B.C. real estate: Property values flat across much of province [Video]

British Columbia’s latest property assessments show values remain generally flat compared to the previous year, but researchers warn the numbers don’t herald housing affordability in the famously expensive province.

BC Assessment said prices only fluctuated within a range of plus or minus three per cent in most communities, including major urban areas such as Vancouver, Victoria and Kelowna.

Average residential prices in Vancouver were down 0.8 per cent, and the only Lower Mainland communities where the values of single family homes rose by more than three per cent were Burnaby and Pemberton.

Average residential valuations dropped by two per cent in Victoria, and 2.9 per cent in Kelowna.

The assessments reflect market conditions on July 1, 2024, and were released on Tuesday.

University of British Columbia economist Thomas Davidoff said the relatively flat assessed values were not surprising, and sales numbers since July indicate some markets may have fallen lower.

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