Metro Vancouver home values take another tumble in 2020 property assessment

Jan 2 2020, 11:38 am

For yet another consecutive year, average home assessed values saw drops in Metro Vancouver, with every jurisdiction in the region seeing decreases in BC Assessment’s 2020 roll.

The provincial crown corporation released its assessments today for all properties across the province, based on the market value as of July 1, 2019. Across Metro Vancouver, the Fraser Valley, the Sea to Sky Corridor, and Sunshine Coast, total assessments have reduced from about $1.48 trillion in the 2019 roll to about $1.41 trillion in this year’s roll.

The decreases reflect the continued impact of various interventionist tax policies by both the provincial government and various municipal governments on residential real estate, as well as the global trade war, low interest rates, and the mortgage stress test.

“The Lower Mainland residential real estate market continues to see signs of moderation,” said BC Assessment deputy assessor Brian Smith in a statement.

“Depending on your location and property type, you will experience a different level of change on your 2020 Assessment Notice. Homes located in Whistler and Pemberton can expect a minimal increase in their assessments whereas the rest of the region will likely experience a reduced assessment value.”

A value of $18.6 billion of the region’s updated assessments is from new construction, subdivisions, and rezoning of properties.

Within the City of Vancouver, the average assessed values of a single-family home and strata residential property, including condominiums, are now $1.568 million and $686,000, respectively.

The jurisdictions that saw the steepest year-over-year percentage drops in single-family homes include the University Endowment Lands (-16%) and West Vancouver (-16%). A notable drop of 14% was experienced in Richmond, while Vancouver, Coquitlam, Port Moody, and North Vancouver saw respective decreases of 11%.

For strata residential properties, West Vancouver decreased by 10%, while Burnaby, Coquitlam, Port Coquitlam, New Westminster, and North Vancouver District went down by 9%.

Here is a full rundown of residential assessment value changes for both single-family homes and strata homes:

Home assessment value changes

  • City of Vancouver:
    •  Single-family home:
      • 2019: $1,755,000
      • 2020: $1,568,000 (-11%)
    • Strata home:
      • 2019: $740,000
      • 2020: $686,000 (-7%)
  • University Endowment Lands/UBC:
    • Single-family home:
      • 2019: $5,904,000
      • 2020: $4,946,000 (-16%)
  • City of Burnaby:
    • Single-family home:
      • 2019: $1,512,000
      • 2020: $1,363,000 (-10%)
    • Strata home:
      • 2019: $623,000
      • 2020: $569,000 (-9%)
  • City of Coquitlam:
    • Single-family home:
      • 2019: $1,254,000
      • 2020: $1,121,000 (-11%)
    • Strata home:
      • 2019: $591,000
      • 2020: $537,000 (-9%)
  • City of Port Coquitlam:
    • Single-family home:
      • 2019: $969,000
      • 2020: $875,000 (-10%)
    • Strata home:
      • 2019: $533,000
      • 2020: $486,000 (-9%)
  • City of Port Moody:
    • Single-family home:
      • 2019: $1,342,000
      • 2020: $1,192,000 (-11%)
    • Strata home:
      • 2019: $648,000
      • 2020: $615,000 (-5%)
  • City of New Westminster:
    • Single-family home:
      • 2019: $1,147,000
      • 2020: $1,054,000 (-8%)
    • Strata home:
      • 2019: $547,000
      • 2020: $500,000 (-9%)
  • City of North Vancouver:
    • Single-family home:
      • 2019: $1,510,000
      • 2020: $1,351,000 (-11%)
    • Strata home:
      • 2019: $707,000
      • 2020: $656,000 (-7%)
  • District of North Vancouver:
    • Single-family home:
      • 2019: $1,616,000
      • 2020: $1,479,000 (-9%)
    • Strata home:
      • 2019: $758,000
      • 2020: $693,000 (-9%)
  • District of West Vancouver:
    • Single-family home:
      • 2019: $2,803,000
      • 2020: $2,356,000 (-16%)
    • Strata home:
      • 2019: $1,288,000
      • 2020: $1,156,000 (-10%)
  • City of Surrey:
    • Single-family home:
      • 2019: $1,042,000
      • 2020: $1,010,000 (-3%)
    • Strata home:
      • 2019: $522,000
      • 2020: $497,000 (-5%)
  • City of White Rock:
    • Single-family home:
      • 2019: $1,310,000
      • 2020: $1,196,000 (-9%)
    • Strata home:
      • 2019: $478,000
      • 2020: $461,000 (-4%)
  • City of Richmond:
    • Single-family home:
      • 2019: $1,532,000
      • 2020: $1,322,000 (-14%)
    • Strata home:
      • 2019: $654,000
      • 2020: $600,000 (-8%)
  • City of Delta:
    • Single-family home:
      • 2019: $1,003,000
      • 2020: $917,000 (-9%)
    • Strata home:
      • 2019: $568,000
      • 2020: $545,000 (-4%)
  • Township of Langley:
    • Single-family home:
      • 2019: $971,000
      • 2020: $922,000 (-5%)
    • Strata home:
      • 2019: $561,000
      • 2020: $531,000 (-5%)
  • City of Langley:
    • Single-family home:
      • 2019: $862,000
      • 2020: $809,000 (-6%)
    • Strata home:
      • 2019: $396,000
      • 2020: $369,000 (-7%)
  • City of Abbotsford:
    • Single-family home:
      • 2019: $758,000
      • 2020: $727,000 (-4%)
    • Strata home:
      • 2019: $356,000
      • 2020: $329,000 (-7%)
  • City of Maple Ridge:
    • Single-family home:
      • 2019: $820,000
      • 2020: $768,000 (-6%)
  • City of Pitt Meadows:
    • 2019: $871,000
    • 2020: $821,000 (-6%)
  • District of Squamish:
    • Single-family home:
      • 2019: $927,000
      • 2020: $930,000 (+0.3%)
    • Strata home:
      • 2019: $584,000
      • 2020: $562,000 (-4%)
  • Resort Municipality of Whistler
    • Single-family home:
      • 2019: $1,935,000
      • 2020: $2,033,000 (+5%)
    • Strata home:
      • 2019: $957,000
      • 2020: $919,000 (-4%)