The average assessed value of a Delta detached house has moved more sharply upward compared to townhouses and condos.
That’s according to the B.C. Assessment Authority which has started mailing out more than a million property assessment notices throughout the Lower Mainland.
The 2021 assessment notices reflect market value as of July 1, 2020.
Despite COVID-19, the Lower Mainland residential real estate market has been resilient," said B.C. Assessment deputy assessor Bryan Murao in a news release.
“For the most part, homeowners can expect relatively moderate increases in value," said Murao. “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.
“The commercial and industrial markets, however, have been much more varied with both decreases and increases depending upon the specific sector. While commercial sales activity has remained low, value changes have been moderate across many property types.”
According to the assessment authority, the average assessed detached house in Delta increased from $917,000 to $968,000, which is about six per cent higher than the previous year.
Meanwhile, the average strata home in Delta was $552,000, up from $545,000 the previous year.
Commercial properties in Delta increased an average of 7.4 per cent while light industry jumped 13 per cent.
As far as your assessments and how it may impact how much more you’ll have to pay in property taxes, the assessment authority notes it is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes.
How your assessment changes relative to the average change in your community is what may affect your property taxes.
For more information about assessments or to view your home’s assessment, check https://www.bcassessment.ca/.
As far as real estate prices in the Fraser Valley and Greater Vancouver regions, both the Greater Vancouver Real Estate Board and Fraser Valley Real Estate Board last month said overall housing demand for 2020 continued to outpace historical averages with single-family detached homes having the strongest demand.
A house in Ladner had a benchmark price of $1,056,200 last November, a 15.3 per cent increase over the year.
The benchmark for a house in Tsawwassen was $1,173,000, up 12.2 per cent over the previous year.