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

OUR VIEW: Let’s hope they stall road pricing

Don’t inflict yet another fee on already financially burdened ratepayers

Clayton Community Farmer’s Market set to start this summer

Vendors, buskers, food trucks and volunteers welcome to apply

White Rock cannabis-ban plan sparks opposition

Residents voice criticism over city zoning strategy

‘Waiting since 2006’ for bigger overpass

Politicians, residents, business owners call for action on ‘long overdue’ upgrades to South Surrey bridge

B.C. cougar kitten rescued after mother struck by vehicle

Conservation Officers find home for young kitten found dehydrated and frostbitten near Williams Lake

Police investigate sexual assault of teen girl in Abbotsford

Incident occurred Wednesday night on elementary school grounds

B.C. man, 21, accused of impersonating a police officer

Arrest warrant issued for Surrey man after two women in a vehicle in Langley chased by fake cop car

Opinion: Dare to be smarter

Just say no works for more than just substance abuse

‘Sing Me a Song’ about B.C. for a chance at $1,000 contest prize

Entries due by March 30 for lieutenant-governor’s British Columbia-themed competition

Former B.C. fire chief gets seven months for possession of child porn

The 63-year-old pleaded guilty during a brief hearing last year to one count

B.C. VIEWS: Public school ‘crisis’ doesn’t exist

More teachers pour in, union wants results suppressed

Input sought for major road works for Maple Ridge

Consultation on Haney Bypass upgrades

Pitt councillors don’t support CP Rail underpass

Gateway projects will need city support says MP Ruimy

Most Read