The B.C. Assessment Authority released its online record of property valuations for 2020 without the usual fanfare.<\/p>\n
Traditionally around New Year’s Day, the Crown corporation issues a media release showing the percentage increases in values across different residential property types in different parts of B.C. — plus the total assessed value of all residential property in the province.<\/p>\n
The information has been available online since Jan. 1, but the B.C. Assessment Authority waited until Monday to release the details of its valuations.<\/p>\n
Which is surprising, because 2020 was a bizarre and totally miscalculated year for B.C. real estate — with the Canada Mortgage and Housing Corporation saying in April that prices could fall up to 19 per cent in 2020, and sales would likely plunge due to COVID-19.<\/p>\n
In fact, across Canada residential property prices have jumped 20 per cent in 2020, and it was a record year for sales.<\/p>\n
This was driven primarily by further drops in interest rates due to Bank of Canada policy.<\/p>\n
In Metro Vancouver, property assessments saw significant gains across the region.<\/p>\n
The average assessed value of a single family home in Vancouver has jumped 10 per cent, from $1.567 million in 2020 to $1.717 million in 2021. While the median value of a condominium in Vancouver went up three per cent from $688,000 to $711,000.<\/p>\n
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The B.C. Assessment Authority released its online record of property valuations for 2020 without the usual fanfare. Traditionally around New Year’s Day, the Crown corporation issues …<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1500","post","type-post","status-publish","format-standard","hentry","category-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t