Latest data from BC Assessment - find out what your property is worth!
Updated: Jan 7, 2022
It’s that time of year! Property assessments are being released, look up yours here https://www.bcassessment.ca/
Overall, the latest data from BC Assessment shows significant increases in property values across the Lower Mainland.
The numbers, which are based on market values as of July 1, 2021, were released Sunday, showing increases hovering around 20 per cent and higher across the region for detached homes.
It’s devastating for the younger generation who see little hope of ever getting into a home in the Lower Mainland. I am having some emotional conversations with younger people wanting to get into a home of their own and not being able to afford it.
Over the past two years during the pandemic, people have been moving into large, more spacious properties, which has moved the market at disproportionate rates, making it almost impossible to “upsize” from a condo to a townhouse or from a townhouse to a detached home.
At the beginning of the pandemic, the Bank of Canada lowered its interest rate to a record-low 0.25 per cent, leading to a massive surge in real estate sales.
In November, the Real Estate Board of Greater Vancouver said home sales increased by almost 12 per cent from last year as demand continued to outpace supply.
It looks like we will see home prices and rents continue to rise at a rate greater than inflation.
Find our what your property is worth! BC Assessment announces information on an annual basis. Please note that this information will be released on January 4, 2022 and is based on market values as of July 1, 2021. Look up your property here - https://www.bcassessment.ca/
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