When Chilliwack homeowners open their assessments in the mail this week, many will be in for a shock.
The majority of residential homeowners in Chilliwack and across the Fraser Valley will see double-digit percentage increases of single family homes, townhouses and apartments in their BC Assessment notices.
BC Assessment examples of local assessments show a single family home valued at $481,000 last year, up 17 per cent to $562,000; a townhouse valued at $236,000 last year up 12 per cent to $264,000; and an apartment valued at $234,000 up 19 per cent to $278,000.
BC Assessment does not provide average increases, rather they give examples of actual homes. Valuations are as of July 1, 2017.
The big difference year over year is that while single family homes saw similarly large increases last year, strata townhouses and apartments did not.
“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,” assessor Laura Schwagele said in a press release.
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.
This should come as no surprise to those paying attention to the local real estate market as demand for housing went through the roof for the second year in a row in the Chilliwack and District Real Estate Board (CADREB) area.
The sticker shock of large property valuations often leads to the confused notion that property owners will also see an increase in property taxes. The effect of increases and decreases in assessments are factored out when calculating property taxes with the use of a mill rate. The City of Chilliwack creates its budget then sets a rate.
BC Assessment also provides a list of the top 100 valued residential properties in the Fraser Valley region. The top property was a Surrey acreage on 20th Avenue valued at $30 million.
In Chilliwack, the top-valued property once again was 47295 Thornton Rd. atop Promontory at $2.726 million. (See top 10 Chilliwack properties below.)
The highest valued property in B.C. was, once again, Lululemon founder Chip Wilson’s Point Grey Road mansion at $78.8 million.
To see the assessed value of any property in B.C. visit bcassessment.ca
Top 10 valued properties in Chilliwack
1. 47295 Thornton Rd. – Ryder Lake/Promontory – $2,726,000
2. 50200 Castleman Rd. – East Chilliwack – $2,470,000
3. 10082 Chapman Rd. – Rosedale – $2,355,000
4. 43126 Keith Wilson Rd. – Greendale – $2,216,000
5. 47829 Kitchen Hall Rd. – East Chilliwack – $2,141,000
6. 8050 Old Orchard Rd. – Chilliwack Mountain – $2,106,000
7. 3190 Karson Rd. – Ryder Lake/Promontory – $2,042,000
8. 44594 Watson Rd. – Sardis – $2,015,000
9. 10500 Young Rd. – Fairfield Island – $1,976,000
10. 51875 Nevin Rd. – Rosedale – $1,933,0000