By Canadian Press

B.C. property values flat across much of province, especially in urban centres

Jan 2, 2025 | 10:54 AM

British Columbia’s latest property assessments show values have been relatively flat in many parts of the province, especially major urban areas such as Vancouver, Victoria and Kelowna.

BC Assessment says the newly updated property values, as of July 1, 2024, show almost all Lower Mainland communities within a three per cent rise or decline from the previous year.

The story is the same in Greater Victoria, where the District of North Saanich is the only community that saw a change beyond the three-per-cent range for single-family homes, with a five per cent drop.

Only three Vancouver Island communities experienced valuation changes beyond three per cent among strata homes, with values falling in View Royal by four per cent, but rising in Courtenay and Campbell River by four and five per cent respectively.

Flat trends continue in the southern Interior and northern B.C., where single-family home values dropped by one per cent in Kelowna and West Kelowna, while Prince George saw a three per cent rise.

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Among the few communities that saw values spike by double digits were Williams Lake and Wells, where single-family home valuations rose 10 per cent, while valuations spiked 13 per cent in Tumbler Ridge.

This report by The Canadian Press was first published Jan. 2, 2025.

Chuck Chiang, The Canadian Press