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Property assessments show biggest gains in condo market

(iStock Photo)

BC Assessment says North Surrey condos saw biggest gains with 40 per cent spike

Higher demand for condos and townhouses, as opposed to single family homes

LOWER MAINLAND (NEWS 1130) – In the coming days, homeowners be getting their property assessments in the mail — in fact, you can already check them online.

We’re seeing the biggest movement in the condo market.

According to the numbers provided by BC Assessment, North Surrey condos saw the biggest gains, with a 40 per cent spike from $217,000 to $303,000.

While the jump wasn’t quite as high elsewhere, condos and townhouses still saw gains in the range of 10 to 30 per cent.

“In the strata market, they’re showing a higher demand for that product type. That’s pretty constant throughout the Greater Vancouver area, into the Fraser Valley, and across over into the Island,” says Tina Ireland with BC Assessment.

Ireland thinks the high demand for condos is simply due to the fact that they are less expensive than single-family homes.

But she notes values of those single-family homes have been fairly stable. “Very nominal changes… in the Vancouver, Richmond, North Shore and Burnaby areas.”

“When you start moving out a little bit, you’ll see a bit more of an increase in the 10 to 20 per cent range in single-family homes,” she adds.

The biggest gains are seen across all residential types in Langley, with assessed values up nearly 20 per cent.

“The assessments always reflect market values. So, when we look at July 1, 2017, our assessments reflect what’s happened in the marketplace at that time. That’s a uniform valuation date; all assessments are based off of the same conditions that occurred across all property types,” says Ireland.

She says an increase in your assessment does not necessarily translate to an increase in your property taxes. “What’s more important is how your assessment changes relative to others in the community.”

The province’s most expensive home still belongs to Lululemon founder Chip Wilson. His mansion in Kitsilano has been assessed at nearly $79 million.