BC Assessment has released the exact amounts, by area, by which Maple Ridge homes have skyrocketed in value again this year.
“This year, we have seen a strong demand in our residential strata [condo] market and this has resulted in a larger increase compared to the residential single-family detached homes,” Laura Schwagele said in a release.
In west Maple Ridge, a typical condo or single family home jumped by 11 per cent compared to last year.
In central Maple Ridge, they rose 14 per cent.
Townhouses in Maple Ridge jumped the most in market value, increasing by 33 per cent, with a typical townhouse now costing $362,000.
Pitt Meadows properties also rose, with townhouses up by 27 per cent, to the point where a typical townhouse in that city now costs $432,000.
Assessment notices are soon to go in the mail, telling homeowners what their properties are now worth, based on market conditions from last July.
Those values are used to determine this year’s take of city property taxes. But unless an individual property has increased by more than the average in the city, most property tax bills will jump by 3.62 per cent as set out in Maple Ridge’s 2018 budget.
The increases follow similar jumps from a year ago. In January 2017, new property assessments of detached houses jumped 30 to 50 per cent in Metro Vancouver and the Fraser Valley. Condos a year ago, also jumped between 15 to 30 per cent in the Fraser Valley.
Only one property in B.C. Assessment’s top 100 priciest properties in the Fraser Valley was located in Maple Ridge. That was a townhouse located at 11252 Cottonwood Dr., worth $8.3 million.
People who want to appeal the value of their properties have until Jan. 31 to file a notice of complaint to B.C. Assessment.