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.
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.”
WATCH: Why did Metro Vancouver see such a big increase in home assessment?
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.
Last year, many Lower Mainland homeowners saw values increase between 30 and 50 per cent.
Earlier this year, Lululemon founder Chip Wilson was deemed to have the most expensive home in the province.
The latest assessment declared the Kitsilano mansion is worth $78.8 million, a $3 million increase.