House values rose in Langley last year: BC Assessment

The agency shows the rate of increase in value slowed in 2018.

If you own property in Langley, its value probably went up in 2018, though less than in 2017 accord to BC Assessment’s newly released report.

The annual release of property assessment information shows that as of July 1, 2018, when the snapshot of data was taken, residential, business, and light industrial property in the Township was all up.

In Langley Township, detached housing values rose by six percent, hitting $972,000 average assessed value. Overall housing values, including condos and townhomes, were up 8.17 per cent.

Langley City single-family-home values rose seven per cent, to $862,000 in 2018. The overall residential increase was 14.39 per cent in the City.

That’s actually a significant slowdown from the assessments released last year, in January of 2018. That assessment showed that, for example, residential values overall had increased in Langley Township by 17.29 per cent.

“The majority of residential home owners within the Fraser Valley can expect a modest change compared to last year’s assessment,” said Fraser Valley deputy assessor Brian Smith. “As of July 1, we continued to see strong market activity in the strata residential market throughout the region, where as the single family residential market was relatively stable.”

Langley’s share of the most valuable residential properties in B.C. also doubled from last year – to two.

A $17-million estate in South Langley on Zero Avenue, as well as an $18-million estate near the border with Surrey around 76th Avenue, are the 140th and 114th most valuable homes in the province.

The remaining properties in the top 500 list are mostly clustered in Vancouver, with a few others in South Surrey and White Rock, on Vancouver Island, and in Whistler.

The slowdown in the increase of assessed values was matched by a housing market that began to slow down in early 2018. By the end of the year, six months after B.C. Assessment’s snapshot, prices had flattened out or even begun to decline in many communities across Metro Vancouver.

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