- BC Games
Property values in South Delta dip slightly
The taxable value of homes in South Delta is down this year, according to figures released by the provincial assessment authority last Thursday (Jan. 2).
Homeowners across the province will be receiving letters in the mail this week with the exact figures for their 2014 assessment, with those in South Delta seeing a slight decline.
In fact, most of the nearly 264,000 homes in the South Fraser region are seeing very little change, according to Craig Barnsley, deputy assessor with BC Assessment.
"The message is that it is a stable market this year and it's not just in the Corporation of Delta, it's really consistent across all jurisdictions, all regions in Metro Vancouver," he said.
Barnsley said all residential properties are falling within a very close to no change valuation.
Although valuations in South Delta fell by almost three per cent in some cases, that doesn't necessarily mean homeowners can expect a lower tax bill in 2014. The Corporation of Delta approved a property tax increase of 1.9 per cent, which would represent a $70 increase on an average 2013 assessed value of $567,000 for a single family home in Delta.
The biggest change is among the Tsawwassen Beach mansions, with assessed property values falling 2.9 per cent to $2.21 million this year. Meanwhile, single-family dwellings in East Ladner are down 1.1 per cent, while a strata apartment in Ladner is down 1.3 per cent.
North Delta is a different story, however, as assessed values for a single-family home in Sunshine Hills is up 2.2 per cent, and in North Delta by 3.2 per cent. Strata apartments in Royal Oaks and Sunridge declined 2.2 and 2.3 per cent, respectively.
This is the second year in a row where a fairly stable market has kept a check on significant increases in values, according to Barnsley. Previous years have seen valuation changes above five per cent and as high as 20 per cent.
Although Delta has fewer housing starts than neighbouring communities because much of its land is locked in the Agricultural Land Reserve, Barnsley said it has little impact on market values.
"There's two issues going on. One is what is the market shift from one assessment year to the next, and the other is what kind of construction or new development is undertaken."
He said valuation is consistent with adjacent communities like Richmond, Surrey, and White Rock, regardless of new construction.
Overall, the South Fraser region's assessment roll increased to $190.5 billion from $187.2 billion last year (1.7 per cent), which is attributed to growth in subdivisions, rezoning, and new construction. This falls relatively close to the provincial average increase of 1.35 per cent.
For more information visit bcassessment.ca.
Examples of Delta property values in the 2014 assessment roll
• Single-family dwelling in Tsawwassen Beach, 1992: $2.21 million (-2.9 per cent)
• Single-family dwelling in East Ladner, 2003: $759,000 (-1.1 per cent)
• Single-family dwelling in North Delta, 1970: $470,100 (+3.2 per cent)
• Single-family dwelling in Sunshine Hills, 2001: $780,000 (+2 per cent)
• Strata apartment in Royal Oaks, 1992: $637,000 (-2.2 per cent)
• Strata apartment in Ladner, 1996: $311,000 (-1.3 per cent)
• Strata townhouse in Sunridge, 1984: $272,700 (-2.3 per cent)