Delta is home to the lowest residential property value increase in the Fraser Valley, according to numbers released on Jan. 2 by BC Assessment.
Across the Fraser Valley, communities are seeing an average increase of 16 per cent for residential properties. However, the City of Delta only saw a 2.9 per cent increase in value — the lowest increase, and the second lowest overall change due to the market. (Barnrston Island — listed as Lower Mainland Rural by BC Assessment — saw a 0.27 per cent decrease in value, the only area to see a decrease.)
This small increase follows last year’s record setting assessment, where Delta homeowners saw property values increase by an average of 42 per cent across the community.
This year, changes in assessment values for Delta’s different communities vary, but remain in the single digits.
North Delta homes have increased in value by four per cent, going from an average of $850,600 on July 1, 2016 to $886,400 on July 1, 2017. This is compared to a 48 per cent change last year.
Ladner and Tsawwassen homes have decreased in value by two per cent, going from $967,400 and $3,242,000, respectively, to $946,900 and $3,166,000. Last year, Ladner home values increased by 43 per cent and Tsawwassen values increased by 44 per cent.
However, this current pattern of small increases does not apply to strata townhomes and condos in Delta.
Related: Condos, townhouses drive up Fraser Valley property values
Across the Fraser Valley, residential strata units have seen between 10 per cent and 40 per cent increases in value over the last year. North and Central Surrey condos saw the highest increases, at 40 and 38 per cent respectively, while Richmond’s townhouses had the lowest increase, at 11 per cent.
In Delta, strata townhouses have seen a 12 per cent increase, going from $882,000 to $986,000, and strata condos have seen a 19 per cent increase, going from $364,000 to $432,000.
Individual property assessments have been mailed out, and homeowners can expect to receive them within the month. The property values in the assessment are based on an estimate of its market value on July 1, 2017. The physical condition is based on how the property was on Oct. 31, 2017.
grace.kennedy@northdeltareporter.com
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