metro Vancouver and the Fraser Valley, saw total assessments decline 5% from $1.49 trillion to $1.41 trillion year over year.
Meanwhile, $18.6 billion of the Lower Mainland’s updated assessments is from new construction, subdivisions and property rezoning.
While condos also saw values decline across all municipalities in the Lower Mainland, those drops were less dramatic than for single-family homes.
The District of West Vancouver topped the list with a 10% drop, going from $1,288,000 for 2019 to $1,156,000 for 2020.
The values of condos declined least in White Rock (-4%), Whistler (-4%) and Squamish (-4%).
"We are encouraged by signs that property values are continuing to stabilize, giving more certainty for those investing in multi-family buildings, more stability for current homeowners and improved opportunity for those entering the market,” Minister of Municipal Affairs and Housing Selina Robinson said in a statement.