The average assessed value of single family homes in Chilliwack in 2019 is up 10 per cent while strata values are up 23 per cent. (Google Streetview)

Average Chilliwack house assessments up 10 per cent

Percentage increases in Agassiz, Hope and Harrison Hot Springs even higher

Homeowners in the Eastern Fraser Valley will be in for a double-digit surprise as 2019 assessment notices arrive in the mail over the next few days.

The average assessed value of a single family home in Chilliwack increased 10 per cent from $559,000 in 2018 to $613,000 for 2019, according to BC Assessment.

In Harrison Hot Springs, that jump was 13 per cent from $539,000 to $609,000; in the District of Kent it was 16 per cent from $441,000 to $512,000; and in Hope assessments of single family homes were up 17 per cent from $356,000 to $416,000.

“I think on percentage terms we are seeing the total value of these properties increasing as people are looking at, say, the Township of Langley the average house is $972,000 now and look at Abbotsford at $758,000. People are looking to find an area that is affordable for them,” said Brian Smith, deputy assessor for the Fraser Valley Region for BC Assessment.

Smith also explained that the percentage increases can be misleading as most areas saw a similar dollar-value jump, but in Hope and Agassiz, for example, the starting point was lower so the percentage jump is higher.

So while Chilliwack saw an average increase in value of $54,000 or 10 per cent, Surrey’s average assessed value went up $38,000 but from $1,004,000 to $1,042,000 that was just a four per cent increase.

White Rock and Richmond actually saw two per cent declines in assessed values, but that put the average house at $1.3 million and $1.5 million respectively.

The rising valuations for single family homes is also meaning the demand for apartments and townhouses is on the rise as people search out affordability.

“This past year, we continued to see strong market activity in the strata residential market throughout the region, where as the single family residential market was relatively stable,” Smith said.

In Chilliwack, the average strata assessed value went from $289,000 in 2018 up 23 per cent to $355,000 this year.

That compares to Langley’s increase of 27 per cent from $311,000 to $396,000 and Abbotsford’s increase of 28 per cent from $275,000 to $353,000.

The increase in assessed values often leads to the mistaken assumption that homeowners will see a similar increase in property taxes. Smith pointed out this is not the case.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Smith explained. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”

• RELATED: From last year – Property assessments may give sticker shock to some Chilliwack homeowners


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

Fatal railway crossing accident in Chilliwack highlights risks for people in wheelchairs: TSB report

Transportation Safety Board points to ‘persistent risks faced by persons using assistive devices’

Molson-Coors to honour Sto:lo culture and history at Chilliwack brewery

Artist proposals sought by July 30 to design and install a commemorative piece

Agassiz firefighters tackling blaze on farmer’s field

A neighbour said the fire was started by a problem with a tractor

Yale man arrested after fleeing police in downtown Hope

Man arrested on three outstanding warrants after being caught in stolen van

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

VIDEO: Missing teens named as suspects in three northern B.C. killings

Kam McLeod and Bryer Schmegelsky are wanted in the deaths of Lucas Fowler, Chynna Deese, unknown man

BC Cancer Agency refuses to release audit’s critical findings, but discloses ‘positive’ findings

Information and Privacy Commissioner asked to review redactions of cancer agency’s triage audit

B.C. teens wanted in double homicide, suspicious death spotted in Manitoba

Kam McLeod and Bryer Schmegelsky were thought to have been seen in the Gillam area

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Weather Network’s anti-meat video ‘doesn’t reflect true story’: cattle ranchers

At issue is the video’s suggestion that cutting back on meat consumption could help save the planet

VIDEO: Young couple found dead in northern B.C. had been shot, police say

Chynna Noelle Deese of the U.S. and Lucas Robertson Fowler of Australia were found along Highway 97

Wrestling legend finds his wedding dance groove in B.C.

Professional wrestler Chris Jericho posted on social media that he was in Penticton recently

Vancouver Public Library banned from Pride parade after allowing controversial speaker

Vancouver Public Library allowed Meghan Murphy to book space for an event at the library in January

Man arrested after allegedly attacking people with syringe in Burnaby mall

Police say that no one has yet to come forward with injuries consistent with needle stab wounds

Most Read