The 2023 increase for strata properties (condos/townhouses) in Mission was 15 per cent, residential properties nine per cent, commercial properties 20 per cent, and industrial properties 35 per cent. /Mission Record Photo

The 2023 increase for strata properties (condos/townhouses) in Mission was 15 per cent, residential properties nine per cent, commercial properties 20 per cent, and industrial properties 35 per cent. /Mission Record Photo

Mission’s median home value reaches one million dollars for first time

BC Assessment found Mission residential property values more than doubled over the past decade

The value of the average house in Mission has hit seven figures for the first time.

The residential property value climbed from $962,000 in 2022 to $1,053,000 in 2023 — a nine per cent increase, according to BC Assessment. The 2023 increase for strata properties (condos/townhouses) in Mission was 15 per cent, commercial properties 20 per cent, and industrial properties 35 per cent.

The organization released their annual property assessments for the province on Tuesday (Jan. 3) with the values accurate as of July 1, 2022. All data was calculated using median values because averages have greater potential to be skewed by atypically large or small numbers, Deputy Assessor Bryan Murao says.

READ MORE: Mission’s needed housing is not being built: affordable housing strategy update

According to past assessments, Mission home values have skied from $338,000 in 2013 to $604,000 in 2018, more than doubling in the past decade and rising by approximately $400,000 in the past five years. The nine per cent yearly increase in 2023 is down 27 per cent from the 36 per cent increase last year (2021 to 2022).

“Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher compared to the previous year,” Murao said in a news release. “For both single family homes and condos in the Fraser Valley, [most homeowners can expect] about a 10 per cent rise for houses and 15 per cent for condos and townhomes.”

The top-valued property in Mission was 34869 Ferndale Ave. at $5,195,000, with the three most expensive properties all located on Ferndale Avenue. No Mission homes reached the 100 top-valued properties in the Lower Mainland, with a Point Grey Road property in Kitsilano taking the top spot at $74,089,000.

The Top 10 Highest-Valued Mission Properties

  1. 34869 Ferndale Ave. – $5,195,000
  2. 34801 Ferndale Ave. – $5,058,000
  3. 34809 Ferndale Ave. – $4,423,000
  4. 12654 Powell St. – $3,689,000
  5. 29722 Anderson Ave. -$3,417,000
  6. 29622 Dewdney Trunk Rd. – $3,411,000
  7. 8205 Conley Terr. – $3,395,000
  8. 8469 Dunn St. – $3,351,000
  9. 9086 Stave Lake St. – $3,313,000
  10. 9265 Stave Lake St. – $3,271,000

The Fraser Valley residential property value rose throughout the region at a higher rate than the rest of the Lower Mainland. Abbotsford surged nine per cent from $1,077,000 to $1,171,000, Chilliwack went up seven per cent from $876,000 to $934,000, while Maple Ridge climbed eight per cent from $1,118,000 to $1,203,000.

“Similarly, the majority of the commercial and industrial properties across the province will also be receiving higher assessed values in the range of 5 per cent to 20 per cent, with the Fraser Valley generally higher,” Murao said.

BC Assessment’s information provides the foundation for local and provincial taxing authorities. ​​​​ The organization says taxes are only likely to rise if a property’s value increased by more than the average change (nine per cent in Mission), while properties with lower or similar percentiles are likely to decrease or remain unchanged.

“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” says Murao. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”


@dillon_white
dillon.white@missioncityrecord.com

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