The Greater Vancouver real estate market is continuing to see signs of moderation following soaring property values over the last few years. Efforts by all three levels of government have proved effective in cooling this once red hot market down.
Within the next week, Greater Vancouver households will receive their home assessment notices. Many homeowners, especially those with detached homes, will notice that their 2020 property assessments are down significantly, especially in the high end neighborhoods like West Vancouver and Vancouver West.
The B.C. government and Municipal Affairs and Housing Minister Selina Robinson take justifiable credit for having at least a partial role in diminishing prices in real estate hot spots like Metro and parts of the Fraser Valley.
“This is a positive sign that our government’s efforts to make housing more affordable for more British Columbians are having a real impact. For too long, the previous government sat back and watched housing prices climb well out of the reach of average people,” Robinson said. “We are encouraged by signs that property values are continuing to stabilize.”
Owners of detached homes and condos in the Lower Mainland and the Fraser Valley can expect up to 16% lower property values. In Vancouver, the average value of a detached house is now around $1.7 million and a condo runs around $686,000.
The assessment notices reflect market value as of July 1, 2019. The whole region’s total assessments have dropped to about $1.41 trillion from about $1.48 trillion. A total of $18.6 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
If you are a homeowner, you can check your property assessment at bcassessment.ca
Interest rates are still historically low compared to years past and the decline in home prices is bottoming out. This is good for buyers today and it’s good for buying your next home. Contact us or call us on 604 913 1000 if you are interested in taking advantage of these factors.