Assessment statements are in the mail, and residents of Maple Ridge and Pitt Meadows will see increases in their home’s value.
The average residential assessment in the city of Maple Ridge has gone up 5.8 per cent, and strata properties 2.5 per cent. Business assessments rose four per cent, and light industry 11 per cent.
Values in the eastern neighbourhoods rose most. Residences in the Whonnock neighbourhood were up 9.3 per cent, Ruskin 8.5 per cent, and in the area from 232nd to 264th Streets, between 108 and 128th Avenues, residents will see their assessments increase 9.8 per cent.
The Silver Valley and Fern Crescent area was up an average of 3.7 per cent.
Property assessments are tied to real estate transactions, and Maple Ridge city councillor Ahmed Yousef was surprised at just how hot the local market is right now, as he and his family recently bought and sold a home.
“It’s highly competitive, with extremely motivated buyers,” noted Yousef.
There is ample evidence the COVID-19 pandemic as created more demand for single family houses, and families are coming to the suburbs.
In buying a house, he was competing with 15 other offers, so could ask for no subjects or conditions.
“We ended up paying over asking [price], and we sold over asking,” he said.
His children wrote letters to the vendors, telling them how much they wanted the house.
The couple who successfully negotiated the purchase of the former Yousef home sent a video of themselves with their “irresistable” baby girl.
In the City of Pitt Meadows assessments rose 2.8 per cent for residential, 4.7 per cent for strata properties, 4.5 per cent for business and 7.7 per cent for light industry.
For Maple Ridge single-family homes, the average assessment rose from $768,000 to $814,000 in the past year, and in Pitt Meadows from $821,000 to $843,000.
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said BC Assessment deputy assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. 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.”
An increase in assessment does not necessarily mean in increase in your property taxes. Property tax changes are impacted by your assessment relative to your community’s average assessment change.
The annual assessments are an important document for both owners and local governments, as they’re used to calculate property tax rates. Council will be provided with a detailed breakdown of values by property type and neighbourhood later this year, once the appeal process is complete and BC Assessment updates the data.
The BC Assessment Office is an independent group that calculates the values of all properties in the province. Their figures are based on property values as of July 1 of the previous year, as reflected through property sales.
There is a process to appeal your assessment, and information is available on the website bcassessment.ca. There is a deadline of Jan. 31 to appeal your assessment.