The COVID pandemic has done little to hurt the local real estate market, and property values in Chilliwack continue to rise.
BC Assessment is sending out 2021 assessment notices over the next few days, and the value of an average single-family home in Chilliwack has risen six per cent over 2020, from $590,000 to $627,000.
That’s in line with province-wide numbers.
The City of Vancouver and District of Squamish had the largest bumps at 10 per cent each. Chilliwack is in a large group of cities in the four to eight per cent range.
A few minutes up Highway 1, the average value of a single-family home in Abbotsford jumped seven per cent from $727,000 to $779,000.
The District of Kent jumped seven per cent from $494,000 to $526,000 while the District of Hope experienced a more modest increase of four per cent, from $409,000 to $427,000.
“Despite COVID-19, the residential real estate market has been resilient,” said BC Assessment Deputy Assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill, whereas the remainder of the year had a very steady and rapid recovery.”
BC Assessment didn’t provide numbers for condominiums and townhouses in Chilliwack. Province-wide, the average price for strata homes did go up, but not as much as with single-family dwellings. At the high end, the District of North Vancouver jumped six per cent, but most of the boosts were in the one to four per cent range.
In Abbotsford, the average price for a strata home went up four per cent from $329,000 to $343,000.
The total number of properties on the 2021 roll is 2,114,885, an approximate one per cent increase from 2020. According to BC Assessment, assessments are the estimate of a property’s market value as of July 1, 2020 and physical condition as of Oct. 31, 2020.
Assessments are used to determine municipal/provincial property taxes and can be appealed, but BC Assessment noted that over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
For more info, including the ability to look up your specific property, visit bcassessment.ca.