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.
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