Maple Ridge and Pitt Meadows and cities in the eastern Fraser Valley are bucking the trend of dropping home values as is happening in some parts of Metro Vancouver.
Single-family home values have jumped by eight per cent in Maple Ridge and Pitt Meadows, when last July’s values were compared with July 2017 prices, according to a Jan. 2 release from B.C. Assessment.
In contrast, property values for single-family homes in White Rock and Richmond dropped two per cent.
B.C. Assessment released the numbers in advance of assessment notices that soon will be in the mail.
Most homeowners can expect a “modest change” in their property values, compared to the last year’s numbers, said Fraser Valley deputy assessor Brian Smith.
The growth in single-family home prices was more dramatic farther east with increases of 10 per cent in Chilliwack and Mission and 17 per cent in Hope, when compared to the year before.
The average value for a single-family home in Maple Ridge, as of last July, was $820,000, with homes in Pitt Meadows valued higher – at $871,000.
It’s a different story for condo prices, however.
Their value is increasing even more dramatically, with Maple Ridge showing an 18-per-cent jump in values, while Abbotsford condos skyrocketed by 28 per cent, as of last July.
The average price for a condo in Maple Ridge in July was $464,000, an increase from $394,000 the year before.
Maple Ridge condo prices are actually higher than those in Langley, where the average price in July was $396,000.
The latest numbers have residents on social media in Maple Ridge noting their houses values are seeing healthy increases, while others note that the housing market has dropped since July.
July’s assessment values are now on BC Assessment’s website.
Last November, the B.C. government said it’s already seeing results from the policies it put in place to address the housing crisis.
Housing Minister Selina Robinson said then that the government is seeing some high-end house prices starting to drop.
“Right now we’ve got the speculation and empty home taxes, so part of what we need to do is monitor the impact that it has and continue to see what it does,” Robinson said.
Some Metro Vancouver detached single-family homes were showing decreases in value of five to 10 per cent over last year, including in areas of Vancouver, the North Shore, South Surrey, White Rock, South Delta and Richmond, said BC Assessment.
Other areas were relatively stable or even showing modest increases.