We hope you enjoyed the holidays and are settling back in to your regular rhythms nicely. Here is an update on the most recent market trends in the Fraser Valley, along with some info on the BC Assessment notice that you should have received in the mail. As always, please don't hesitate to get in touch with us if you'd like a more detailed analysis of how the current market conditions may affect your plans.
How Your Property Tax is Calculated
It is commonly misunderstood that if your BC Assessment value increases, your property tax will also increase. However, this isn't actually the case. Your taxes increase when the elected municipal officials increase their budget. This budget increase is distributed based on your assessed value. If everyone's value increases similarly (typical) you will see no tax increase UNLESS your council elects to increase their budget. It should also be noted that your BC Assessment is NOT a good indicator of your home's value and should never be relied upon for financial decision making.
Here is a quick snapshot of the Fraser Valley's real estate market today covering the following areas: Surrey, South Surrey, North Delta, Cloverdale, Langley, Abbotsford and Mission. All single family home, townhome and condo data sourced from the FVREB MLS®
We expect 2020 will be a much more typical year for markets compared to the volatility of recent years - BC Real Estate Association
Want to know more? We'd be happy to talk with you!