Metro Vancouver property values continue to rise
Posted January 2, 2015 12:41 pm.
This article is more than 5 years old.
METRO VANCOUVER (NEWS1130) – Property values in Metro Vancouver continue to climb, according to the latest assessment.
The value of the average single-family home in Vancouver is up by nearly 10 per cent this year.
The jump in value of your property varies depending on which neighbourhood you live in. On the west side, the average house in now worth $1.6 million, but an east side home is worth just under $1 million.
Deputy Assessor Dharmesh Sisodraker says they look at the same things buyers do. “Market value encompasses everything that a property purchaser would look at when they’re in the marketplace — anything from views to location to proximity on a street, the type of home, [abd] the size of the lot.”
But the same increase isn’t being noticed on the condo side. The value of the average two-bedroom condo on the east side rose by only about $15,000 this year.
Sisodraker says that mostly flat trend is seen across the region.
“We reflect what happens in the marketplace, in terms of price levels. Some of the factors in behind why a single-family market would increase and a condo market would remain stable, you know, I really can’t say,” he admits.
Homes around the Lower Mainland have mostly all gained in value. Click here to find out what yours is worth.
