The BC Home Hunter Group - Rise Of The Burbs Langley Style
(January 08, 2015
)
The BC Home Hunter Group - Rise Of The Burbs Langley StyleSome of real estate team members were in providing spring home sellers with our trademark home evaluation.
We were explaining what direction the Langley, lower mainland and B.C. real estate markets were going in 2015 and onward.
Here is a breakdown of the recent 2015 Langley Assessment for your examination.
All but nine of the 100 top valued residential properties in the Fraser Valley are located in the Township. The most expensive property is acreage in the 19600 block of 0 Avenue, assessed at $8.7 million. The third highest-valued is a 10-acre property at 196 St. and 78 Avenue, assessed at $5.699 million and bought for $5.4 million in 2012.
Last year, that same property was assessed at only $643,570.
The reason for the “very significant increase” in value ($5.4 million increase in one year) is because prior to this year, the rural property on the Langley-Surrey border had farm classification. That was removed this year, said BC Assessment assessor Raj Sandhu.
The same farm status removal took place this year for the fourth-highest valued property in the Fraser Valley. A residential property at 6750 232 St. is now valued at $5.3 million, up from last year’s assessment of $838,195. The 156-acre property was sold for $5.5 million in 2013.
As of Jan. 1, there are approximately 2,100 properties in the Township which have farm classification.
To receive farm classification, you must sell or produce a certain threshold of agricultural products.
More than 80 properties, located all over the Township, cracked $2 million assessed value.
Owners of more than 193,000 properties throughout the Fraser Valley can expect to receive their 2015 assessment notices in the next few days. (Fraser Valley is designated as the Langleys, Abbotsford, Mission, Pitt Meadows, Maple Ridge, Chilliwack, Hope, and Harrison Hot Springs.)
In the Township, the “typical” single family home went up in value, from $530,000 to $558,000 in 2014.
Townhouses in the Township also did well, with the “typical” value increasing from $341,000 in 2013 to $350,000. Apartments and condos didn't fare as well, with the “typical” one dropping in value by $6,000, from $218,000 to $212,000 this year.
Property values in Langley City also saw a slight increase. The “typical” single-family home assessed at $456,000 in 2013 went up to $482,000. The “typical” townhouse increased from $285,000 to $294,000. But as with the Township, City apartments and condos dipped in value, with the “typical” one going from $198,000 to $188,000 in 2014.
In addition, most owners of commercial and industrial properties in the Fraser Valley will see changes ranging from five to 10 per cent.
People have until Feb. 2 to appeal their property assessment.
Whether your considering purchasing or selling any home or property don't hesitate to call our real estate team at THE BC HOME HUNTER GROUP for your complimentary home and property market evaluation,
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