North Surrey condos lead pack in spiking property value increases

Typical North Surrey condos seeing a 40 per cent increase, climbing from $217,000 to $303,000

So who’s seeing the biggest spike in assessed property values in the Fraser Valley?

North Surrey strata condominium owners, that’s who.

More than 485,000 property assessment notices are in the mail, reflecting the market value of your home as of July 1, 2017. Typical North Surrey condos, according to BC Assessment, are seeing a 40 per cent increase, climbing from $217,000 to $303,000. Next highest are Central Surrey strata condos, marking a 38 per cent increase from $208,000 to $303,000. These are followed by Central Surrey strata townhouses, increasing by 33 per cent from $511,000 to $625,000, and North Surrey strata townhouses from $332,000 to $413,000 for a 25 per cent increase.

READ ALSO: Condos, townhouses drive up Fraser Valley property values

“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” Assessor Laura Schwagele said. “This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single family detached homes.”

The “estimated typical percentage changes” in the Fraser Valley have residential single detached homes ranging from a five per cent decrease in value to a 25 per cent increase while residential strata units — condominiums, for example — are seeing a 10 to 40 per cent increase in value.

Commercial property values have increased by five to 35 per cent, and light industrial by five per cent to 30 per cent.

For single detached residences in Surrey, North Surrey properties are looking at a six per cent increase, from $701,000 to $746,400 and in Central Surrey, $803,000 to 909,000 (up 13 per cent); East Surrey $846,000 to $936,000 (11 per cent increase), while in tony South Surrey the increase is negligible, from $1,196,000 to $1,201,000.

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