“Stable” is the operative word being used to describe provincial property assessments for 2013 arriving in Fraser Valley mail boxes this week.
And it’s especially true for Chilliwack’s residential properties, according to the numbers released yesterday by the local B.C. Assessment office.
The Fraser Valley Assessment Roll went from $87.5 billion last year, to $89 billion this year. Most of the growth was attributed to the rise of subdivisions, rezoning and new construction.
“Most homes in the Fraser Valley are remaining stable compared to last year’s assessment roll,” said John Green, Deputy Assessor.
Only “minimal changes” in the value of most properties are expected.
In terms of local market trends, a typical Chilliwack single family home valued at $385,000 last year, was assessed at exactly the same amount, $385,000, this year.
A typical strata apartment went from $113,00, down slightly to $112,000, while a townhouse went from $238,000, dipping slightly to $237,000.
It wasn’t the same, however, in other parts of the Lower Mainland.
Decreased values of as much as five per cent and gains of up to 10 per cent are typical for single detached houses in Surrey, Burnaby and the Tri-Cities, as well as many other parts of the region.
White Rock was one of the areas where drops were more likely, with changes tending to range from negative 10 to plus five per cent, according to the assessment authority.
Significant decreases were also more common in Whistler, Pemberton, the Sunshine Coast and Bowen Island.
“For the first time in many years a significant number of properties in the region are actually decreasing in value,” assessor Jason Gratl said of Vancouver Sea-to-Sky region changes.
Many homes on Vancouver’s west side and in Richmond are also down slightly, after gains of as much as 30 per cent a year earlier.
Strata condos and townhomes in Metro Vancouver were susceptible to wider swings, with drops of as much as 10 per cent and gains of 10 per cent typical.
More than 189,000 property owners throughout the Fraser Valley can expect to receive their 2013 assessment notices in the next few days.
Owners of commercial and industrial properties across the valley will see changes ranging from -5% to +5%.
“Property owners who feel that their assessment does not reflect market value as of July 1, 2012 should visit www.bcassessment.ca for answers to common questions or to find comparable sales and assessment information,” said Green. “If they see incorrect information or have further questions, they should contact us as soon as possible in January. Other services available on the website include a customer service survey and a list of 2013’s most valuable residential properties across the province.”
“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,” added Green.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.
The Fraser Valley assessment office is located at suite 240, 31935 South Fraser Way in Abbotsford. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or via www.bcassessment.ca.
with files from Jeff Nagel