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

Strata home property value up by 21 per cent, tied for highest in Lower Mainland region
BC Assessment notes a 21 per cent increase in strata home property value and a nine per cent increase in single-family home properties for Abbotsford. (File photo)

The 2023 assessment notices are in and the numbers are once again up for the Abbotsford market, but far below last year’s rise for single family homes.

The typical assessed value for a single family home in Abbotsford increased year-over-year from $1.077 million to $1.171 million – a jump of about nine per cent.

The increase is similar to neighbouring communities in Chilliwack (seven per cent), Langley City (eight per cent) and Mission (nine per cent). Hope (14), Harrison Hot Springs (12), Kent (12) and Township of Langley (15) all had higher increases.

Pemberton had the biggest increase in the Lower Mainland region at 16 per cent. The University Endowment Lands had no increase and the second lowest increase was West Vancouver at four per cent.

The notices reflect market value as of July 1, 2022.

RELATED: Abbotsford’s top ten highest assessed residential properties

A strata home (condo/townhouse) in Abbotsford saw value rise from $411,000 in 2022 to $496,000 in 2022, an increase of 21 per cent. That is the same amount increase from last year.

Abbotsford was tied for the highest increase for a strata home in the Lower Mainland region with White Rock. Vancouver had the lowest increase at six per cent.

“Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher around July 1, 2022 compared to the previous year,” stated BC Assessment Assessor Bryan Murao. “For both single-family homes and condos in Greater Vancouver, most homeowners can expect about a nine per cent rise in values whereas the Fraser Valley will be a bit higher at about 10 per cent for houses and 15 per cent for condos and townhomes.

Similarly, the majority of the commercial and industrial properties across the province will also be receiving higher assessed values in the range of five per cent to 20 per cent with the Fraser Valley generally higher,” adds Murao.

Murao added that property owners concerned about their assessment or see incorrect information are advised 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.

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Ben Lypka

About the Author: Ben Lypka

I joined the Abbotsford News in 2015.
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