B.C. Assessment updates 2020 valuations, showing big increases for property owners
David Carrigg • January 11, 2021
Sample shows City of Vancouver detached home values up between five and 10 per cent — and more in Surrey
The B.C. Assessment Authority released its online record of property valuations for 2020 without the usual fanfare.
Traditionally around New Year’s Day, the Crown corporation issues a media release showing the percentage increases in values across different residential property types in different parts of B.C. — plus the total assessed value of all residential property in the province.
The information has been available online since Jan. 1, but the B.C. Assessment Authority waited until Monday to release the details of its valuations.
Which is surprising, because 2020 was a bizarre and totally miscalculated year for B.C. real estate — with the Canada Mortgage and Housing Corporation saying in April that prices could fall up to 19 per cent in 2020, and sales would likely plunge due to COVID-19.
In fact, across Canada residential property prices have jumped 20 per cent in 2020, and it was a record year for sales.
This was driven primarily by further drops in interest rates due to Bank of Canada policy.
In Metro Vancouver, property assessments saw significant gains across the region.
The average assessed value of a single family home in Vancouver has jumped 10 per cent, from $1.567 million in 2020 to $1.717 million in 2021. While the median value of a condominium in Vancouver went up three per cent from $688,000 to $711,000.
Squamish, where the assessed value of an average home inched above the $1 million mark ($1.026 million), was the only other Lower Mainland community to record a 10 per cent increase.
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said B.C. Assessment deputy assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”
The lone Metro Vancouver region where home assessments dropped was UBC’s Endowment Lands where the average value fell one per cent to $4.923 million.
In fact, across Canada residential property prices have jumped 20 per cent in 2020, and it was a record year for sales.
This was driven primarily by further drops in interest rates due to Bank of Canada policy.
In Metro Vancouver, property assessments saw significant gains across the region.
The average assessed value of a single family home in Vancouver has jumped 10 per cent, from $1.567 million in 2020 to $1.717 million in 2021. While the median value of a condominium in Vancouver went up three per cent from $688,000 to $711,000.
Squamish, where the assessed value of an average home inched above the $1 million mark ($1.026 million), was the only other Lower Mainland community to record a 10 per cent increase.
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said B.C. Assessment deputy assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”
The lone Metro Vancouver region where home assessments dropped was UBC’s Endowment Lands where the average value fell one per cent to $4.923 million.
In Surrey, the average value of a single family home jumped five per cent from $1.010 million to $1.062 million, while condos went up three per cent from $497,000 to $510,000.
Here’s a few things that can be discerned from the latest B.C. Assessment numbers:
TAHSIS SEES LARGEST JUMP
Province-wide, the community with the biggest leap in assessment values was the Vancouver Island village of Tahsis where the average home climbed 36 per cent from $99,000 to $135,000.
Up north, Burns Lake saw the average valuation jump 21 per cent from $148,000 to $180,000.
Princeton had the largest gains in the Okanagan with the value of the average family home jumping 17 per cent from $215,000 to $252,000.
TAHSIS SEES LARGEST JUMP
Province-wide, the community with the biggest leap in assessment values was the Vancouver Island village of Tahsis where the average home climbed 36 per cent from $99,000 to $135,000.
Up north, Burns Lake saw the average valuation jump 21 per cent from $148,000 to $180,000.
Princeton had the largest gains in the Okanagan with the value of the average family home jumping 17 per cent from $215,000 to $252,000.
CHIP’S HOUSE GOES UP
Lululemon founder Chip Wilson’s Point Grey Road home remains the most valuable in B.C., climbing $1.88 million to $66.8 million. This jump would be relatively meaningless to Wilson, given the value of his Lululemon stock rose around $1.5 billion between July 2019 and July 2020 (based on 12 million shares.)
It’s awful to think of the income disparities that have emerged during COVID-19: as Peter Garrett said “the rich get richer, the poor get the picture.”
Lululemon founder Chip Wilson’s Point Grey Road home remains the most valuable in B.C., climbing $1.88 million to $66.8 million. This jump would be relatively meaningless to Wilson, given the value of his Lululemon stock rose around $1.5 billion between July 2019 and July 2020 (based on 12 million shares.)
It’s awful to think of the income disparities that have emerged during COVID-19: as Peter Garrett said “the rich get richer, the poor get the picture.”
DOWNTOWN EASTSIDE SAHOTA HOTELS VALUED FOR LAND ONLY
In early December the City of Vancouver bought two dilapidated hotels across the road from each other on the 100-block of East Hastings Street in the Downtown Eastside. The city won’t reveal how much they paid for the Regent and Balmoral hotels — to a family they battled for years over dreadful housing conditions. The Tyee has reported the sale price as $11.5 million.
The two eight-storey properties were built before the First World War — Balmoral in 1908 and the Regent in 1913 — and are now almost all land value (with a lot size of 50 by 122 feet). The city has promised it will be converted to supported housing.
