B.C. Assessment reports significantly lower values for Metro Vancouver single-family homes in 2019

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      The Lower Mainland housing market has seen an uptick in sales since the summer.

      But new numbers from B.C. Assessment show home values in many areas of Metro Vancouver softened considerably in its recent snapshot, taken on July 1.

      In Vancouver, Burnaby, the Tri-Cities, Richmond, and Delta, and on the North Shore, single-family home assessments were down 10 to 15 percent over the previous year.

      Across this entire area, condo assessments declined from 0 to 15 percent on an annual basis.

      In Surrey and Langley, the drop in assessments wasn't as great, falling from five to 10 percent for single-family homes from the previous year.

      The drop in condo assessments in these two municipalities was between 0 and 10 percent.

      Single-home assessments went up year-over-year from 0 to 15 percent in Whistler, whereas condo assessments were down 0 to 10 percent in the resort.

      The largest increases in the region involved assessments of industrial land in Richmond, Delta, Surrey, and Langley. They shot up 10 to 30 percent.

      That compared to a shift in industrial-land assessments from -10 percent to +25 percent in Vancouver, Burnaby, and the Tri-Cities and on the North Shore.

      The growth of online shopping and the growing presence of Amazon in the region is increasing pressure on this sector of the market.

       

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