Surrey residents opened their 2021 BC Property Assessments last week to discover a noticeable increase in their property values.
According to BC Assessment Statistics single detached home values in Surrey increased by 34% while Surrey condos increased by 18%
“British Columbia’s real estate market remains resilient and that means most property owners can expect higher assessment values for 2022,” said deputy assessor for BC Assessment Bryan Murao.
The rate of increase in the Fraser Valley is far higher than Vancouver, Burnaby and New Westminster.
“City of Vancouver condos, however, are on the lower end of the changes, generally with single-digit increases, whereas homes in the Fraser Valley suburbs are changing higher compared to most of Metro Vancouver,” said Murao in a news release.
BC Assessment notices reflect market value as of July 1, 2021.
Surrey’s property value increases along with the area’s relative affordability make the area an ideal investment opportunity in 2022. The market value increase shows no sign of stopping.
If you would like to learn more or talk about investing in Surrey, contact me any time.