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.
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.