A South Surrey property remains the most expensive in the Fraser Valley, at $30 million. (Google Maps)

Condos, townhouses drive up Fraser Valley property values

$30M South Surrey property remains most expensive in the region

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:


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Help for parents at Langley Community Services Society

Free counselling services available by appointment

Teens design environmentally friendly invention

Plastic grocery bags transformed into cup coasters that can be used over and over again

Langley Youth Hub on track to open soon

The youth center and shelter is now nearing completion.

Police investigate sexual assault of teen girl in Abbotsford

Incident occurred Wednesday night along Oriole Crescent

Langley ball hockey group rounding up equipment

A new initiative will help provide equipment for families facing financial hardship.

VIDEO: Indoor pumpkin patch plans unveiled as Langley nursery wraps up from Glow

A first-ever indoor light show and Christmas market proved so popular organizers are looking at other ideas.

Fernie, RCMP go to court over city log books in fatal ammonia leak probe

Log books center stage in clashing of investigations between the city and RCMP

B.C.’s biggest pot plant planned for Oliver

Co-founder Tony Holler said the 700,000 sq. ft. facility would produce 100,000 kg of pot per year

Aldergrove played role in 1954 British Empire Games

Author of ‘The Miracle Mile’ explores ’54 Games in local context

High-end whisky seized in B.C. bar raids

Raids end in seizures at Victoria, Nanaimo and Vancouver whisky joints

E-cig likely the cause of townhouse fire

Smoke and fire damage but no one was hurt in Chilliwack

Train derails in Northwest B.C.

CN reports no injuries or dangerous goods involved after coal train derailment.

Double-doubles and demonstrations: Employees rally outside Tim Hortons

Protests held in response to Ontario franchise owners cutting employee benefits and breaks

Chilliwack board of education asks Neufeld to resign

Neufeld says he intends to stay on as trustee despite vote by peers

Most Read