Housing market assessments show 'resilience'

Housing values in British Columbia's Lower Mainland have been "resilient" through the COVID-19 pandemic with assessment notices showing moderate increases in property valuations.

BC Assessment says more than one million homeowners in the province can expect notices in the mail in the next few days that evaluate their property as of July 1, 2020.

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Deputy assessor Bryan Murao says the strength of the market contrasts with last spring, when sales and listings came to a temporary standstill because of the pandemic.

Most areas had single-digit price increases with the exception of Vancouver and Squamish, which saw an average boost of 10 per cent for single-family homes.

BC Assessment produces independent evaluations that are used by municipalities for property tax purposes, but Murao says an increase in an assessment doesn't always mean a rise in taxes.

The agency says the commercial and industrial markets have been more varied with both increases and decreases, depending on the sector.