Those assessment notices coming in January will reflect property values on July 1, 2022, when the real estate market was hot. Read more.
, a time when the British Columbia real estate market was hot. Now, with sales volumes and prices slumping and interest rates on a steady climb, the real value of single-family houses, townhouses, condos and apartments is dropping — in many cases by a lot.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Other cities with March-to-December drops of roughly 20 per cent for detached homes include Burnaby, New Westminster, Maple Ridge, Delta, Langley City, Abbotsford and Chilliwack. A few Lower Mainland communities have fared better. Detached homes in Richmond dipped only five per cent , Burnaby dropped just under six per cent and Coquitlam eased just under five per cent to $1.66 million.Article content
Even among detached homes, there are outliers. Pricey West Vancouver has continued to climb, with the median house value in March of $2.85 million leaping to $3.87 million today, an increase of $1 million. Single-family homes in Kelowna are up 14 per cent to just over $1.3 million.data to do these kinds of reports for banks, credit unions, appraisers and other institutions that need to know where the market stands in making decisions on mortgages, interest rates and valuations.
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