A new report shows just how much home values have increased in parts of the Lower Mainland since the onset of the COVID-19 pandemic.
While prices in Vancouver-proper rose by 18 per cent, new data from Properly shows the rate was more than twice that in a number of other cities and suburbs. The report compares prices in mid-2020 with currently-estimated values.
“While all properties increased in value during this period, homes in the suburbs appreciated a lot more than others during the pandemic,” the report says.
Leading the pack on the Lower Mainland was Maple Ridge, where the median home price appreciated 49 per cent.
Ladner and Squamish were tied for second place at 40 per cent. In Squamish that meant an increase to an average price of $ 1.36 million.
Next in line were Pitt Meadows at 39 per cent and Port Coquitlam at 37 per cent.
Significant jumps were also seen in Burnaby and Richmond.
In the first case, the median price rose 29 per cent, from about $ 730,000 to around $ 865,000. In the second, there was a 25 per cent jump from $ 768,000 to $ 958,500.
The move away from the urban core was a trend in BC and beyond, particularly during the early days of the pandemic, the report notes.
“A lot of people living in city centers — many of whom were confined to small apartments 24/7 because of isolation requirements — desired more space, larger lots, and greater access to outdoor activities. This increased demand in the suburbs,” it explains .
“But as restrictions were lifted, this demand reversed. People once again value living in the city, as it puts them in closer proximity to friends, events, nightlife, and other activities.”
According to Properly, the Fraser Valley has seen a 14.6 per cent decrease in values since the peak in February of 2022. In the rest of Greater Vancouver, prices have remained relatively unchanged, dropping by less than one per cent.