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

Vernon Fire Rescue Services responded to a single-vehicle rollover Wednesday, Jan. 20, 2021. (Brendan Shykora - Vernon Morning Star)
Vehicle rollover closes Vernon road

Vehicle flipped onto its side, closing road

Vernon's Noric House long-term care facility is dealing with an influenza outbreak amid the COVID-19 pandemic. (File photo)
Two more deaths at Vernon care home

Noric House case numbers remain steady, but death toll rises

A petition to spare the Mount Rose Swanson area from logging later this year has eclipsed 21,000 signatures as of Jan. 20, 2021. (Rose Swanson Mountain/Facebook)
Controversial logging will cut 4% of ‘sensitive’ Armstrong forest area: Ministry

A petition to spare the Rose Swanson area from logging has eclipsed 21,000 signatures

Vernon firefighters douse a fire inside a cardboard bin behind the Shops at Polson off Highway 6 Wednesday, Jan. 20. (Jennifer Smith - Morning Star)
PHOTOS: Dumpster fire behind Vernon shopping mall

Vernon Fire Rescue Services respond doused recycling bin fire backing onto Polson Park

The BC SPCA is adapting its fundraising after cancelling events due to COVID-19 restrictions. (Twila Amato - Black Press Media)
BC SPCA gets creative with fundraising as pandemic continues

The non-profit’s in-person fundraising events all had to be cancelled due to COVID-19 restrictions

Penticton city council heard from Dhorea Ramanula, of Paid Employment for People with Lived Experiences Tuesday, Jan. 19. Ramanula’s organization has operated public washrooms in Kelowna staffed by community support workers since April, she says Penticton could benefit from a similar facility. (Michael Rodriguez - Kelowna Capital News)
Penticton interested in new public washroom concept to combat vandalism

Public washrooms with on-site support staff have been operating in Kelowna since April

Canada Post had remove a lot of letter boxes around Penticton after they were vandalized. This letter box at the United Church on Main St. remains unscathed. (Monique Tamminga Western News)
Street mailbox vandals strike Penticton drop boxes

Canada Post had to remove a bunch of the vandalized units

Esa Carriere, 23, was the victim of a 2018 Canada Day homicide. (File)
Youth sentenced in Kelowna Canada Day killing

Young woman pleaded guilty to lesser assault charge, sentenced to 15-month intensive support and supervision program

A rendering of UBC’s planned downtown Kelowna campus. (Contributed)
Kelowna’s new downtown campus to help alleviate UBCO’s space crunch

The sizable development is anticipated to be completed by the fall 2024 semester

Eighteen-year-old Aidan Webber died in a marine accident in 2019. He was a Canadian Junior BMX champion from Nanaimo. (Submitted)
Inadequate safety training a factor in teen BMX star’s workplace death in 2019

Aidan Webber was crushed by a barge at a fish farm near Port Hardy

Southern resident killer whales in B.C. waters. Research shows the population’s females are more negatively influenced by vessel traffic than males. (Photo supplied by Ocean Wise Conservation Association)
Female orcas less likely to feed in presence of vessel traffic: study

Research the southern resident population raises concerns over reproduction capacity

(Black Press Media files)
Transport Canada not budging on enclosed deck rules, despite calls from BC Ferries union

There have been at least 23 cases of the U.K. variant detected in Canada, four of which are in B.C.

The Elk Valley Hospital is adapting to meet the needs of patients in the Elk Valley.
1-in-5 COVID tests coming back positive in and around Fernie, sparking concern

Dr Ron Clark of Elk Valley Hospital said one in five tests was returning positive for COVID-19

Most Read