Last week, property owners started receiving their BC Assessment notices. While the headlines stated that the average price of single-family housing decreased in the City of Vancouver, this wasn’t the case in the South of Fraser. The average pricing of housing continued to climb, and nowhere was that more pronounced than in Langley City.
The following table compiled from BC Assessment information shows the average change in residential property values between last year’s and this year’s assessment period for South of Fraser communities. The average residential property values combine both single-family and multi-family housing.
| City | Change in Value |
|---|---|
| Langley City | 14.39% |
| Langley Township | 8.17% |
| Surrey | 5.98% |
| Delta | 1.91% |
| White Rock | 1.18% |
As you can see, Langley City saw the highest percent increase in average residential property values. BC Assessment also provides a more detailed breakdown of average property value changes, broken down by single-family and multi-family (strata) housing. This is important to note as more than half of the people in Langley City live in multi-family housing.
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| Percent change of average single-family housing value by quarter in Langley City. Source: BC Assessment |
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| Percent change of average multi-family (strata) housing values by quarter in Langley City. Source: BC Assessment |
Historically, single-family housing appreciated at a higher rate than multi-family housing such as apartments and townhouses. In Langley City, this swapped, with multi-family appreciating at a higher rate starting in 2017.
Langley City was historically one of the more affordable communities in our region. It seems that our community is now “catching up” with the price of housing in our neighbouring communities.
Tomorrow, I’ll be posting about what this means for property tax.
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