How much is your home worth now? B.C. Assessment Authority updates property value database for 2022Synergy Mortgage
Since the pandemic began in March 2020, house prices across Canada have jumped 34 per cent
Since the pandemic began in March 2020, house prices across Canada have jumped 34 per cent.
According to the B.C. Real Estate Association’s December 2021 Housing Market Update , prices have increased a lot across the province in the past year. Vancouver homes jumped 16 per cent in price on average, while in Chilliwack they increased 36.5 per cent. Residential properties on Vancouver Island rose 31.5 per cent in value from Nov. 2020 to Nov. 2021.
These pandemic prices rises have been driven by people moving out of the city (with Vancouver prices hikes not being as large as in the rest of the province), record low interest rates and record low inventory.
Last year, the priciest home in B.C. was at 3085 Point Grey Road belonging to Lululemon founder Chip Wilson — valued at $66,828,000. According to the latest update this home is now valued at $73,147,000 — a rise of 9.5 per cent.
Whether this is still the most highly valued residence in the province will be revealed Jan. 4.