Langley Times file photo

Condo values skyrocket in the Langleys

Property assessments for 2018 show biggest surge in strata condominiums and townhouses

Homeowners in Langley — particularly condo owners — can expect to see a significant increase in their property values when they receive their 2018 assessment notices in the mail this week.

According to BC Assessment, strata condos in Langley City have gone up as much as 36 per cent in the last year, with a typical condo skyrocketing from $242,000 in 2017 to $329,000 in 2018.

In Langley Township, strata condos have increased around 33 per cent, and strata townhouses around 13 per cent, with a typical townhome surpassing the half-million mark at $553,000 in 2018, compared to $490,000 in 2017.

Single family detached homes, by contrast, have not increased by as much as they did in 2016-17 when assessments jumped 30 to 50 per cent. This year, detached homes in Langley City have typically increased by 8 to 10 per cent, and in Langley Township, by 6 to 10 per cent.

READ MORE: Langley home values skyrocket

These values reflect the overall trend in the Fraser Valley, where residential single detaches homes have changed in value from -5 per cent to 25 per cent, residential stratas from 10 to 40 per cent, commercial from 5 to 35 per cent and light industrial from 5 to 30 per cent.

“The majority of residential home owners within the (Fraser Valley) region can expect an increase, compared to last year’s assessment,” said assessor Laura Schwagele in a Jan. 2 press release.

“This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single family detached homes.”

Assessments are the estimate of a property’s market value as of July 1, 2017 and physical condition as of Oct. 31, 2017.

At this point, it is too early to tell just how much these assessments will impact property taxes, but Karen Sinclair, director of finance for the Township, suspects condos owners will see an increase this year.

“Tax rates for 2018 will take into consideration the average increase for the residential category as a whole, which includes single family residential, townhouses, condos and a few other categories,” she said.

“Municipalities start out the tax rate-setting process by lowering their residential tax rate to raise the same amount of revenue as they raised the previous year.

“This, in effect, nullifies the impact of the average assessed value increase on the residential category as a whole.”

The City of Langley is still in the process of downloading the new property assessments into their system, but have already seen a range of increases in strata unit values from 25 to even 50 per cent.

“In 2018, the strata properties are seeing an increase higher than the single family homes, which is reversing a trend that we’ve been experiencing over the last three or so years. Previously, strata properties were not increasing — and even decreasing — compared to the single family homes, which were shouldering a bigger portion of the property tax increase as a result,” said Darrin Leite, City director of corporate services.

“But in general, I would say, yes, there would be a reversing of the trend over the last three years in the sense that there will be an increase (in property taxes) for strata property owners versus a decrease or even a slight increase. They will have a bigger increase this year.”

Across the entire Fraser Valley, assessments increased from $430.1 billion in 2017 to $492.2 billion this year, and almost $10.6 billion of that is from new construction, subdivisions and rezoning of properties, according to BC Assessment.

The most expensive residential property in the Township is a 29.4 acreage at 19683 0 Ave. valued at $17,218,000. It’s the second highest valued property in the Fraser Valley, with a 19-acre property at 17146 20 Ave. in South Surrey taking the top spot at $30,026,000.

To find out more about your home’s assessed value, visit bcassessment.ca.

Just Posted

VIDEO: Sopwith takes flight for Father’s Day at Museum of Flight

Dads got in free Sunday at “pops and props” event

VIDEO: TWU runner Yee wins Portland Track Festival

Competitor is most individually decorated Spartans track and field athlete in the program’s history

UPDATE: All lanes open after crash closed Sea-to-Sky near Lions Bay

Hwy. 99 not expected to re-open until 2:30 p.m.

BC Lions defensive back Marcell Young levels streaker in home opener

Young hit the fan near one of the 45-yard lines

Turnout up for Community Day in Langley City

“Perfect” weather leads more people to annual event at Douglas Park

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

B.C. NHL prospect expected to make ‘full recovery’ after an incident in Calgary

Jordy Bellerive was injured in a reported house fire Saturday night

Police: Taxi driver who hit 8 Moscow pedestrians fell asleep

Two Mexican World Cup fans were among those hit

B.C. VIEWS: Orphans of our urban drug culture neglected again

Child advocate Bernard Richard leaves B.C. with harsh message

From marijuana beer to pot cookies, Canadian companies creating cannabis edibles

Manufacturers think that edibles will do well with users who don’t want to smoke or vape

Privacy lawyer warns against victim blaming in recent sextortion scams

Perpetrators get sexual photos of the victim and threaten to share them with friends and families

Motorcycle crash sends man to hospital with life-threatening injuries

Rider collided with a car near Edmonds SkyTrain in Burnaby

QB Jennings leads Lions to 22-10 win over Alouettes

B.C. wins CFL home opener over Montreal

Most Read