Homeowners across Maple Ridge and Pitt Meadows are going to be receiving their 2022 assessment notices in the coming days, and they might be shocked to see their homes have increased by about $300,000.
Maple Ridge’s typical assessment for single family homes rose 37 per cent, from $814,000 last year to $1.12 million – it was an increase of $304,000 in a single year.
In Pitt Meadows, the assessment rose 34 per cent, from $843,000 to $1.13 million, for a hike of $283,000 for the typical house.
Condos and townhouses also increased by some of the largest amounts in the region, up 23 per cent from $456,000 to $563,000.
These statistics compare values on July 1, 2020 to July 1, 2021.
“British Columbia’s real estate market remains resilient and that means most property owners can expect higher assessment values for 2022,” said BC Assessment deputy assessor Bryan Murao.
“The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10-30 per cent increases throughout the Lower Mainland. City of Vancouver condos, however, are on the lower end of the changes, generally with single digit increases, whereas homes in the Fraser Valley suburbs are changing higher compared to most of Metro Vancouver.”
The rise in assessments does not mean property tax bill will rise proportionately.
The most important factor is not how much the assessed value has changed, but how the assessed value has changed relative to the average change for this property class in the municipality.
When asked if this type of price growth is sustainable, Andy Yan, director of SFU’s City Program, answered with a flat no.
“It moves above any notions of how incomes are gaining in the region,” he said.
This is creating profound challenges for people trying to find a place to live.
He said the Fraser Valley was seen as an area where working class families could afford a home, but now, without help from the “bank of Mom and Dad,” that’s increasingly difficult. This comes as a demographic bulge of Millennials are in their 30s, peak time for having kids.
BC Assessment collects, monitors and analyzes property data throughout the year. For the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year.
More than $23.7 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
– With files from Langley Advance Times
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