Most property owners in Fraser Valley can expect an increase in their property values, according to BC Assessment.
The value of most homes in the region will increase with owners of residential strata units, or condos and townhouses, seeing the biggest rise: 10-40 per cent.
“Stratas are the area where the market is moving the most prominently this year,” said BC Assessment Fraser Valley assessor Laura Schwagele.
However, single-family growth continued to be strong further out into the Fraser Valley.
According to BC Assessment stats, a typical $217,000 condo in north Surrey could see its value increase by 40 per cent this year .
“The single-family homes have been quite active and we’re seeing increases up to 25 per cent.”
Rural Chilliwack, Langley City and Abbotsford saw the highest average increases in residential property values with 22 per cent, 20 per cent and 18 per cent, respectively.
But despite property owner concerns, increases in property value don’t always mean a sharp increase when the tax bill comes out, Schwagele said.
“If your property went up, for example, 10 per cent and the average was 10 per cent [in your region] and say the city was publishing that their taxes would go up three per cent, then you would expect your taxes to go up three per cent,” said Schwagele.
Homeowners whose property values increase by more than the average in their city will see higher than usual tax increases, she added.
Fraser Valley’s most valuable
A $30 million South Surrey acreage remained the most expensive property in the Fraser Valley, having increased in value by close to $6 million since last year.
Want to see where the other half lives? Here are the Fraser Valley’s top 10 most expensive homes: