Home values tumble by up to 15% across Metro Vancouver

Residential property values across Metro Vancouver fell in 2019, with the value of homes including detached houses and condo units decreasing by up to 15 per cent.

That's according to B.C. Assessment, the provincial agency which appraises all properties in the province annually andreleased its 2020 assessmentsThursday.

"The Lower Mainland residential real estate market continues to see signs of moderation,"said deputy assessor Brian Smith in a statement.

The value of detached homes decreased in Vancouver by around 11 per cent, in Surrey by threeper cent, in Burnaby by 10 per cent and in Richmond by 14 per cent, B.C. Assessment said.

"Last year we saw some softening in the values for sure, but this year the decreases are a bit greater and both single family dwellings and stratas are moving in the same way," said B.C. Assessment spokesperson Tina Ireland.

The provincial government, which promised to take action to "moderate" the housing market after years of skyrocketing increases, expressed happiness with the downturn.

"This is a positive sign that our government's efforts to make housing more affordable for more British Columbians are having a real impact. For too long, the previous government sat back and watched housing prices climb well out of the reach of average people," said Housing Minister Selina Robinson in a statement.

"As we move into the next decade, we will continue our work to stabilize the market and support investment in new housing supply, while we ensure that more families and businesses are able to be part of our economic success."

Property values are based on the assessed value from July 1 the previous year. Changes to individual property tax bills are based on changes in value relative to surrounding properties.

While residential property values were down across Metro Vancouver, the value of some commercial and industrial properties went up by as much as 20 per cent.

B.C.'s 10 most valuable properties

Once again, the most valuable property in the province belongs to Lululemon founder Chip Wilson.

Wilson's waterfront mansion on Kitsilano's Point Grey Road was valued at just under $65 million an 11 per cent decrease from its $73.1 million valuein 2019.

The next three most valuable B.C. propertiesremained the same as well: two homes on Belmont Avenue in Vancouver's Point Grey neighbourhood; and James Island, a private island east of Greater Victoria owned by billionaire Craig McCaw.

For the first time in recent memory, properties in Surrey and Abbotsford also made the top 10 list:

1. 3085 Point Grey Rd., Vancouver$64,946,000
2. 4707 Belmont Ave., Vancouver$58,728,000
3. James Island, James Island$56,747,000
4. 4719 Belmont Ave., Vancouver$36,042,000
5. 4743 Belmont Ave., Vancouver$32,771,000
6. 2815 Point Grey Rd., Vancouver$32,588,000
7. 4773 Belmont Ave., Vancouver$31,720,000
8. 17146 20 Ave., Surrey$31,524,000
9. 4857 Belmont Ave., Vancouver $30,208,000
10. 35220 Cassiar Ave., Abbotsford$30,022,000

In the rest of B.C., home prices were generally stable, rising or falling by between five per cent in many municipalities.

But there were some exceptions, including Kitimat and Terrace, where values increased by nearly 40 per cent due to the construction of a $40 billionLNG Canada export facility.However, Ireland said the decrease in Vancouver's property values could be a predictor for the rest of the province.

"It's like a ripple effect," she said.

"So I would suggest that the first time we've seen this decrease in this area, and you might see it spread to the rest of the province, but we'll have to see what the assessments reflect next year."