BC Assessment is pegging Chilliwack’s single-family homes seven per cent higher than they were in 2022, which sounds impressive. But it’s actually one of the smaller increases in the Lower Mainland.
Assessments start hitting mailboxes this week for the 2,160,828 properties on the provincial roll.
According to BC Assessment, in July of 2021 the ‘typical’ assessed value of a single family home in Chilliwack sat at $876,000, and by July of 2022 it was up to $934,000.
But of the 33 communities included in a BC Assessment summary that included the Lower Mainland, Greater Vancouver, the Fraser Valley, the Sea to Sky region and the Sunshine Coast, that value is fourth lowest. It’s ahead of only the District of Hope ($705,000), District of Kent ($795,000) and Harrison Hot Springs ($905,000). All three saw their values increase between 12 and 14 per cent.
Only West Vancouver (four per cent), North Vancouver (six per cent) and the UBC Endowment Lands (no increase) saw their assessed values rise at a lower rate than Chilliwack’s seven per cent.
A few minutes up the freeway, the typical assessed value of a single family home in Abbotsford is up nine per cent, hitting $1,171,000.
When estimating a property’s market value, BC Assessment appraisers analyze current sales in the area, as well as a home’s size, age, quality, condition, view and location. Chilliwack’s real estate market was red hot throughout 2021 and through the first five months of 2022. But after peaking at $1,118,254 in February, the average MLS value dropped in six of the next nine months.
Chilliwack was not included in the BC Assessment summary of strata properties (townhouses/condominiums), but Abbotsford was up 21 per cent year to year, from $421,000 to $496,000.
BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments. A free search service allows anyone to search, check and compare 2023 property assessments for anywhere in the province. Property owners can unlock additional features by registering for a free BC Assessment custom account to check a property’s 10-year value history, create comparisons, monitor neighbourhood sales and use an interactive map.