Fraser Valley 2018 property assessment notices in the mail

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Surrey: In the next few days, owners of more than 485,000 properties throughout the Fraser Valley region can expect to receive their 2018 assessment notices, which reflect market value as of July 1, 2017.

“The majority of residential home owners within the region can expect an increase, compared to last year’s assessment,” says Assessor Laura Schwagele. “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.”

As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates Fraser Valley‘s estimated typical percentage changes to 2018 assessment values by property type compared to 2017 (note that property assessments may vary by individual jurisdiction/municipality within the region).

Property Type  All Areas

of Fraser Valley

2018 Assessments

Range of % Changes in Value

(as of July 1, 2017)

Residential Single Detached Homes -5% to +25%
Residential Strata Units

(e.g. condominiums)

+10% to +40%
Commercial +5% to +35%
Light Industrial +5% to +30%

 

Overall, the Fraser Valley’s total assessments increased from $430.1 billion in 2017 to $492.2 billion this year. A total of almost $10.6 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. The BC Assessment Fraser Valley’s region includes properties in Richmond, Delta, and Surrey and throughout the rest of the Fraser Valley up past Hope and Boston Bar.

The summary below provides estimates of typical 2017 versus 2018 assessed values of residential properties throughout the region. These examples are actual individual assessment examples and are not averages.

These examples demonstrate market trends for both single-family or strata (where noted) residential properties by geographic area:

 

Community

2017 Assessments

(valuation date

of July 1, 2016)

2018 Assessments

(valuation date

of July 1, 2017)

Percentage

Change in Value

(2018 vs. 2017)

City of Richmond      
West Richmond $2,654,000 $2,664,000 0%
South Richmond $1,486,000 $1,506,000 +1%
East Richmond $955,000 $1,004,000 +5%
Richmond- Strata Townhouse $520,000 $580,000 +12%
Richmond- Strata Townhouse $723,000 $804,000 +11%
Richmond-Strata Condo $252,000 $338,000 +34%
Richmond-Strata Condo $320,000 $395,000 +23%
City of Delta      
North Delta $850,600 $886,400 +4%
Ladner $967,400 $946,900 -2%
South Delta $3,242,000 $3,166,000 -2%
Delta-Strata Townhouse $882,000 $986,000 +12%
Delta- Strata Condo $364,000 $432,000 +19%
City of Surrey / White Rock      
North Surrey $701,000 $746,400 +6%
Central Surrey $803,000 $909,000 +13%
East Surrey $846,000 $936,000 +11%
South Surrey $1,196,000 $1,201,000 0%
North Surrey- Strata Townhouse $332,000 $413,000 +25%
Central Surrey- Strata Townhouse $511,000 $625,000 +33%
North Surrey- Strata Condo $217,000 $303,000 +40%
Central Surrey- Strata Condo $208,000 $286,000 +38%
White Rock (Example 1) $1,885,000 $1,965,000 +4%
White Rock (Example 2) $1,126,000 $1,136,000 +1%
White Rock- Strata Condo $308,000 $387,000 +26%
City & Township of Langley      
City of Langley (Example 1) $725,000 $788,700 +8%
City of Langley (Example 2) $711,000 $783,500 +10%
City of Langley- Strata Condo $242,000 $329,000 +36%
North Langley $844,000 $896,000 +6%
East Langley $586,000 $652,000 +11%
South Langley $885,000 $970,000 +10%
Langley- Strata Townhouse $490,000 $553,000 +13%
Langley- Strata Condo $290,000 $385,000 +33%
Pitt Meadows/ Maple Ridge      
Pitt Meadows (Example 1) $783,000 $807,000 +3%
Pitt Meadows (Example 2) $706,000 $784,000 +11%
Pitt Meadows- Strata Townhouse $340,000 $432,000 +27%
West Maple Ridge $735,000 $817,000 +11%
Central Maple Ridge $627,000 $718,000 +14%
East Maple Ridge $792,000 $884,000 +12%
Maple Ridge- Strata Townhouse $272,000 $362,000 +33%
Maple Ridge- Strata Condo $195,000 $221,000 +14%
City of Abbotsford      
West Abbotsford $606,000 $728,000 +20%
Central Abbotsford $555,000 $645,000 +16%
East Abbotsford $639,000 $709,000 +11%
Abbotsford- Strata Townhouse $341,000 $423,000 +24%
Abbotsford- Strata Condo $178,000 $199,000 +12%
District Of Mission      
Mission (Example 1) $506,000 $602,000 +19%
Mission (Example 2) $495,000 $604,000 +22%
City of Chilliwack      
Chilliwack (Example 1) $481,000 $562,000 +17%
Chilliwack (Example 2) $877,000 $1,049,000 +20%
Chilliwack- Strata Townhouse $236,000 $264,000 +12%
Chilliwack- Strata Condo $234,000 $278,000 +19%
Other Areas      
Kent $363,000 $425,000 +17%
Hope $314,000 $394,000 +25%
Harrison Hot Springs $492,000 $560,000 +14%

 

BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.

 

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Schwagele.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” adds Schwagele.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.