Since the start of the pandemic, home values have fluctuated dramatically across a number of areas in Metro Vancouver and B.C.
This is reflected in the B.C. Assessment Authority report released earlier this week which shows how property values have increased between June 30, 2020 to July 1, 2021.
In general, property values across B.C. spiked from 17% all the way up to 45% in some areas.
The report looked at the following areas: Greater Vancouver, the Fraser Valley, Sea to Sky and the Sunshine Coast.
At a glance, you can see a 17 per cent increase for the City of Vancouver, and the further you head east the higher it goes up, peaking at 45 per cent for Hope.
Areas of increased property values moving East from Vancouver
- UBC Endowment Lands increased 11%
- City of Vancouver overall increased 17%
- Burnaby increased 19%
- Port Coquitlam increased by 26%
- Surrey increased 34%
- Abbotsford increased 38%
- Chilliwack increased 40%
- Hope was the peak, marking an increase of 45%
Areas of increased property values moving North from Vancouver
A similar pattern can also be seen as you move North from Vancouver. Home values in these areas has also jumped:
- Squamish detached homes increased 35%
- Whistler increased 29%
On the Sunshine Coast:
- Gibsons increased 33%
- Sechelt increased 37%
These increases show a shift where people seems to be moving to the suburbs. With the ongoing pandemic, many are able to work from home. So people seems to be moving farther away from dense areas. Another draw seems to be larger lots with more space.
The combined value of all residential properties in B.C. jumped from $1.46 trillion to $1.75 trillion.
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