Residential property values in Abbotsford saw a large increase in the 2022 BC Assessment. (File photo)

Residential property values in Abbotsford saw a large increase in the 2022 BC Assessment. (File photo)

Abbotsford single-family home property value increases by 38 per cent

2022 BC Assessment also notes that strata home property value increases by 21 per cent

Property values in Abbotsford are significantly up year-to-year, with a single-family home’s assessed value rising 38 per cent, according to BC Assessment.

The 2022 typical assessed value for an Abbotsford single-family home rose from $778,000 in 2021 to $1,077,000, an increase of 38 per cent.

The notices reflect market value as of July 1, 2021.

The Abbotsford increase was significant and trailed only Hope (45 per cent), Chilliwack (40 per cent) and city of Langley (39 per cent) for properties in the Lower Mainland region for BC Assessment.

A strata home (condo/townhouse) in Abbotsford saw value rise from $342,000 in 2021 to $412,000 in 2022, an increase of 21 per cent.

Abbotsford’s increase was behind Squamish (29 per cent), Whistler (24 per cent), township of Langley (24 per cent) and Maple Ridge (23 per cent).

“British Columbia’s real estate market remains highly active and that means most property owners can expect higher assessment values for 2022,” stated BC Assessment Deputy Assessor Bryan Murao. “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.”

For the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year. Over $23.7 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties. BC Assessment’s Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.

Murao added that property owners concerned about their assessment or see incorrect information are advises to contact BC Assessment as soon as possible. He also noted that changes in property assessments do not necessarily mean an increase in property taxes. That number is more likely to be determined by the overall relative change in a community.

Last year saw Abbotsford property values increase by an average of seven per cent.

RELATED: Property values in Abbotsford increase by an average of 7%

For more information, visit bcassessment.ca.

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