Delta housing prices remain 'stable'

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Homeowners in South Delta can expect to see a small increase in their property value when they receive their 2012 assessment notices this week.

The province-wide assessment estimates a property’s market value as of July 1, 2011 and physical condition as of Oct. 31, 2011. In Ladner and Tsawwassen, there has been just a slight uptick in housing prices over the last year, according to the B.C. Assessment Authority.

“Most homes in Delta are remaining stable while certain parts of Richmond are experiencing significant increases,” said Craig Barnsley, deputy assessor for the South Fraser region.

Barnsley said homeowners in Delta can expect changes in the -5 per cent to 10 per cent range for both single-family dwellings and multi-family strata buildings. In Richmond, the changes are higher in the 5 per cent to 30 per cent range for single family dwellings and 0 to 10 per cent range for multi-family strata buildings.

In Tsawwassen Beach, a typical single-family home built in 1992 rose from $2.12 million in July 2010 to $2.21 million in July 2011. A single family home in East Ladner increased from $759,000 to $784,000, while a newer two-bedroom strata apartment in Ladner jumped from $311,900 to $320,000. A three-bedroom Royal Oaks strata apartment rose from $637,900 to $663,000.

Most owners of commercial and industrial properties in Richmond and Delta will see changes ranging from -5 per cent to 10 per cent.

Overall, Richmond and Delta's assessment roll increased from a combined total of $78.7 billion last year to just over $87 billion this year. Almost $1.2 billion of that growth includes subdivisions, rezoning and new construction.

Property owners who feel their assessment does not reflect market value or who see incorrect information on their notice should contact the BCAA office as indicated on their notice as soon as possible.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint (appeal) by January 31, for an independent review by a property assessment review panel,” Barnsley added.

The review panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and March 15 to hear formal complaints.

The Richmond/Delta assessment office is located at 11331 Coppersmith Way, Unit 200 in Richmond. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. The telephone number is 604-241-1361 or toll free at 1-800-644-7774.