House values soar faster than condos in Fraser Valley (with interactive map)

$24.5m acreage in Surrey, Wilson's $75m Kits home are top properties in Fraser Valley, Metro Vancouver

This South Surrey acreage at 17146 20 Avenue is now valued at $24.5 million

While new property assessments of detached houses are up 30 to 50 per cent in urban areas of Metro Vancouver and the Fraser Valley, the numbers haven’t climbed quite as fast for condos and townhouses.

Strata units typically saw gains of 15 to 30 per cent in the Fraser Valley, according to B.C. Assessment.

Within the region, assessment increases were strongest in South Surrey, where gains of 50 per cent were typical, while jumps of more than 40 per cent were seen in parts of many other cities from Delta and Surrey to Abbotsford and Hope.

City of Vancouver assessments were typically up 41 per cent to $2.74 million for a sample west side home and $1.3 million on the east side, while a waterfront West Vancouver home gained 32 per cent to $5.8 million.

Most of the highest assessed homes in the Fraser Valley are acreages in South Surrey. There are 10 homes in the region valued over $10 million.

The top valued property is a $24.5 million acreage at 17146 20 Avenue in Surrey. It gained 52 per cent from $16.1 million a year ago.

The priciest property in Metro Vancouver is once again the Kitsilano home of Lululemon founder Chip Wilson. It climbed 19 per cent from a $63.8 million assessment last year to $75.8 million this year.

Homes that have climbed past $1.2 million are no longer eligible for the provincial homeowner grant.

The jump in assessments does not necessarily trigger huge property tax increases, because municipalities typically reduce their tax rates when valuations rise dramatically.

The total combined assessed value of residential properties in the Fraser Valley jumped nearly 34 per cent from $321 billion to $430 billion. About $8 billion of that increase was the result of new construction.

Assessments reflect B.C. Assessment’s estimate of property values last July 1, a month before the B.C. government imposed a 15 per cent transfer tax on purchases of Metro Vancouver homes by foreign buyers, a move that cooled the region’s then-superheated market.

 

This is an embedded <a target=’_blank’ href=”http://office.com” _mce_href=”http://office.com”>Microsoft Office</a> PDF, powered by <a target=’_blank’ href=”http://office.com/webapps” _mce_href=”http://office.com/webapps”>Office Web Apps</a>.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Provincial government responds to Ryder Lake bad internet complaints

Anne Kang, Minister of Citizens’ Services, responded to a pair of letters sent to Victoria

Chilliwack Search and Rescue kept busy on B.C. Day long weekend

Six callouts in 10 hours Friday continued a trend of more outdoor enthusiasts needing help in 2020

Fraser Valley Bandits release top forward Cameron Forte

A team leader through four games of the CEBL Summer Series, Forte has been cut loose

The Happy Hiker, Art Lengkeek, recognized with bench and plaque on Mount Cheam trail

The 88 year old is a familiar sight on trails throughout the Fraser Valley and beyond

QUIZ: How much do you know about British Columbia?

On this B.C. Day long weekend, put your knowledge of our province to the test

VIDEO: Otter pups learn to swim at B.C. wildlife rescue facility

Watch Critter Care’s Nathan Wagstaffe help seven young otters go for their first dip

Wildfire breaks out near Harrison Hot Springs

1.5 hectare fire is reportedly human caused

Police lay out details of mental health response in Abbotsford over long weekend

APD officers assist mental health team for three hours yesterday, man sent to hospital with injury

Michael Buble among 13 British Columbians to receive Order of B.C.

Ceremony will be delayed to 2021 due to COVID-19

U.S. border communities feel loss of Canadian tourists, shoppers and friends

Restrictions on non-essential travel across the Canada-U.S. border have been in place since March 2`

Rollout of COVID-19 Alert app faces criticism over accessibility

App requires users to have Apple or Android phones made in the last five years, and a relatively new operating system

Fraser Valley Bandits clinch playoff spot with win

Bandits down Niagara River Lions 70-57 on Sunday, improve to 3-2

Most Read