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BC Assessment records show 2021 Metro Vancouver assessed property values up as much as 10%

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Certainly no one could have predicted most things that happened in 2020, including the rollercoaster ride that the real estate market took here in B.C., some surprising trends have emerged. Will sales of detached and townhomes outside of Metro Vancouver continue to soar while condo sales in the downtown core stay relatively flat? We asked the experts at Real Estate Board of Greater Vancouver to find out what to expect this year. – Jan 4, 2021

Detached homes in Metro Vancouver rose in assessed value by as much as 10 per cent on average, according to the latest data from the BC Assessment Authority.

The Crown corporation said Monday that the bulk of single-family and strata homes in the region went up between 0 and 10 per cent.

Assessed values for homes in Vancouver and Squamish rose 10 per cent, while those in Port Coquitlam increased by eight per cent.

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All told, the overall total assessments in the Lower Mainland region increased from about $1.41 trillion in 2020 to about $1.46 trillion in 2021.

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Deputy assessor Bryan Murao said in a statement that Metro Vancouver’s residential market has proven to be resilient amid the COVID-19 pandemic.

Read more: September was record month for home sales, says B.C. Real Estate Association

“For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery,” he said.

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The commercial market experienced more volatility, with values decreasing and increasing depending on the sector, Murao said.

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“While commercial sales activity has remained low, value changes have been moderate across many property types.”

Assessment notices reflect market value as of July 1, 2020.