The Fraser Valley Real Estate 2015 Property Assessments revealed changes in residential property values anywhere from -5% to +10% depending on the property type.
Of the three main property types in the six main communities, the most significant increase was to detached homes in South Surrey/White Rock: +5% to +10%. For the rest of Fraser Valley, most home valuations remained stable compared to last year’s assessment roll with changes ranging anywhere from -5% to +5% according to BC Assessment. Townhome and condo owners will see that their property values changed minimally compared to 2013.
Brian Smith, Acting Deputy Assessor for the South Fraser Region for BC Assessment, says, “Most people are satisfied to see changes that are plus or minus five per cent. Anything much higher or lower can prompt calls.”
BC Assessment’s valuations are consistent with price changes we track through our MLS® Home Price Index (MLS® HPI). In December 2014, the benchmark price of single family detached homes in the Fraser Valley increased by 4.3%; while townhomes and apartment prices remained stable at +0.1% and -0.8% respectively. On an annual basis, MLS® median prices in the Fraser Valley changed by +4.7% for detached; +1.9% for townhomes and +3.5% for apartments compared to 2013.