Delta homeowners for the most part will see a moderate increase in the assessed values of their homes.
B.C. Assessment this week said in the next few days owners of more than 494,000 properties throughout the Fraser Valley region can expect to receive their 2019 assessments, which reflect market value as of July 1, 2018.
The majority of residential homeowners within the Fraser Valley can expect a modest change compared to last year's assessment, according to the assessment authority, which noted the region continues to see strong market activity in the strata residential market, while the single-family residential market was relatively stable.
Overall, single-detached houses in Delta were at $978,000 last year, while this year it increased to $1,003,000, representing a three-per cent increase. Strata units increased from $529,000 to $568,000, a seven per cent jump.
Of course, assessed values don’t necessarily reflect market value of homes. The Greater Vancouver Real Estate Board last month said home buyer demand remained below long-term historical averages in the Metro Vancouver housing market.
The benchmark price for a single-detached house in Ladner was $949,000, an almost four per cent drop from the previous month, while in Tsawwassen it was $1,198,200, which represented a drop of just over three per cent. The townhouse and condo benchmarks in Ladner and Tsawwassen were almost unchanged.
Over the year, single-family houses in Ladner and Tsawwassen, according to the GVREB, actually dropped just over eight per cent and six per cent respectively. Townhouses in Ladner and Tsawwassen saw little change year-to-year, while condos in Ladner and Tsawwassen saw increases at 6.8 per cent and 6.5 per cent respectively.
The Fraser Valley Real Estate Board, meanwhile, noted the benchmark for a single-family house in North Delta over the year increased just over six per cent, while townhouses and condos increased just over six per cent and over 15 per cent respectively.
As far as your assessments, it’s important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes, B.C. Assessment explains. How your assessment changes relative to the average in your community is what might affect your property taxes. B.C. Assessment has provided early notification to property owners who can expect to see increases substantially above the average changes in their areas.
Anyone can see their assessments online at www.bcassessment.ca.
