2018 is here and so are the latest property assessments from BC Assessment and sales statistics from the Real Estate Board of Greater Vancouver. The BC government also bumped up the qualification threshold for homeowner grants from $1.6 million to $1.65 million to prevent a large number of people from being cut-out of the program (and their discount) given the overall increases.
So exactly how much are property values going up? Looking at assessment numbers, Greater Vancouver saw gains again this year, albeit not to the extent of recent years. Strata properties saw the biggest jump, with most properties increasing between 5% and 35% in value. Detached homes were a different story with properties in some areas decreasing up to 5%, while others climbed by 15%. The Fraser Valley reported similar numbers with strata units going up by 10-40% and detached properties between -5% and 25%.
Across the entire province, the combined assessed value of all residential and commercial properties increased by 12% to $1.86 trillion. Thanks to new builds and development, there were 1% more properties than last year. Curious how this impacts your Property Tax Payments? Read my post from last year.
As for sales statistics, the trends are similar. Jill Oudil, Real Estate Board of Greater Vancouver President, summarized the activity:
“Market activity differed considerably this year based on property type ... competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state.”
The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver reached $1,050,300 at the year's end, which is 15.9% higher than it was in December 2016. The increase between November, 2017 and December, 2017 was more reserved at 0.3%.
For detached homes specifically, the benchmark price for December 2017,was $1,605,800 – a 7.9% increase compared to December 2016, and a 0.1 decrease from November 2017.
Benchmark pricing for apartments in December came in at $655,400, which was a 25.9% leap from December 2016 and a 1.1% gain from November 2017.
Townhouses weren't far behind with benchmark pricing climbing 18.5% over the year, and decreasing 0.2% between November and December.
You can see the full report here.
If you would like more information on a specific area, property type and/or price bracket, send me your questions and I'll provide you with the most up-to-date statistics and insights.
As for your assessment, it should be arriving soon in the mail but I can also provide you with the online version if you'd rather be in the know ahead of time.
1942 Road Map of Vancouver & The Fraser Valley. Times have changed.