Government says property values are continuing to stabilize

SELINA Robinson, Minister of Municipal Affairs and Housing, said on Monday that the 2020 property assessments released by BC Assessment show that people living in the regions hardest hit by sky-high property-value increases are seeing a moderating trend in housing prices.

“For the second year in a row, we see only modest changes in the value of both single-family and strata homes in most regions, particularly in the Lower Mainland and on Vancouver Island,” she added.

Robinson said in a statement: “This is a positive sign that our government’s efforts to make housing more affordable for more British Columbians are having a real impact. For too long, the previous government sat back and watched housing prices climb well out of the reach of average people. Younger generations were shut out of the market and many abandoned hope to ever own a home or felt forced to leave the province to start a family.

“We are encouraged by signs that property values are continuing to stabilize, giving more certainty for those investing in multi-family buildings, more stability for current homeowners and improved opportunity for those entering the market.

“As we move into the next decade, we will continue our work to stabilize the market and support investment in new housing supply, while we ensure that more families and businesses are able to be part of our economic success.”