BC's home values are now worth 24% of Canada's entire total
Kenneth Chan - Daily Hive • December 9, 2021
British Columbia is, of course, the epicentre of Canada’s housing affordability crisis, and new data provides yet another indicator of how home prices are completely out of proportion with the living reality.
Total assessed home values in BC in 2020 reached $1.4 trillion, which is a 4.2% or $61 billion year-over-year drop, according to a new breakdown of Statistics Canada data by Better Dwelling.
BC was the only jurisdiction of Canada’s four largest provinces to see a value decline during the 2020 assessment year. But this still amounts to BC accounting for 23.5% of Canada’s total assessed home values, even though its population of just over five million residents represents 13% of the country’s entire population.
In contrast, the assessed home values in Canada’s most populous province, Ontario, reached $2.76 trillion in 2020 — up from $2.6 trillion in 2019. Ontario has a population of about 14.6 million.
Despite having about 66% more residents than BC, Quebec’s total home values of $910 billion were about 53% lower than Canada’s westernmost province. Assessed home values in Quebec saw a slight year-over-year increase of about $5 billion.
In contrast, the assessed home values in Canada’s most populous province, Ontario, reached $2.76 trillion in 2020 — up from $2.6 trillion in 2019. Ontario has a population of about 14.6 million.
Despite having about 66% more residents than BC, Quebec’s total home values of $910 billion were about 53% lower than Canada’s westernmost province. Assessed home values in Quebec saw a slight year-over-year increase of about $5 billion.
Neighbouring Alberta has a population of roughly 4.4 million, comparable to BC, but its total home value of $610 billion in 2020 was less than half BC’s total. For Alberta, this was a year-over-year gain of about $1 billion in values.
For Canada as a whole, the national residential property assessment value reached $6.1 trillion in 2020 — up 2.5% or $146 billion from 2019. This is 300% more than Canada’s gross domestic product (GDP), an indicator that housing far exceeds the country’s economic output. In contrast, housing in the United States was worth 170% of the national GDP in 2020.
Canada’s total assessed home values have crept upwards from $5.28 trillion in 2017, $5.81 trillion in 2018, and $5.93 trillion in 2019.
For Canada as a whole, the national residential property assessment value reached $6.1 trillion in 2020 — up 2.5% or $146 billion from 2019. This is 300% more than Canada’s gross domestic product (GDP), an indicator that housing far exceeds the country’s economic output. In contrast, housing in the United States was worth 170% of the national GDP in 2020.
Canada’s total assessed home values have crept upwards from $5.28 trillion in 2017, $5.81 trillion in 2018, and $5.93 trillion in 2019.
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As the urban sprawl of Vancouver, B.C., and nearby Langley pushes land prices higher, Aldor Acres Family Farm’s decision to keep the farm in the family for another generation makes it an anomaly. However, the next generation to run the popular agri-tourist destination inherits the challenge of preserving the farm’s values while their way of life declines around them. “When I grew up in this area, 2 per cent of my high school class was non-agricultural,” says Albert Anderson, 82, who bought the Glen Valley farmland alongside his wife, Dorothy, 81, in 1977. “Now it’s the other way around; maybe 2 per cent of the people in this area are connected with agriculture.” Over the years, the Andersons have turned those 80 acres of land near Fort Langley into a destination with a pumpkin patch, seasonal market, wagon rides, and farm animals, emphasizing an educational experience for visitors. During the October high season, Aldor Acres can have 4,000 visitors in a day. The Andersons are in the process of transferring the farm business to their granddaughter, Melissa Anderson, 37. Across Canada, family farms are facing a similar transition. Data from RBC found that by 2033, 40 per cent of farm operators will retire, one of the biggest labour and leadership transitions in Canada’s history. The next generation to take over the farm will face the allure of rising land values. For many multi-generational farms, the strategy is to wait for the city’s expansion, says Elaine Froese, a Manitoba-based family farm transition expert. “I’ve worked all over Canada, (some family farms) are sitting on $20-million worth of land, and they’re very clear that they’re keeping the hog line going until that little village or town encroaches on them and then they’re selling out to developers,” she says. “That’s the reality.” Read More
On May 27, 2025, the Federal Government issued a press release that provides for a Goods and Services Tax (“GST”) rebate for first time home buyers (FTHB) of new homes (and co-ops). Read More
