B.C. housing market shows signs of moderation: assessment agency

B.C. Assessment has released its latest property values based on what homes were worth in July 2018

The report says there were 1,072 homes sold last month, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.

In many parts of central and northern Vancouver Island, values were increasing closer to +20%.

"When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value".

"All markets were relatively strong as of July 1 2018, including single family, condominiums, and commercial properties".

Increases in our listening area range from 11 to 16 per cent.

Metro Vancouver home sales in 2018 were the lowest in eighteen years, according to the Real Estate Board of Greater Vancouver.

For strata units, virtually every municipality saw overall property values higher than past year, including Vancouver and West Vancouver, which saw the most modest total-value increases in the Lower Mainland, both up six per cent overall.

"The question is when will the sellers scream uncle", Mr. Yan said in an interview, noting that prices are still holding steady in some suburbs farthest away from the city of Vancouver.

Property values in Greater Vancouver are showing signs of cooling as the real estate market softens in some areas. Townhomes have increased 1.3 per cent since December 2017, but have decreased 5.3 per cent in the last six months.

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Some 535 condo units traded hands across the region in December, which is a 34 per cent decrease compared to the 1,028 sales in December 2017 and 34 per cent lower than November 2018.

Edge agreed, though he was quick to suggest home prices could see a drop in the near term.

If you disagree with your assessment you can appeal by contacting BC Assessment but you have to do it before January 31st. Other provincial factors include what the NDP calls a speculation and vacancy tax targeted primarily at out-of-province residents as well as B.C. taxes aimed at higher-end properties. Like attached homes, the benchmark price of condo has fallen since spring 2018 but is still 0.6 per cent higher than a year ago, at $664,100. "The downside is we are in a risky environment with these high land costs".

Furthermore, the total number of sales in 2018 was 25% lower than the region's 10-year sales average. Almost $3.9 billion of Vancouver Island's assessments reflect new construction, subdivisions and rezoning of properties.

The group's benchmark price for all types of homes, which is adjusted for variations in properties, fell 2.7 per cent year-over-year to $1,032,400.

The panels typically meet between February 1st and March 15th to hear formal complaints, according to the release.

"The majority of residential home owners within the region can expect a modest change compared to last year's assessment", deputy assessor Keith MacLean-Talbot said in a news release.

The average assessment value for Prince George went up to $296,000, which was a 10 per cent increase over 2018.

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