Of course, British Columbia is in the epicentre of Canada’s housing affordability crisis, and new data shows that home prices are utterly out of proportion to current living conditions.
According to a new analysis of Statistics Canada data by Better Dwelling, total assessed property prices in BC in 2020 hit $1.4 trillion, down 4.2 percent or $61 billion from the previous year.
During the 2020 assessment year, BC was the only one of Canada’s four main provinces to have a value decrease. Despite the fact that BC’s population of just over five million people constitutes only 13% of the country’s total population, it nevertheless accounts for 23.5 percent of all assessed property values in Canada.
On the other hand, assessed property prices in Ontario, Canada’s most populous province, increased to $2.76 trillion in 2020, up from $2.6 trillion in 2019. The population of Ontario is approximately 14.6 million people.
Despite having around 66 percent more population than British Columbia, Quebec’s overall property values of $910 billion were about 53 percent lower. In Quebec, assessed house values increased by nearly $5 billion year over year.
Neighbouring Alberta has a population of about 4.4 million people, which is similar to British Columbia’s, but its total housing value of $610 billion in 2020 was less than half of BC’s. This represented a $1 billion increase in value for Alberta over the previous year.
The national residential property assessment value for Canada as a whole was $6.1 trillion in 2020, up 2.5 percent or $146 billion from 2019. This is 300 percent more than Canada’s GDP, indicating that housing outstrips the country’s economic production. Housing in the United States, on the other hand, accounted for 170 percent of national GDP in 2020.
From $5.28 trillion in 2017, to $5.81 trillion in 2018, to $5.93 trillion in 2019, Canada’s overall assessed property values have risen steadily.