BC Assessment’s newly-released numbers show that houses are getting more expensive while condos sink in value in Langley.
On Jan. 2, the agency released its annual valuation of hundreds of thousands of residential properties across the province.
A city-by-city breakdown shows that there were modest increases in value for houses and townhouses in the Langley, while the value of condos dipped slightly.
In Langley Township, the typical home value was listed at $558,000 for a detached home, up from $530,000 for 2014.
A strata townhouse was around $350,000, up from $341,000 in 2014.
Meanwhile, a typical condo was assessed at $212,000, down from $218,000 the year before.
It was a similar story in Langley City, where single family homes were valued at $482,000, up from $456,000 the year before, townhouses were up to $294,000 from $285,000, while condos slid from $198,000 to $188,000.
Nearby communities like Abbotsford, Maple Ridge, and Pitt Meadows also saw similar changes. Townhouse values also slid in Maple Ridge and Pitt Meadows.
BC Assessment said most homes in the region are remaining stable, and the rate of change was between plus or minus five per cent for the typical home.
In the Lower Mainland, Vancouver and its closest neighbours saw property values increase much faster than in communities farther out into Metro Vancouver and the Fraser Valley.
The price of a typical home is based on market trends and can be affected by many variables, noted Raj Sandhu, an acting assessor in the Fraser Valley region.
The dropping condo values may be an effect of supply and demand, Sandhu said.
“What we’ve seen is a large amount of supply in recent years, which may have led to that,†he said.
Assessments are largely based on sales of a given home type in a given neighbourhood.
Residents can look up their home’s valuation online at www.bcassessment.ca, and notices have also been sent out to homeowners.
Property owners who worry their assessment does not reflect market value can contact the authority and appeal their notice.
They can submit a notice of complaint to appeal their assessment if done before Feb. 2, and a Property Assessment Review Panel will look at their issue.
Higher or lower-than-average increases or decreases in property value can affect how much property tax a landowner pays.
If their property value is falling while the average is rising, they may see a slight reduction in taxes. However, if their property’s value is rising faster than average, it may cause a higher increase in taxes.