Friday, January 10, 2025
The Greater Vancouver REALTORS® (GVR) reports. GVR
"Burnaby and Pemberton each saw a four percent increase in detached home assessments, while several municipalities led in strata home assessments with a two percent rise.
"Across the Lower Mainland and throughout BC, the overall housing market has generally stabilized in value for a second consecutive year," said BC Assessment (BCA) Assessor Bryan Murao.
"Most homeowners can expect only modest assessment changes in the range of -5% to +5%."Burnaby and Pemberton tied with a four percent increase for detached homes in the Greater Vancouver area. Other increases ranged from zero to three percent. For strata homes, the highest increase was two percent in Port Coquitlam, Port Moody, and Delta. Following a rise of one percent was Coquitlam, the District of North Vancouver, Squamish, and Richmond. The most significant drop for detached homes was in Surrey, which saw a three percent decrease, followed by Pitt Meadows, with a two percent decrease. Langley and Surrey's strata declined two percent, while Vancouver and West Vancouver strata declined one percent. The estimate for new construction or substantially renovated homes is based on the physical condition as of October 31, 2024."
