The value of single-family detached homes increased by up to 13 per cent across Surrey, however, some landowners in the southern part of the city, in addition to White Rock, saw a decrease in property value.
Single-family homes in South Surrey did not change in value, according to a BC Assessment news release issued Jan. 2, and the average home in White Rock saw a one to four per cent increase in value.
On average, according to a market analysis provided by BC Assessment, single-family detached homes in South Surrey saw an increase from $1,196,000 to $1,201,000. Two examples from White Rock, provided by BC Assessment, saw an increase from $1,885,000 to $1,965,000 and $1,126,000 to $1,136,000.
However, Peace Arch News examined the property values of five neighbourhoods throughout South Surrey and White Rock and consistently found properties that decreased in value.
“There are going to be certain pockets and areas that may see a decrease in their assessment,” BC Assessment deputy assessor for the Fraser Valley Brian Smith told PAN Wednesday. “What we typically have seen has – what I think – been the higher-end product, properties that are assessed over $2-3 million, typically have a slight decrease.”
Of the online records of 20 single-family homes randomly examined by PAN, 17 experienced a decrease, anywhere from one to 12 per cent, in property value.
The neighbourhoods selected were located in the 15500-block of Columbia Avenue, 15600-block of Broome Road, 15700-block of Pacific Avenue, 1000-block of Lee Street, 1900-block of 131 Street, and the 14600-block of 17 Avenue. The property with the greatest decrease in value, about 12.3 per cent, is located on Pacific Avenue.
BC Assessment estimates the value of properties as of July 1 each year, based on what the property would have been worth according to comparable market sales.
Of the homes PAN examined, only one – in the 14600-block of 17 Avenue – was sold in 2017. That home, purchased in March 2017 for $1,200,000, was assessed in 2016 at $1,367,100 and reassessed at $1,292,000 in 2017.
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The structure was demolished in the summer, and contractors are currently building a two-storey home on the property.
For many homeowners in South Surrey and White Rock, this year’s BC Assessment is a stark contrast to what they received last year.
At the beginning of 2017, BC Assessment sent approximately 4,200 courtesy letters to South Surrey and White Rock property owners warning of substantial increases.
More than two dozen residents contacted then Surrey-White Rock MLA Gordie Hogg’s office to question the accuracy of the assessment, which was done before the implementation of a 15 per cent foreign-buyers tax.
Some residents saw a property value increase of approximately 60 per cent.
Although single-family home values seemed to have tapered off in South Surrey and White Rock, figures from condominiums and townhomes paint a different picture.
In South Surrey, condominium assessments increased anywhere from 20 to 40 per cent, and townhome values increased from five to 25 per cent, which follows the trend for the rest of Surrey.
In White Rock, strata condominiums saw an increase of approximately 26 per cent, from $308,000 to $387,000.