North Surrey condos lead pack in spiking property value increases

Typical North Surrey condos seeing a 40 per cent increase, climbing from $217,000 to $303,000

So who’s seeing the biggest spike in assessed property values in the Fraser Valley?

North Surrey strata condominium owners, that’s who.

More than 485,000 property assessment notices are in the mail, reflecting the market value of your home as of July 1, 2017. Typical North Surrey condos, according to BC Assessment, are seeing a 40 per cent increase, climbing from $217,000 to $303,000. Next highest are Central Surrey strata condos, marking a 38 per cent increase from $208,000 to $303,000. These are followed by Central Surrey strata townhouses, increasing by 33 per cent from $511,000 to $625,000, and North Surrey strata townhouses from $332,000 to $413,000 for a 25 per cent increase.

READ ALSO: Condos, townhouses drive up Fraser Valley property values

“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” Assessor Laura Schwagele said. “This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single family detached homes.”

The “estimated typical percentage changes” in the Fraser Valley have residential single detached homes ranging from a five per cent decrease in value to a 25 per cent increase while residential strata units — condominiums, for example — are seeing a 10 to 40 per cent increase in value.

Commercial property values have increased by five to 35 per cent, and light industrial by five per cent to 30 per cent.

For single detached residences in Surrey, North Surrey properties are looking at a six per cent increase, from $701,000 to $746,400 and in Central Surrey, $803,000 to 909,000 (up 13 per cent); East Surrey $846,000 to $936,000 (11 per cent increase), while in tony South Surrey the increase is negligible, from $1,196,000 to $1,201,000.



tom.zytaruk@surreynowleader.com

Like us on Facebook and follow Tom on Twitter

Just Posted

McCallum says Surrey LRT communication plan close to election is ‘perceived interference’

McCallum ‘gravely concerned’ Surrey and TransLink will violate election financing rules, but city says all rules will be followed

Two Surrey volleyballers set to play for Team Canada

Brianna Beamish and Kiera Van Ryk in Japan for FIVB World Championships

Home teams victorious at annual Titans Day event

Four White Rock-South Surrey Titans football teams earn victories last weekend

Surrey artists ‘Paint the Train’ in inaugural celebration of heritage rail

Award-winning entries to tour Cloverdale in September, October

VIDEO: Neighbours fear impact of B.C. tent city residents

Greater Victoria residents opposed to campers voice concerns at provincial campground

B.C. premier apologizes for removal of 1950s totem pole at Canada-U.S. border

First Nations say pole was raised at Peace Arch but removed to make way for tourism centre

An unexpected sight: Bear spotted eating another bear in central B.C.

Cheslatta Carrier Nation Chief finds bear eating another bear’s carcass

Free vet clinic caters to pets of homeless, low income people

The first such clinic in Langley will take place later this month.

RCMP confirm death of missing BC teen Jessica Patrick

No details on cause were given. Case is under criminal investigation and police are asking for tips.

Extradition hearing set for Lower Mainland developer accused of fraud

Mark Chandler will go before the B.C. Court of Appeals early next year.

CUTENESS OVERLOAD: 2 sea otters hold hands at the Vancouver Aquarium

Holding hands is a common – and adorable – way for otters to stay safe in the water

B.C. teen with autism a talented guitarist

Farley Mifsud is gaining fans with every performance

UPDATE: Police ID man in suspicious Richmond death

A body was found in the area of Garden City and Odlin Roads in Richmond just after 8:30am Thursday

Most Read