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House values up, condos down in 2014
Homeowners in both Langley City and Township will see the value of their single family home go up for 2014.
But apartment owners didn’t fare as well. Values are down slightly for both municipalities but remained relatively unchanged for townhouses, according to B.C. Assessment.
As is tradition in January, owners of more than 191,000 properties throughout Fraser Valley can expect to receive their 2014 assessment notices in the next few days.
“Most homes in the Fraser Valley are remaining stable in value compared to last year’s assessment roll,” said Raj Sandhu, deputy assessor.
“Most home owners in the Fraser Valley will see modest changes in the negative five per cent to positive five per cent range.”
The average Township of Langley single family home went from $519,000 in 2013 to $530,000 this year.
Township strata apartments went from $223,000 down to $218,000 in 2014.
Township townhouses remained unchanged at $341,000.
An average single family home in the City went for $479,000 in 2013, as compared to $490,000 in 2014.
In 2013, apartments in the City were valued at $203,000 and are down to $198,000 in 2014. Townhouses averaged at $280,000 in 2013, edging up slightly to $285,000 in 2014.
Valuation date for 2013 assessments was as of July 1, 2013.
Overall, the Fraser Valley area assessment roll increased from $89 billion last year to $90.7 billion this year.
Most of this growth was due to subdivisions, rezoning and new construction.