A South Surrey property remains the most expensive in the Fraser Valley, at $30 million. (Google Maps)

Condos, townhouses drive up Fraser Valley property values

$30M South Surrey property remains most expensive in the region

Most property owners in Fraser Valley can expect an increase in their property values, according to BC Assessment.

The value of most homes in the region will increase with owners of residential strata units, or condos and townhouses, seeing the biggest rise: 10-40 per cent.

“Stratas are the area where the market is moving the most prominently this year,” said BC Assessment Fraser Valley assessor Laura Schwagele.

However, single-family growth continued to be strong further out into the Fraser Valley.

According to BC Assessment stats, a typical $217,000 condo in north Surrey could see its value increase by 40 per cent this year .

“The single-family homes have been quite active and we’re seeing increases up to 25 per cent.”

Rural Chilliwack, Langley City and Abbotsford saw the highest average increases in residential property values with 22 per cent, 20 per cent and 18 per cent, respectively.

But despite property owner concerns, increases in property value don’t always mean a sharp increase when the tax bill comes out, Schwagele said.

“If your property went up, for example, 10 per cent and the average was 10 per cent [in your region] and say the city was publishing that their taxes would go up three per cent, then you would expect your taxes to go up three per cent,” said Schwagele.

Homeowners whose property values increase by more than the average in their city will see higher than usual tax increases, she added.

Fraser Valley’s most valuable

A $30 million South Surrey acreage remained the most expensive property in the Fraser Valley, having increased in value by close to $6 million since last year.

Want to see where the other half lives? Here are the Fraser Valley’s top 10 most expensive homes:


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Chilliwack retiree to share unused farmland with urban farmer in need

Young Agrarians program is interested in fostering the next generation of farmers

Crown seeks 4.5 years jail for Chilliwack woman convicted of counselling tax evasion

Debbie Anderson the latest from local group to face jail for teaching debunked ‘natural person’ theory

UPDATE: Tsunami warning cancelled for coastal British Columbia

Warning issued following 7.9 earthquake off Kodiak, AK

‘Restless night’ for Semiahmoo First Nation after tsunami warning

Alaska earthquake puts Semiahmoo First Nation on notice

UPDATE: Police probe fuel truck and train collision in Port Coquitlam

CP Rail reporting no injuries, driver of truck is safe.

Homeless evicted from Chilliwack First Nation say they have nowhere to go

‘Why not just let us stay until spring?’ one camper pleads

Andrew Scheer on trade, Trump and Trudeau

Canada’s Conservative leader begins three-day visit to B.C.

Victims restrained, sex toys and cash stolen from B.C. adult store

Armed suspects sought in adult store robbery

UPDATED: 10 Safeways in Lower Mainland to close

Locations in Vancouver, Burnaby, Surrey, Coquitlam, Richmond and Mission slated to shut

Vancouver Islanders ponder need for tsunami siren song

Alarm sounds in Port Alberni but not at the DND base in Esquimalt

Five charged in bid to shut pop-up pot market in Vancouver’s Robson Square

Marijuana flower, edibles, money and some weapons were seized as part of weekend raid

Babcock, Goyette and Smyth honoured at Order of Hockey in Canada

Mike Babcock, from Saskatoon, guided the Detroit Red Wings to a Stanley Cup in 2008

Bell Canada alerts customers who may be affected by latest data breach

Federal Office of the Privacy Commissioner said it had been notified

‘The tsunami alarm failed my household’: North Coast residents concerned over sirens, alerts

People living in northern communities share how they learned about Tuesday’s tsunami warning

Most Read