Condos jump in value in Langley: BC Assessment

House values are up, but increases are moderate compared to last year.

Condos are going up in price fast, according to property assessment data released by BC Assessment on Tuesday morning.

BC Assessment estimates property values for every house, business, and vacant lot in the province. Local city governments then use the data to help them determine property taxes.

In the Langleys, BC Assessment showed examples of “typical” homes in a variety of across Langley City and Township.

In both, it was condos that went up in value most sharply.

In Langley City, two sample single-family properties were worth $788,700 and $783,500, increasing eight per cent and 10 per cent, respectively, over 2017 assessments.

But a strata condo unit was worth $329,000, up 36 per cent from a year before.

In Langley Township, the situation was similar.

BC Assessment highlighted homes in North Langley ($896,000, up six per cent) East Langley ($625,000, up 11 per cent) and South Langley ($970,000, up 10 per cent).

But townhomes increased in value faster, up to $553,000, a 13 per cent increase.

Condos rose to$385,000, a 33 per cent increase.

Most of Langley’s neighbours, from Richmond to Surrey, saw similar patterns, with condos going up in value fast while house assessment increase slowed down.

The increases in single family homes were much less than those between 2016 and 2017 values. Detached homes in the Langleys jumped between 34 and 40 per cent from 2016 to 2017, while condos and townhouses rose 15 to 30 per cent.

Although property assessments are used to help determine property taxes, a big increase in property value does not mean a big increase in taxes.

Municipalities average out the increase in value. But that means that a home that sees its assessed value go up by more than the average might receive a heftier tax bill. One that rose in value, but by less than the average, could see a slight reduction in property taxes.

• Read More: Condos, townhouses drive up Fraser Valley property values

• Read More: 2017 BC Assessment values now available online

Just Posted

Langley photographer captures otters amid the ice

While photographing winter on the river, a local photographer was there when otters caught a fish.

How much does your city spend per person on snow removal?

Black Press Media compares 2018 ice and snow removal budgets of various Lower Mainland communities

Stock trading allegations dismissed against former Langley spiritual leader

Investors allegedly lost $740,000 investing through a local religious organization.

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Renovations will bring changes to George Preston Rec Centre

New facilities and upgraded plumbing are among the projects underway.

VIDEO: 8 things you need to know about the 2019 B.C. budget

Surplus of $247 million with spending on children, affordability and infrastructure

‘Bullet missed me by an inch’: Man recounts friend’s killing at Kamloops hotel

Penticton man witnessed Summerland resident Rex Gill’s murder in Kamloops

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

Abbotsford man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

New trial ordered over banning whales, dolphins at Vancouver aquarium

Park board’s appeal reverses previous decision that found it had no right to implement a ban

Most Read