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Realtor not surprised by latest bump in B.C. property values

Realtor not surprised by latest bump in B.C. property values - image
THE CANADIAN PRESS/Jonathan Hayward

A Vancouver-based real estate agent isn’t shocked by the numbers coming in from BC Assessment on property values across the province.

Steve Saretsky said the value of single-detached homes dropped year-over-year with some neighbourhoods, like East Vancouver flattening out.

“It sort of bucks the trend of rising assessment value and obviously in the condo market, those are up quite a bit. I think I’ve heard some examples of them rising upwards of 30 per cent,” he said.

READ MORE: Metro Vancouver homeowners face home assessment ‘sticker shock’ as real estate market poised to cool further

However he said the assessments have to be taken with a grain of salt because they were done as of July 1.

“It sort of gives you a little bit of an indicator, but in terms of, if you actually want to dial it in, and get like a really accurate number, I mean the only way to look at it is by looking at recent sales.”

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WATCH: Why did Metro Vancouver see such a big increase in home assessment?

Click to play video: 'Why did Metro Vancouver see such a big increase in home assessment?' Why did Metro Vancouver see such a big increase in home assessment?
Why did Metro Vancouver see such a big increase in home assessment? – Jan 3, 2017

Saretsky added these values don’t generally have much of a factor in the real estate market and the prices of previously sold homes will determine what kind of offers sellers will receive.

READ MORE: Metro Vancouver home assessment values to rise by up to 50% this year

Last year, many Lower Mainland homeowners saw values increase between 30 and 50 per cent.

READ MORE: Chip Wilson’s Vancouver home now worth over $75 million

Earlier this year, Lululemon founder Chip Wilson was deemed to have the most expensive home in the province.

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The latest assessment declared the Kitsilano mansion is worth $78.8 million, a $3 million increase.

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