BC homeowners are receiving their 2011 assessment notices this week from BC Assessment. Fraser Valley owners typically saw their home values assessed 5 – 10 per cent higher than they were in 2010. Some of those assessed increases may be higher than what the market is reflecting currently.
If you are wondering about this, please note that BC Assessment bases its values on market values as of July 1, 2010. The average price of a detached home in the Fraser Valley in July 2010 was 9.8 per cent higher than in July 2009.
The average price of a detached house in the Fraser Valley in July 2010 was $566,600. In December 2010 it was $560,000, a difference of 1.2 per cent, meaning that average prices are effectively on par with what they were last summer.