The BC government sent out housing assessments in the mail this week, but if you're curious and don't want to wait you can find your report here.
On the whole, property values in Vancouver dropped more than most other cities across the province, with the value of a'typical' single family home dropping 11%. Homes in some neighbourhoods of the Metro Vancouver area dropped as much as 30%.
It's important to note that the numbers are reflective of home values as of July last year. Despite a very slow start to the year, the number of home sales definitely increased towards the end of 2019. Vancouver home sales for December 2019 were actually up 88.1% from the same month in 2018, despite the MLS® HPI composite benchmark price for all residential properties being down 3.1% overall. Also interesting was the fact that total sales for the entire year were actually 20% below the 10-year average.
Ashley Smith, president of the Real Estate Board of Greater Vancouver explained:
“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”
For more information about the assessed value vs market value for your home, or about statistics for your area, feel free to get in touch. You can also see the rest of the January 2020 REBGV press release which goes into further detail regarding benchmark pricing for different property types here, as well as the latest area reports for different neighbourhoods,