Hope has seen one of the largest leaps in year-to-year property values, according to numbers released Jan. 4 by BC Assessment.
Locally, single family homes went up by a median of 45 per cent between the 2021 and 2022 assessments, rising from $428,000 to $620,000.
That increase is the biggest in the Lower Mainland province, though property assessments rose just about everywhere in B.C.
The value of residential properties province-wide increased by 22 per cent to $2.44 trillion for 2022.
In Chilliwack, single-family houses went up by 40 per cent to $877,000, while in Abbotsford, condos and townhouses increased by 21 per cent to $412,000 and single-family houses went up by 38 per cent to $1.1 million.
“British Columbia’s real estate market remains highly active and that means most property owners can expect higher assessment values for 2022,” said deputy Bryan Murao. “The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province.”
According to BC Assessment, Kawkawa Lake Road is home to five of Hope’s highest-valued properties.
One home in particular takes top spot by a lot.
A property at 66897 Kawkawa Lake Road is valued at $4,554,000. That is nearly $2-million more than the next highest assessment. The five bedroom home was built in 2017 and its value in 2018 was $1,270,000. The 2021 assessment pegged it at $3,254,000 and this year’s number represents a staggering 40 per cent increase.
Another Kawakawa Lake Road property is next on the list at a modest $2,733,000.
A home at 21440 Golf Course Road checks in at No. 3 with an asssessed value of $2,612,000 followed by two more Kawkawa Lake Road properties, 66887 at $2,564,000 and 66597 at $2,552,000.
The remainder of the top 10 includes 63255 Yale Road ($2,456,000), 21176 Kettle Valley Road ($2,455,000), 66527 Kawkawa Lake Road ($2,368,000), 21417 Lakeview Crescent ($2,362,000) and 20788 Landstrom Road ($2,322,000).
With files from Kat Slepian