The assessed value of both dropped between July 2019 and July 2020 by around 25 per cent to $2.6 million for the Balmoral and $2.5 million for the Regent, almost all in land value.
The Brandiz hotel on the same block was built around the same time as the Regent and Balmoral on the same size lot and has a five-storey building. It has been valued at over $10 million for the past two assessment periods. Most recently, the value of the Brandiz land fell to $2.5 million, while the buildings increased in value by $600,000.
Brandiz is classed by B.C. Assessment Authority as a “beer parlour/hotel” the same as the Regent and Balmoral and is owned by Antonietta and Mario Laudisio. That would make the Balmoral and Regent with working rooms worth $20 million. The city will have to put a lot of work into them, and they could be retained as is, or the whole thing could be demolished and a new facility built.
In early December the City of Vancouver bought two dilapidated hotels across the road from each other on the 100-block of East Hastings Street in the Downtown Eastside. The city won’t reveal how much they paid for the Regent and Balmoral hotels — to a family they battled for years over dreadful housing conditions. The Tyee has reported the sale price as $11.5 million.
The two eight-storey properties were built before the First World War — Balmoral in 1908 and the Regent in 1913 — and are now almost all land value (with a lot size of 50 by 122 feet). The city has promised it will be converted to supported housing.
The assessed value of both dropped between July 2019 and July 2020 by around 25 per cent to $2.6 million for the Balmoral and $2.5 million for the Regent, almost all in land value.
The Brandiz hotel on the same block was built around the same time as the Regent and Balmoral on the same size lot and has a five-storey building. It has been valued at over $10 million for the past two assessment periods. Most recently, the value of the Brandiz land fell to $2.5 million, while the buildings increased in value by $600,000.
Brandiz is classed by B.C. Assessment Authority as a “beer parlour/hotel” the same as the Regent and Balmoral and is owned by Antonietta and Mario Laudisio. That would make the Balmoral and Regent with working rooms worth $20 million. The city will have to put a lot of work into them, and they could be retained as is, or the whole thing could be demolished and a new facility built.
The number of court-ordered sales in Metro Vancouver is jumping, and may continue to grow as a mortgage renewal wave hits Canada five years after the pandemic-era real estate frenzy. Court-ordered inventory, while less than one per cent of the market, totalled 119 properties in the Vancouver region in October 2025, compared with 66 in October 2024 and 28 in October 2023, according to real estate website Zealty.ca (Zealty Online Search Inc.). Foreclosures are becoming more frequent because home prices are correcting, unemployment is rising and people who bought during the pandemic are having to renew their mortgages at higher interest rates, said Adam Major, managing broker with Sechelt-based Holywell Properties. There was a massive increase in home sales from late 2020 through 2022, he said. “This was the height of COVID craziness when [Bank of Canada governor] Tiff Macklem promised rates would stay low forever, the government was sending everyone free money and we all wanted a bigger house to work from home in,” he said. Those homes were financed at rock-bottom interest rates, with the central bank’s policy rate sitting at 0.25 per cent from March 2020 to March 2022. Because Canadian banks generally offer maximum terms of five years, it’s now time for many to pay the piper—at interest rates higher than what some can afford. “It is definitely a bad sign for the market as we are only at the beginning of the big mortgage renewal wave,” Major said. The most sales ever in a month in the region were the 5,715 sales in March 2021, he said. “Those buyers will have to renew this coming March. The number of renewals will stay elevated for a year after that. The average discount mortgage rate in March 2021 was 1.69 per cent versus about 3.79 per cent now, so almost everyone who bought in 2021 and 2022 will be paying significantly more on renewal,” he said. 👉 Read the Article Here
In this episode of Andy Talks Real Estate, I break down the November Fraser Valley real estate market and explain what the numbers actually mean if you’re thinking about buying or selling a home. This market has slowed as we head into the holiday season. Inventory is contracting. Sales are down. Prices have softened after several months of gradual decline. And that shift is creating very different opportunities depending on which side of the market you’re on. For Buyers: Buyers are firmly in control right now. You have more choice, more time, and the ability to negotiate properly. Conditions are back Home inspections matter Financing protection matters Time to make informed decisions Based on what I’m seeing, this buyer-friendly environment is likely to carry into early 2026. For Sellers This is not a market where you can rely on last year’s pricing or momentum. Accurate pricing is critical Professional preparation matters Strong marketing makes the difference Strategy beats waiting Homes that are positioned correctly are selling. Homes that miss the mark are sitting. Market Context The data comes directly from the Fraser Valley Real Estate Board, including: Sales activity New listings Months of inventory Housing Price Index trends Langley-specific market shifts The market feels more like a buyer’s market than a balanced one when you’re out touring homes. Looking Ahead There are early signs of pent-up demand, particularly among buyers with insured mortgage pre-approvals. January and February may stay quieter Activity is likely to build into late winter and spring Preparation is the advantage Have a plan. Know your options. Move when the timing is right for you.
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