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December 2021 Market Update

 

BC's home values are now worth 24% of Canada's entire total

British Columbia is, of course, the epicentre of Canada's housing affordability crisis, and new data provides yet another indicator of how home prices are completely out of proportion with the living reality.

Total assessed home values in BC in 2020 reached $1.4 trillion, which is a 4.2% or $61 billion year-over-year drop, according to a new breakdown of Statistics Canada data by Better Dwelling.

BC was the only jurisdiction of Canada's four largest provinces to see a value decline during the 2020 assessment year. But this still amounts to BC accounting for 23.5% of Canada's total assessed home values, even though its population of just over five million residents represents 13% of the country's entire population.

In contrast, the assessed home values in Canada's most populous province, Ontario, reached $2.76 trillion in 2020 - up from $2.6 trillion in 2019. Ontario has a population of about 14.6 million.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Okanagan

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

30 Winter Decorating Ideas to Hibernate In Style

If you're going to spend even more time at home than usual thanks to the blistering cold weather outside, it needs to feel completely homey and inviting. And that doesn't mean you have to be stuck living with kitschy wreaths and holiday decor until March (though some festive winter decorations are definitely elevated enough to leave out, as you'll soon see).

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B.C. Real Estate News

BRITISH COLUMBIA

Canadian home buyers dig deeper, bid higher (RBC Economics)

Canada's real estate market on track to break records (Vancouver Sun)

Review of blind-bidding in B.C. real estate market to look at rules elsewhere (Vancouver Sun)

Rob Shaw: B.C.'s economic update relies heavily on real estate revenues, doesn't account for flooding costs (CHEK news)

Canadian home prices poised to surge again as buyers rush to beat rate hikes (Vancouver Sun)

LOWER MAINLAND

Vancouver real estate market: Demand outpacing supply, home sales up 12% (CTV News)

Laneway homes decrease real estate value in affluent Vancouver neighbourhoods: study (Vancouver Sun)

All-time home sales record expected for Metro Vancouver in 2021: REBGV (Daily Hive)

Vancouver City Council approves limits on rent hikes for private SROs (Daily Hive)

First rental housing building on Robson Street in decades reaches completion (Daily Hive)

Fraser Valley home sales continued to soar in November further depleting supply (Global Newswire)

Nearly 250 homes in mass timber buildings proposed for Surrey City Centre (Daily Hive)

Burnaby mega-development plans 5,000 homes, film studio (Business in Vancouver)

Burnaby median home price jumps $423K as multiple offers pile up (Burnaby Now)

WHISTLER & SQUAMISH

Council discusses new Cheakamus Crossing housing agreement (Pique News Magazine)

Sea to Sky Community Services hosts site tour of Foundry Sea to Sky building (The Squamish Chief)

VICTORIA & VANCOUVER ISLAND

Sooke condo breaks record with $1.1 million resale (Oak Bay News)

Bidding wars continue in Greater Victoria despite lower sales (Saanich News)

Strong homes sales in Greater Victoria despite lack of housing inventory (Times Colonist)

OKANAGAN

Big, eastern investors starting to buy up Thompson-Okanagan apartments (infotel)

Okanagan Falls development decision deferred (Summerland Review)

Home price near $1M mark (Castanet)

 
 

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