Condos, townhouses drive up Fraser Valley property values

Property values increased by an average of 18.29 per cent in Abbotsford from

But homeowners of both detached homes and strata properties in Abbotsford, Maple Ridge, Pitt Meadows and other east-lying areas will see their assessments increase significantly. "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.

The average value of single family residential properties in the city this year is $441,000 compared to $405,000 in 2017.

Homeowners that don't agree with their assessment have the option to appeal their notice.

Increasingly, due to redevelopment pressures, small, longstanding family-owned businesses are facing municipal property tax bills greater than the rent being charged by the landlords. That's because the mill rate is adjusted downwards to offset the rise in average assessments.

The 2018 property assessments were released this week but reflect the value assessed as of July 1, 2017.

Increases to the average assessed values were also seen in all of Kamloops' outlying communities.

BC Assessment's website (www.bcassessment.ca) includes more details about 2018 assessements, property information and trends such as lists of 2018's top-value residential properties across the province.

"For anyone who lives in their home right now with no intention to buy, you might want to at least try out the avenue of appealing your assessment to get that number down", said Joe.

"Other factors that attract people to Osoyoos are the great climate, proximity to the USA border and the Lower Mainland and amenities like the lake and wineries", she said.

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"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 first three quarters of 2017 saw 1,026 single-family home sales -up from 942 over the same period in 2016 and 929 in the same period of 2015.

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

For many reasons, I believe this is a very good provision of the Act.

A 1971 single-family house in Lynn Valley went up six per cent to $1.7 million while an Upper Lonsdale condominium built in 1990 ballooned 18 per cent in value to $662,000. The Osoyoos average may be affected by high-priced lakefront properties, but it excludes acreage properties outside the town. What matters is how much your property increased compared to others in your property class.

Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

Property owners across the Okanagan can expect to receive their 2018 assessment notices in the mail this week, but you can already look up yours online. Between one and two per cent of people file an appeal with B.C. Assessment every year (the deadline is January 31), but property tax agent Paul Sullivan said people shouldn't file one without doing careful research ahead of time. They typically meet between February 1 and March 15 to hear formal complaints.

BC Assessments collects, monitors and analyzes property data throughout the year.

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