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Property values in Abbotsford, Mission remain stable

Property values in the Fraser Valley have remained stable over the past year. - John Morrow photo
Property values in the Fraser Valley have remained stable over the past year.
— image credit: John Morrow photo

Property values in the Fraser Valley have remained stable compared to last year, according to the B.C. Assessment Authority.

Raj Sandhu, deputy assessor for the Fraser Valley, said in a press release that most home owners in the valley will see changes in the plus or minus five per cent range.

The figures were released last week by the Crown corporation and stated that the 2014 assessment notices for the new year will be sent out to property owners shortly.

In Abbotsford, average single-family dwelling values went up slightly from $420,000 in 2013 to $428,000 for 2014. In Mission, single-family home values remained at $338,000.

In both communities, the value of apartment stratas dropped slightly, in Abbotsford from $189,000 to $185,000 and in Mission from $175,000 to $171,000.

Townhouse stratas remained stable in Abbotsford at $330,000 and dropped slightly in Mission from $200,000 to $198,000.

B.C. Assessment ranked the Fraser Valley's top 100 valued properties, the majority of which are located in the Township of Langley.

Abbotsford's highest valued property ranks 24th, located at 3506 Bassano Terr. and is valued at $2,210,000. In Mission, ranking 26th, is a property at 34869 Ferndale Ave. worth $2,178,000. Both communities have only two properties in the top 100 of the region.

Across most of B.C. property assessments are up slightly, with dips in average residential values in the Okanagan and on Vancouver Island.

The biggest increases were in the Northwest and Peace River regions, where total residential value rose about 10 per cent as natural gas and other industrial development picks up speed.

The value of all property in B.C. rose 1.27 per cent, despite declines in most regions for farm, recreational and managed forest land.

In the Lower Mainland, most residential values showed modest increases, from almost flat on the North Shore to 1.61 per cent in Vancouver, 0.68 in North Fraser, 1.98 per cent in Surrey-White Rock and 1.53 per cent in the Fraser Valley. Richmond-Delta recorded the only decline in the region, with residential total value down 0.15 per cent.

In southern Vancouver Island, total residential property value fell 2.69 per cent, with similar decreases for recreational and farm property. Business property is up 3.89, and major industrial property jumped 17.45 per cent.

Central Vancouver Island residential property slipped 1.31 per cent, with similar decreases in industrial, recreational and farm property and a 2.67 per cent rise in business property. The Courtenay region saw residential values hold steady, with business property up 3.36 and farm and recreational values down two per cent.

Penticton region residential property is down 0.94 per cent, with a similar dip in farm value. Kelowna also had about a one per cent drop in farm value, with residential value steady compared to 2013. The Vernon region saw a 1.57 per cent drop in residential value and a 1.95 per cent dip in farm value.

Residential property value was up 1.21 per cent in the Nelson-Trail region, up 1.31 per cent in the East Kootenay and up 0.76 per cent in the Kamloops region.

Residential value held steady in the Cariboo region, with declines recorded in industrial, farm and forest land.

The largest moves in the 2014 assessment roll were for managed forest land, which showed a jump of 15.3 per cent in the Fraser Valley and drops of 10 per cent or more in other regions.

Rod Bealing, executive director of the Private Forest Landowners Association, said the value reflects fluctuations in the price of logs, with property value lagging the timber market by several years.

Assessments for regions and individual properties are available at www.bcassessment.ca, where property owners can find information on appealing their assessment for property tax purposes. Appeals must be submitted by Jan. 31.

The Fraser Valley assessment office is located at #240, 31935 South Fraser Way. In January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.

– with Alex Butler files

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