As homeowners receive their latest property assessments in British Columbia there is a widening of the gap between some parts of Vancouver and resource-dependent communities in northern parts of the province. In Metro Vancouver the sharp rise in home values means that around 55,000 will not receive the provincial homeowners grant as their homes are now valued above last year’s sliding threshold of between $1.1 million and $1.25 million. Detached home assessments of between 12 and 28 per cent have been reported by BC Assessment.
Meanwhile some mining areas, which have been hit by a downturn in commodity demand and prices, have seen assessments fall with home values dropping as much as 36 per cent. Communities such as Trail and Fraser Lake are among the areas where prices have dropped in recent years.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: