The value of residential properties in B.C. increased by 22 per cent to $2.44 trillion for 2022, new BC Assessment data released Tuesday (Jan. 4) has found.
“British Columbia’s real estate market remains highly active and that means most property owners can expect higher assessment values for 2022,” said deputy Bryan Murao. “The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province.”
Across the Lower Mainland, values went up between seven and 45 per cent. The smallest increases were seen in Vancouver condos and townhouses, which went up just seven per cent to $759,000. Single-family houses in that city went up by 16 per cent to nearly $2 million.
In the fast-growing City of Surrey, condos and townhouses went up by 18 per cent to $604,000, while single-family houses went up 34 per cent.
The largest increases were seen in Hope, where condos and townhouses went up by 45 per cent to $620,000.
In Chilliwack, single-family houses went up by 40 per cent to $877,000, while in Abbotsford, condos and townhouses increased by 21 per cent to $412,000 and single-family houses went up by 38 per cent to $1.1 million.
Deputy assessor Jodie MacLennan said that increases of 15 to 35 per cent are being seen across all property types and regions across Vancouver Island, with the biggest increases in the central and northern areas.
In the North Island, the biggest increase in home values was seen in Port Hardy. The district’s single-family homes increased by 39 per cent 5o $297,000.
In the larger City of Courtenay, condo and townhouse values rose by 27 per cent to $404,000 and single-family homes rose by 35 per cent to $660,000.
In the central region, Nanaimo saw an increase of 25 per cent to $402,000 for condos and townhouses and by 34 per cent to $704,000 for single-family homes.
Greater Victoria saw the lowest increases in home values. The City of Victoria specifically saw condos and townhouses rise in value by 13 per cent to $517,000 and single-family homes increased by 24 per cent to $1 million.
Deputy assessor Tracey Wall said that many communities will see an increase of more than 30 per cent. Property owners whose homes were damaged in the 2021 wildfire season should contact BC Assessment to discuss what happened to their properties.
The biggest increases were seen in Peachland, where single-family houses rose in value by 39 per cent to $820,000. In Kelowna, condo and townhouse prices went up by 20 per cent to $446,000, while single-family houses rose by 34 per cent to $869,000.
Further north, Kamloops saw condos and townhouses increase by 19 per cent, while single-family house values went up by 27 per cent to $619,000.
Deputy assessor Sharlynn Hill said that homeowners in the Kootenay Columbia region can expect to see “noticeable increases” in their home values. The smallest increase was seen in single-family homes in Sparwood, where values went up nine per cent to $324,000.
Bigger communities in the region saw larger increases, with Cranbrook’s single-family homes increasing in value by 21 per cent to $397,000 and Nelson single-family homes going up 28 per cent to $646,000.
Deputy assessor Beau Rossel said that property values in most communities rose by five to 35 per cent. Taylor, a small community of just over 1,300 in the Peace River region saw single-family house values decrease by four per cent down to $205,000. Kitimat, the port for controversial Coastal GasLink pipeline, saw single-family house values stay nearly flat, falling from $330,000 to $329,000.
However, communities such as Williams Lake saw larger increases with condo and townhouse values going up by 19 per cent to $129,000 and single-family houses up by 29 per cent to $342,000.
Values in the regional hub of Prince George increased by 18 per cent to $219,000 for condos and townhouses and by 20 per cent to $401,000 for single-family dwellings.