The total market value of all residential properties in Vancouver reached $526.3 billion in 2012, according to new information released by Statistics Canada today. That’s an increase of three per cent from $511.1 billion in 2011, down from a 10.9 per cent year-over-year increase the year before.
The total market value of residential properties declined year over year in three BC regions: Victoria (-2.3%), Kelowna (-1.3%) and Abbotsford-Mission (-0.2%). British Columbia was the province with the lowest year-over-year rate of change in property value at 1.3 per cent, down from a 6.1 per cent increase the year before. Still, BC accounted for 20.5 per cent of Canada’s total residential property value in 2012, at $833.1 billion.
The total value of all residential properties in Canada was $4,064.5 billion in 2012, an increase of 5.7 per cent from 2011.
The figures from the Statistics Canada report include all types of property classified as residential for property tax purposes, and are based on property values determined by the provinces and territories based on a specific property assessment approach and adjusted by Statistics Canada.