Where Metro Vancouver home values increased most during the pandemic

While many things slowed during the COVID-19 pandemic, one thing that didn’t was rising Metro and Greater Vancouver home values.

Properly released a new report that looks at Metro Vancouver neighbourhoods and municipalities around the Lower Mainland which saw the biggest increase in home values.

The findings were actually thanks to a new AI tool called Instant Estimate which can provide the value of any home, not limited to the ones that are currently listed.

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Neighbourhoods that saw the biggest increase

Properly.ca

Increases in values were determined by comparing the sold prices of homes that were bought across the region between July and December 2020 with their current Instant Estimate.

When looking at Metro Vancouver home values, at the very top of the list was Hastings Sunrise which saw an increase of 36%.

Following Hastings Sunrise were South Vancouver (35%), Killarney (34%), Renfrew (32%) and Knight (31%).

Here’s the top 10.

Properly.ca

Municipalities that saw the biggest increase

Properly.ca

When looking at the municipalities where home values increased the most, Properly.ca used the same methodology it used to determine the neighbourhoods which saw the biggest increase.

Out of the top 10, Maple Ridge is where home values increased the most (49%).

Maple Ridge was followed by Squamish (40%), Ladner (40%), Pitt Meadows (39%), and Port Coquitlam (37%).

Rounding out the top 10 was Port Moody, Coquitlam, Tsawwassen, Burnaby, and North Vancouver.

Some experts believe that a market correction is currently underway, but barring any drastic changes, affordability will still be a major issue for many households in Vancouver.