BC's most valuable residential property is worth $73M
BC's most valuable residential property is worth $73M
Vancouver home sales fall to lowest yearly total in 18 years, detached home prices drop
05 January, 2019, 12:11
After years of dramatic increases, new assessment numbers show signs of moderation as the real estate market cools in some areas of B.C. - especially in Metro Vancouver, where the priciest homes have lost assessed value. The price of detached homes was down 7.8 per cent.
Light industrial property values have also seen a decrease of 1.99 percent when compared to 2018 values. "Increases in assessments are generally lower in the south part of the island and higher as you move to the central or northern areas", she stated.
There were 24,619 home sales across Metro Vancouver in 2018, which is the lowest full-year total since 2000, and 31.6 per cent lower than 2017, the Real Estate Board of Greater Vancouver (REBGV) reported January 3.
Changes for values of detached homes on the North Shore range from decreases of 20 per cent to increases of 10 per cent, he said.
The average assessment of a single-family home last year was $1,149,000 which climbed $1,222,000 in this year's report.
The REBGV is warning of a potential oversupply of housing coming onto Vancouver's market, just as buyer interest dries up.
But statistics released Wednesday by the Victoria Real Estate Board in its year-end review suggest the days of 20 per cent increases in value might be a thing of the past. Townhomes have increased 1.3 per cent since December 2017, but have decreased 5.3 per cent in the last six months.
The number of properties for sale was also up at the end of the year with 1,988 active listings in December, an increase of 43.6 per cent over the 1,384 listings for sale at the end of December 2017.
Edge agreed, though he was quick to suggest home prices could see a drop in the near term.
Moving further north, smaller Vancouver Island communities saw the biggest assessment hikes.
In Taylor, there was a 0.77 percent decrease in residential property values.
"In order to build homes on [speculation] you have to have affordable land", Edge said.
Since past year, the total value of property assessments across the island increased by almost $25 billion, rising from approximately $222 billion in 2017 to $246.9 billion. A total of $12.65 billion of the region's updated assessments is from new construction, subdivisions, and rezoning of properties.
The composite benchmark price for a home in the area finished the year at $1,032,400.
According to B.C. Assessment, 98 per cent of property owners accept their assessment.
The panels typically meet between February 1st and March 15th to hear formal complaints, according to the release.
"The majority of residential home owners can expect a modest change compared to last year's assessment", said Keith MacLean-Talbot, B.C. Assessment's deputy assessor.
Condo values rose in all three municipalities with average assessments of $707,000 in the City of North Vancouver, $758,000 in the District of North Vancouver and just under $1.3 million in West Vancouver.
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