Property values on the rise



In 2014, Surrey, Delta and White Rock residential properties increased in value up to 10 per cent over the prior year.

Property values for single-gamily homes built in 2001 in Sunshine Hills rose nearly nine per cent last year.

Property values in this region have shown a small uptick in values, according to B.C. Assessment Authority’s (BCAA) latest figures.

On average, Delta homes highlighted by the authority saw an increase of 5.6 per cent in 2014 compared to 2013.

White Rock, properties went up by 4.05 per cent.

And in Surrey, there was an increase in values of 2.86 per cent.

“Most homes in the South Fraser region are worth more in value compared to last year’s assessment roll,” said Brian Smith, BCAA acting deputy assessor. “Most South Fraser homeowners will see modest changes (of up to 10 per cent).”

Some of the best-performing properties were single-family dwellings (SFD) built in White Rock in 1966, which rose from $612,300 in 2013 to $683,700 last year – an increase of 10.44 per cent.

The next biggest increase was in Sunshine Hills in North Delta, where SFDs built in 2001 boomed from $780,000 to $855,000 – an increase of  8.77 per cent.

In Surrey, the best performers were found in the south part of the city, where an SFD built in 1981 worth $672,000 in 2013 shot up in value to $716,000 – a jump of 6.15 per cent.

In the three municipalities, apartments and townhomes didn’t fare as well as SFDs, with the best performers being Royal Oaks apartments in Tsawwassen, which went from $637,000 to $684,000 – a hike of 6.87 per cent.

In all, the total land value in this region increased by $9.3 billion, according to BCAA. Of that, $2.9 million is due to subdivisions, rezoning and new construction.

Property owners who feel their assessment does not reflect market value as of July 1, 2014, or see incorrect information on their notice, should contact BCAA at 1-866-825-8322.

Visit www.bcassessment.ca for more information about this year’s assessment roll.

 

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