Lower Mainland accounts for over 70% of $2.42 trillion BC real estate market
The latest BC Assessment figures show that the BC real estate market is valued at $2.72 trillion, while real estate in the Lower Mainland is valued at $1.94 trillion.
BC Assessment has released its latest property assessment information, highlighting how much real estate is worth across the province, including Vancouver Island, the Lower Mainland, and the BC Interior.
BC Assessment looked at 2,160,828 properties across the province as of July 1, 2022, a 1% increase from the previous term, which amounted to a total value of $2.72 trillion (+12%).
Meanwhile, 1,089,198 properties were assessed in the Lower Mainland, totalling $1.94 trillion (+11%) in value, which means that the total value of Lower Mainland real estate comprised 71% of the value of BC real estate.
BC Assessment says that despite the cooling trend in the real estate market, “homes were still selling notably higher around July 1, 2022, compared to the previous year.”
“For both single family homes and condos in Greater Vancouver, most homeowners can expect about a 9% rise in values whereas the Fraser Valley will be a bit higher at about 10% for houses and 15% for condos and townhomes.”
BC Assessment released 500 of the top-valued residential properties in BC. Of the top 20, 18 are located in Vancouver or West Vancouver, and the overall list is dominated by Vancouver properties, with Whistler making a small dent in the total.
The top-valued home is located in Kitsilano, with an assessed value of $74,089,000.
In BC, the total value of new construction, subdivisions, and rezoning equalled $33.52 billion, $23 billion in the Lower Mainland.
Click here to learn about how BC Assessment assesses properties.
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