House values soar faster than condos in Fraser Valley (with interactive map)

$24.5m acreage in Surrey, Wilson's $75m Kits home are top properties in Fraser Valley, Metro Vancouver

This South Surrey acreage at 17146 20 Avenue is now valued at $24.5 million

While new property assessments of detached houses are up 30 to 50 per cent in urban areas of Metro Vancouver and the Fraser Valley, the numbers haven’t climbed quite as fast for condos and townhouses.

Strata units typically saw gains of 15 to 30 per cent in the Fraser Valley, according to B.C. Assessment.

Within the region, assessment increases were strongest in South Surrey, where gains of 50 per cent were typical, while jumps of more than 40 per cent were seen in parts of many other cities from Delta and Surrey to Abbotsford and Hope.

City of Vancouver assessments were typically up 41 per cent to $2.74 million for a sample west side home and $1.3 million on the east side, while a waterfront West Vancouver home gained 32 per cent to $5.8 million.

Most of the highest assessed homes in the Fraser Valley are acreages in South Surrey. There are 10 homes in the region valued over $10 million.

The top valued property is a $24.5 million acreage at 17146 20 Avenue in Surrey. It gained 52 per cent from $16.1 million a year ago.

The priciest property in Metro Vancouver is once again the Kitsilano home of Lululemon founder Chip Wilson. It climbed 19 per cent from a $63.8 million assessment last year to $75.8 million this year.

Homes that have climbed past $1.2 million are no longer eligible for the provincial homeowner grant.

The jump in assessments does not necessarily trigger huge property tax increases, because municipalities typically reduce their tax rates when valuations rise dramatically.

The total combined assessed value of residential properties in the Fraser Valley jumped nearly 34 per cent from $321 billion to $430 billion. About $8 billion of that increase was the result of new construction.

Assessments reflect B.C. Assessment’s estimate of property values last July 1, a month before the B.C. government imposed a 15 per cent transfer tax on purchases of Metro Vancouver homes by foreign buyers, a move that cooled the region’s then-superheated market.

 

This is an embedded <a target=’_blank’ href=”http://office.com” _mce_href=”http://office.com”>Microsoft Office</a> PDF, powered by <a target=’_blank’ href=”http://office.com/webapps” _mce_href=”http://office.com/webapps”>Office Web Apps</a>.

Just Posted

Little library stolen in Clayton Heights

Thieves permanently check out family’s book collection

Cloverdale Community Kitchen hosts ‘learning’ breakfast for students

Coast Capital Savings offered short presentations on financial topics

Surrey rallies for change in global climate strike

Holland Park event part of marches around the world Sept. 20

PHOTOS: Surrey seniors band together at weekly jam sessions

‘My policy is to keep busy doing stuff like this, and you gotta have a smile doing it,’ one woman says

Council to look into Cloverdale arena project

Plans could include twinning existing rink

PHOTOS: Young protesters in B.C. and beyond demand climate change action

Many demonstaers were kids and teens who skipped school to take part

Walmart to quit selling e-cigarettes amid vaping backlash

U.S.’s largest retailer points to ‘growing’ complications in federal, state and local regulations

Former B.C. lifeguard gets house arrest for possession of child porn

Cees Vanderniet of Grand Forks will serve six months of house arrest, then two years’ probation

Crown alleges resentment of ex-wife drove Oak Bay father to kill his daughters

Patrick Weir alleged in his closing arguments that Andrew Berry is responsible for the deaths of his daughters

‘I’d do it again,’ says B.C. man who swam naked, drunk in Toronto shark tank

David Weaver, of Nelson, was drunk when he went to Ripley’s Aquarium in Toronto on Oct. 12 2018

How to react to Trudeau’s racist photos? With humility, B.C. prof says

‘We are now treating racism as a crime that you cannot recover from’

VIDEO: Fire destroys Williams Lake strip club targeted by past arson attempts

Diamonds and Dust Entertainment Lounge destroyed by fire, as well as New World Tea and Coffee House

Victoria man spots online photo of his totem pole 11 years after it was stolen

Mark Trueman restored the pole himself before it was stolen off of his property in Duncan

Vancouver police get green light to use drones for investigations

Drones will be used to investigate motor vehicle collisions, crime scene analysis and more

Most Read