British Columbia鈥檚 latest property assessments show values remain generally flat compared to the previous year, but researchers warn the numbers don鈥檛 herald housing affordability in the famously expensive province.

BC Assessment said prices only fluctuated within a range of plus or minus three per cent in most communities, including major urban areas such as Vancouver, Victoria and 91大黄鸭.

Average residential prices in Vancouver were down 0.8 per cent, and the only Lower Mainland communities where the values of single family homes rose by more than three per cent were Burnaby and Pemberton.

Average residential valuations dropped by two per cent in Victoria, and 2.9 per cent in 91大黄鸭.

The assessments reflect market conditions on July 1, 2024, and were released on Tuesday.

University of British Columbia economist Thomas Davidoff said the relatively flat assessed values were not surprising, and sales numbers since July indicate some markets may have fallen lower.

鈥淚 would just emphasize that people shouldn鈥檛 be confident that their current assessment is what their home is worth because I think prices are off a bit from them,鈥� said Davidoff, who is director of the Centre for Urban Economics and Real Estate.

鈥淚 see as much as 10 per cent (discrepancy between assessed value and prices) in my own micro market.鈥�

Simon Fraser University City Program director Andy Yan said the assessments reflect changes in demand, and the elusiveness of affordable credit for many, even as interest rates drop.

鈥淲e might also have to add in what鈥檚 happening globally 鈥� one sizable marketplace is Asia, and China in particular, (and) those economies have similarly gone into malaise, we similarly see a decline in demand there,鈥� Yan said.

He said B.C. valuations were influenced by the 鈥渟hifting tectonic plates of supply, demand and finance.鈥�

BC Assessment鈥檚 numbers show average residential valuations in Metro Vancouver ranged from a drop of 1.9 per cent in Surrey to a 1.3 per cent increase in Burnaby.

There were drops on Vancouver Island of two per cent or more in Victoria and Tofino, while Duncan and Parksville saw increases of 1.8 and 1.6 per cent respectively.

Valuations were generally flat for strata homes on the island, although they rose in Courtenay and Campbell River by four and five per cent respectively, while falling in View Royal by four per cent.

Flat trends continue in the southern Interior and northern B.C., where single-family home values dropped by one per cent in 91大黄鸭 and West 91大黄鸭, while Prince George saw a three per cent rise.

Among the few communities that saw values spike by double digits were Williams Lake and Wells, where single-family home valuations rose 10 per cent, while valuations spiked 13 per cent in Tumbler Ridge.

Yan said flat property values do not translate to significant affordability improvement, with the ratio of income to housing costs remaining out of balance in B.C.

鈥淚 think it鈥檚 very important to define affordability,鈥� Yan said. 鈥淓ven at these values, how much are (the properties) actually, coupled with local incomes? We are far from affordability in our time.鈥�

Looking forward, Davidoff highlighted uncertainty about the affordability impact of the incoming U.S. administration of Donald Trump and his threat of tariffs on Canadian goods.

鈥淢y best guess is no real change in prices over the next year 鈥� and today鈥檚 asset price is always one鈥檚 best guess for tomorrow鈥檚 asset price 鈥� but I have tremendous uncertainty (about the situation),鈥� Davidoff said.

Here鈥檚 a look at how average residential property valuations changed in communities across B.C., in new data released by BC Assessment, based on the market situation on July 1, 2024.

LOWER MAINLAND

City of Vancouver -0.8 per cent

City of Burnaby +1.3 per cent

City of Coquitlam +0.9 per cent

City of New Westminster -0.3 per cent

City of North Vancouver -0.9 per cent

District of West Vancouver -0.8 per cent

District of Squamish +0.8 per cent

Resort Municipality of Whistler -0.8 per cent

City of Surrey -1.9 per cent

City of White Rock +1 per cent

City of Richmond +0.9 per cent

City of Delta +1 per cent

City of Abbotsford + 1 per cent

VANCOUVER ISLAND AND AREA

City of Victoria -2 per cent

District of Saanich -0.7 per cent

City of Langford -1.2 per cent

District of Sooke -0.6 per cent

Town of Sidney -1.3 per cent

Gulf Islands Rural -1.1 per cent

City of Duncan +1.8 per cent

City of Nanaimo 0 per cent

City of Parksville +1.6 per cent

District of Tofino -2.3 per cent

City of Port Alberni -0.6 per cent

City of Courtenay +0.9 per cent

City of Campbell River +0.3 per cent

District of Port Hardy +0.6 per cent

City of Powell River +1 per cent

SOUTHERN INTERIOR

City of 91大黄鸭 -2.9 per cent

City of West 91大黄鸭 -1.1 per cent

District of Lake Country -2.4 per cent

City of Penticton -2.9 per cent

Town of Osoyoos +1.6 per cent

City of Vernon -1.2 per cent

City of Salmon Arm +0.7 per cent

City of Kamloops +2.3 per cent

City of Merritt +1.9 per cent

City of Cranbrook +6.2 per cent

City of Grand Forks +1.8 per cent

City of Nelson +2.1 per cent

City of Revelstoke +2.7 per cent

City of Trail +5.8 per cent

NORTH

City of Dawson Creek +2.5 per cent

City of Fort St John +0.8 per cent

District of Kitimat -0.6 per cent

Northern Rockies Regional Municipality -0.2 per cent

City of Prince George +1.9 per cent

City of Prince Rupert -1 per cent

Queen Charlotte (Haida Gwaii) +4.3 per cent

City of Quesnel +1.7 per cent

City of Terrace +6.2 per cent

District of Tumbler Ridge +12.2 per cent

City of Williams Lake +7.5 per cent