The COVID pandemic has done little to hurt the local real estate market, and property values in Hope continue to rise.
Hope and area property owners are getting notices of assessment in their mailboxes this week, and across the district homes assessed values went up by 4 per cent. The 2021 typical assessed value of a single family home in the district was $427,000, up from $409,000 in 2020.
The assessments reflect the market value of homes as of July 1, 2020. Hope’s increase
was a modest one in comparison to Vancouver and Squamish which each saw their values increase by 10 per cent, and surrounding communities of the District of Kent (up 8 per cent), City of Chilliwack (up 6 per cent) and the District of Mission (up 8 per cent).
“Despite COVID-19, the residential real estate market has been resilient,” said BC Assessment Deputy Assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill, whereas the remainder of the year had a very steady and rapid recovery.”
BC Assessment didn’t provide numbers for condominiums and townhouses in Hope. Province-wide, the average price for strata homes did go up, but not as much as with single-family dwellings. At the high end, the District of North Vancouver jumped six per cent, but most of the boosts were in the one to four per cent range.
In Abbotsford, the average price for a strata home went up four per cent from $329,000 to $343,000.
The total number of properties on the 2021 roll is 2,114,885, an approximate one per cent increase from 2020. According to BC Assessment, assessments are the estimate of a property’s market value as of July 1, 2020 and physical condition as of Oct. 31, 2020.
Assessments are used to determine municipal/provincial property taxes and can be appealed, but BC Assessment noted that over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
For more info, including the ability to look up your specific property, visit bcassessment.ca.
– with files from Emelie Peacock