BC housing market showing signs of moderation: Assessment agency

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After consecutive year-over-year high growth rates in the value of Metro Vancouver's homes, many property values in the region have dropped, showing signs of moderation for the first time in a decade.

Commercial and industrial properties saw an increase of between 10 and 20 per cent across most of the province, with some markets around Metro Vancouver increasing up to 30 per cent. Value increases were almost as much as 20% in many parts of central and northern Vancouver Island. The average residential property value now sits at $319,000, compared to $326,000 in the Assessment from 2018. The total number of properties on the roll increased by 1.07% to 2,067,479.

Dawson Creek saw increases in all three property value types.

Although that's still good enough for top spot in the province by a few million dollars, it's more than $5-million less than the property was valued at in 2018. As a year ago, nine of the top 10 were on Vancouver's West Side.

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The property, located at 3085 Point Grey Rd., has been valued at $73,120,000. The sixth-placed home at 4743 Belmont Avenue is that of philanthropists Joe and Rosalie Segal, which was listed in 2018 for $63 million, but is now valued $37.7 million.

In Vernon, property assessments rose 11 per cent and 12 per cent for stratas.

Property owners whose assessments are increasing significantly were mailed notification letters from B.C. Assessment in December 2018. MacLean-Talbot said, "Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January".

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