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.