Property values in the City of Delta have continued to climb during the pandemic, and according to BC Assessment’s 2022 data, the value of a typical single-family home has now surpassed the million-dollar mark at $1,285,000.
But it’s not only Delta homes that grew in value, as all of the Lower Mainland – and more widely, all of the province – trended upward.
“The widely reported heighted demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province, including 10 to 30 per cent increases throughout the Lower Mainland,” said BC Assessment Deputy Assessor Bryan Murao in a news release.
With more than 1,076,600 property assessments done in the Lower Mainland alone, property-owners are expected to receive their individual assessment notices this week, which are based off of July 2021’s market values.
The City of Delta’s typical single-family home assessed value has grown by 33 per cent – an increase 5.5 times larger than the six per cent increase observed between 2020’s and 2021’s assessments – but this doesn’t necessarily mean that we are all doomed for a steep increase in property taxes, said Murao.
“A common misconception is that a significant change in your assessed value will result in a proportionately significant change in your property taxes. The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction,” he said.
The assessed value of strata residential properties – like condos and townhouses – also increased this year in Delta, with a 13 per cent increase between the 2021 and 2022 assessment.
For 2022, their typical assessed value sits at $625,000.
“For the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year. Over $23.7 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties,” reads BC Assessment’s website.
Their Lower Mainland region includes all of Greater Vancouver, the Fraser Valley, as well as the Sea to Sky area and the Sunshine Coast.
BC Assessment develops and maintains property assessments throughout the province in addition to providing property information. They produce “assessment information annually to provide tax authorities with a tax base and other information collected about property.”
A home in Tsawwassen, two in East Ladner and another in Ladner near the Highway 99/17A interchange make up seven of the 10 highest-assessed homes in Delta.
The 10 highest-assessed residential properties are:
• A home on Centennial Pky. — $6,865,000 (+12.5 per cent of 2021 value)
• A home on Ladner Trunk Rd. — $6,337,000 (+2,738.2 per cent of 2021 value)
• A home on English Bluff Rd. — $6,007,000 (+9.4 per cent of 2021 value)
• A home on English Bluff Rd. — $5,640,000 (+4.3 per cent of 2021 value)
• A home on English Bluff Rd. — $5,294,000 (+4.0 per cent of 2021 value)
• A home on 64th St. — $4,942,000 (+957.9 per cent of 2021 value)
• A home on Tsawwassen Beach Rd. — $4,832,000 (+16.2 per cent of 2021 value)
• A home on 104th St. — $4,824,000 (+10.3 per cent of 2021 value)
• A home on Pacific Dr. — $4,727,000 (+8.3 per cent of 2021 value)
• A home on Tsawwassen Beach Rd. — $4,664,000 (+8.0 per cent of 2021 value)