The BC Assessment Authority has released it's valuations for 2021.
The evaluations this year come as no surprise since 2020 worked out to be an incredibly busy year for the real estate market. Although Covid-19 caused many industries to slow down and some to seize in a complete halt, real estate sales and it's prices continued to rise throughout the year. With record low interest rates and an increasing amount of people working from home, the incentive to move just seemed to good to pass up.
Furthermore, BC's Assessment Authority seems to have seen this uptick in activity and increased the value of homes in most areas of the Lower Mainland.
In fact, across Canada residential property prices have jumped 20 per cent in 2020, and it was a record year for sales.
In the Fraser Valley, property assessments saw significant growth throughout the region.
Surrey in particular, saw the average value of a single family home climb 5% from $1.010 million to $1.062 million, while condos went up 3% from $497,000 to $510,000.
With that being said, the market is still very HOT and it's an incredible time to sell.
If you're curious as to what your home is worth then follow the link below for a free home evaluation!
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