Values of single-family residential properties in Surrey expected to drop three per cent

A South Surrey property is among B.C.’s top-10 most expensive.

The 2020 assessment notices reflecting market value as of July 1, 2019 are en route to more than 1,040,000 Lower Mainland property owners, according to a news release from BC Assessment Thursday (Jan. 2),

READ ALSO: Surrey, Abbotsford homes crack top 10 most expensive properties in B.C.

According to BC Assessment, the 17146 20 Ave. site is valued at $31.52 million; just shy of one half of the value of the province’s most expensive property – the Kitsilano home of Lululemon founder Chip Wilson.

But while the value of Wilson’s property has dipped by 11 per cent since last year, to $64.94 million from $73.12 million, the South Surrey property all but held its value, dropping by just $80,000 – less than one per cent.

The figure falls well under BC Assessment’s calculation that properties across the province will see an average 2.5-per-cent decrease in 2020 – a drop that is expected to impact the most expensive regions the most.

According to examples used by BC Assessment, the value of single-family residential properties in Surrey is expected to drop by three per cent to $1,010,000 from $1,042,000 in 2019. A strata residential property is expected to drop by five per cent to $497,000 from $522,000 in 2019.

The city’s most expensive home, a South Surrey property, is 18 acres, with a 7,814-sq.-ft. home that was built in 1989. Last year, it was ranked the 13th most expensive in B.C. This year, it’s climbed to eighth place.

READ MORE: Several South Surrey homes make most expensive list

Here are the Surrey homes that made the top 500 valued properties in B.C.:

Also on the top 500 list is White Rock’s most expensive property, located at 13616 Marine Dr. As of July 1, 2018 decreased in value by just over $1.4 million, to $10,578,000 as of July 1, 2019, according to information at bcassessment.ca.

In White Rock, the 2020 typical assessed value of single-family residential properties is expected to drop by nine per cent, to $1,196,000 from $1,310,000 in 2019. A strata residential property is expected to drop by four per cent to $461,000 from $478,000 in 2019.

In Delta, the 2020 typical assessed value of single-family residential properties is expected to drop by nine per cent, to $917,000 from $1,003,000 in 2019. A strata residential property is expected to drop by four per cent to $545,000 from $568,000 in 2019.

No Delta properties made the top 500 list.