Residential homeowners in the Fraser Valley saw their property values increase by up to +7.86% in 2012, down slightly from a high of +9.22% across the region last year according to BC Assessment.
These assessments are based on a market value approach with a valuation date of July 1, 2011. The figures are based on sales in a property owner’s area from January 1, 2011 to October 31, 2011.
Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view, and location when estimating a property’s market value.
The following chart shows the estimated increase in the residential property class value between 2012 and 2011 BC Assessment Roll figures for the areas covered by the Fraser Valley Real Estate Board (FVREB).
The Fraser Valley Real Estate Board (FVREB) serves the following British Columbia communities covered by BC Assessment.
- Abbotsford
- North Delta
- Langley
- Mission
- Surrey
- White Rock
2012 BC Assessment – Fraser Valley Estimated % Market Movement
| Jurisdiction | Name | 2012 – % Gain Over 2011 |
| 313 | Abbotsford | 0.98 |
| 353 | Abbotsford (City) | -1.94 |
| 306 | Delta | 4.21 |
| 216 | Langley (City) | 1.52 |
| 311 | Langley (Township) | 3.41 |
| 314 | Mission | 0.07 |
| 326 | Surrey | 7.86 |
| 236 | White Rock | 7.40 |
Overall, the Fraser Valley’s assessment roll increased from $85.9 billion last year to $88 billion in 2012. Most of this growth was due to subdivisions, rezoning, and new construction.
“Most homes in the Fraser Valley have remained stable in value compared to last year’s assessment roll,” said John Green, Deputy Assessor. “Most home owners in the Fraser Valley will see minimal changes in the value of their properties.”
Surrey and White Rock’s assessment roll increased from $86.6 billion last year to $93.8 billion in 2012. A total of almost $2.1 billion of this growth includes subdivisions, rezoning, and new construction.
“Most homes in Surrey and White Rock are worth more in value compared to last year’s assessment roll,” said Chris Danchuk, Deputy Assessor for the South Fraser Region. “Home owners in Surrey and White Rock will see modest changes in the -5% to +15% range.”
Meanwhile, Delta’s assessment roll also increased over last year’s figures in 2012.
“Most homes in Delta are remaining stable,” said Craig Barnsley, Deputy Assessor for the South Fraser Region. “Home owners in Delta can expect changes in the -5% to +10% range for both single family dwellings and multi-family strata buildings.”
