A satellite view of White Rock. (Google image)

A satellite view of White Rock. (Google image)

Most expensive home in South Surrey valued at $18M

Surrey, White Rock homeowners to see moderate shift in value

When Surrey and White Rock homeowners receive their assessment packages in the mail this week, BC Assessment says most will find only a moderate change in the value of their property.

Examples provided by BC Assessment, designed to demonstrate market trends for single-family residential properties, show a four per cent increase in White Rock, from a typical assessed value of $1,195,000 last year to $1,245,000 this year, and a five per cent increase in Surrey, from $1,010,000 to $1,062,000.

The most expensive home in White Rock, which also ranked 483rd in the province in terms of value, is located at 13616 Marine Dr. Assessed at $10,475,000, the property experienced a slight decrease in value compared to last year, when it was assessed at $10,578,000. While the value of the land increased by $21,000, the buildings on the property decreased in value by $124,000.

The most expensive home in Surrey, located at 2021 Indian Fort Dr. and ranked 76th in the province, was assessed this year at $18,016,000, which is an increase from $17,948,000 last year.

In a Top 500 Valued Residential Properties list published last year, Surrey’s most expensive home, located at 17146 20 Ave., was assessed at $31.6 million.

However, BC Assessment deputy assessor Bryan Murao told Peace Arch News, the property was successful in achieving partial farm classification. The same property is now assessed at $8,174,520.

The only other Surrey home that placed on the top 500 list of most valued residential properties in the province is located at 2165 123 St., which is valued at $13,478,000 and ranked 228th.

SEE ALSO: Surrey, White Rock properties make list of most expensive in B.C.

In examples provided for strata homes, which includes townhouses and condos, White Rock was the only municipality in the Lower Mainland to experience a slight decrease in value. A typical assessed value of $460,000 in White Rock last year decreased to $452,000 this year, representing a two per cent downward shift.

In Surrey, however, a typical strata home assessment of $497,000 last year climbed to $510,000 this year, representing a three per cent change.

“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said 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.”

However, Murao added, commercial and industrial markets have been much more varied with both decreases and increases, depending on the sector.

“While commercial sales activity has remained low, value changes have been moderate across many property types.”

The total number of properties in the province is 2,114,886, an approximate one per cent increase from 2020. In the Lower Mainland, the overall total assessments have increased from about $1.41 trillion in 2020 to about $1.46 trillion this year.

More than $15 billion of the Lower Mainland’s updated assessments comes from new construction, subdivisions and rezoning of properties.

Assessments are the estimate of a property’s market value as of July 1, 2020 and physical condition as of Oct. 31, 2020. Changes in property assessment reflect movement in the local real estate market and can vary greatly from property to property, BC Assessment said.

When estimating a property’s market value, BC Assessment analyzes current sales in the area as well as considering other characteristics such as size, age, quality, condition, view and location.



aaron.hinks@peacearchnews.com

Like us on Facebook and follow us on Twitter

HousingSurreyWhite Rock

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Pixabay image
Surrey recovers 29,000 jobs it lost to pandemic

That’s according to Surrey Board of Trade’s fifth Surrey Labour Market Intelligence Report on COVID-19

A worker is seen throwing a chicken in an undercover video in 2017 filmed by California-based animal rights activists Mercy For Animals.
Fraser Valley chicken abuse trial delayed until February

Originally scheduled for a jury trial, Sofina and Chilliwack company now face judge alone

Desmond Tompkins helped curate and host a youth art show at the South Surrey/White Rock Learning Centre. (Contributed photo)
South Surrey/White Rock Learning Centre art show highlights ‘diverse perspectives’

With COVID-19 protocols in place, youth art show underway

The SACH Community Hub team, from left to right: Upkar Singh Tatlay, Gary Thandi, Allysha Ram, Jassy Pandher, Harman Pander. (Submitted photo)
There’s help for South Asian men wrestling with drug addiction in Surrey

South Asian deaths related to toxic drugs increased by 255 per cent between 2015 and 2018

Crews with Discovery Channel film as an Aggressive Towing driver moves a Grumman S2F Tracker aircraft around a 90-degree turn from its compound and onto the road on Saturday, Jan. 23, 2021. It was the “most difficult” part of the move for the airplane, one organizer said. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Vintage military plane gets towed from Chilliwack to Greater Victoria

Grumman CP-121 Tracker’s eventual home the British Columbia Aviation Museum on Vancouver Island

The Independent Investigations Office of BC (IIO) is looking into the death of man discovered Jan. 11 in east Maple Ridge. (Black Press files)
B.C.’s police watchdog investigating man’s death in Maple Ridge

Man was found dead Jan. 11 after recent contact with police

Chilliwack Law Courts. (Black Press file)
Man sentenced to 20 months for sexual offences involving a minor in Mission

Will Laws Clark was 22 and victim was 13 at time offences began

Rolling seven-day average of cases by B.C. health authority to Jan. 21. Fraser Health in purple, Vancouver Coastal red, Interior Health orange, Northern Health green and Vancouver Island blue. (B.C. Centre for Disease Control)
2nd COVID vaccine doses on hold as B.C. delivery delayed again

New COVID-19 cases slowing in Fraser Health region

Provincial health officer Dr. Bonnie Henry talk about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. Two more cases of the COVID-19 strain first identified in South Africa have been diagnosed in British Columbia, bringing the total to three as of Jan. 16.THE CANADIAN PRESS/Chad Hipolito
B.C. now has three cases of South African COVID-19 variant, six of U.K. strain

Both variants are thought to spread faster than earlier strains

Rodney and Ekaterina Baker in an undated photo from social media. The couple has been ticketed and charged under the Yukon’s <em>Civil Emergency Measures Act</em> for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
Great Canadian Gaming CEO resigns after being accused of sneaking into Yukon for vaccine

Rod Baker and Ekaterina Baker were charged with two CEMA violations each

Police discovered a makeshift nightclub in a Vancouver apartment on Jan. 23, 2021, and say it wasn’t the first time this month officers have been called to the unit over social gathering concerns. (Phil McLachlan - Capital News)
Doorman of makeshift ‘booze-can’ in Vancouver apartment fined; police look to court order

This marks the fourth complaint about social gatherings inside the apartment in January

A Kelowna couple welcomed their Nooner baby in December. (Flytographer)
Kelowna couple welcomes baby girl from Hotel Zed Nooner campaign

Nicole and Alex will now have 18 years of free stays at the hotel

The Abbotsford Tulip Festival is permanently closing, with plans to eventually set up in Armstrong, B.C. (Abbotsford News file photo)
Abbotsford Tulip Festival is closing, with plans to rebloom in Armstrong

Event organizer says pandemic and sale of land were factors in decision

Most Read