Several homes in South Surrey and one in White Rock made BC Assessment’s provincewide “Top 500 Valued Residential Properties” list.
According to BC Assessment, as of last July 1 the most valuable house in Surrey, located at 17146 20 Ave., was assessed at $31.6 million.
The property increased in value by approximately $1.6 million over last year, which is mostly due to an increase in land value.
Built in 1989, the 18-acre property includes a 7,814-sq-ft. home with six bedrooms and 10 baths.
The property is ranked 13th most expensive in the province.
The most expensive house in White Rock, located at 13616 Marine Dr., was assessed at $12 million.
That home decreased in value by approximately $700,000 from last year, due to a drop in land value. The property features a 4,444-sq-ft. home with four bedrooms and seven baths. It landed at number 446 on the top 500 list.
Other Surrey homes that made the list include 17895 24 Ave. ($19.9 million), 2225 184 St. ($18 million), 2021 Indian Fort Dr. ($13.6 million), 9130 176 St. (12.4 million) 17742 24 Ave. ($11.9 million), and 18080 24 Ave. ($11.6 million).
However, not all high-value residential properties made the list.
Last April, Black Press Media reported on a luxury mansion at 4552 192 St., listed for sale at $28.8 million. BC Assessment valued the property at $2.9 million.
The property, located on 76 acres, was billed as an “entertainer’s dream” and featured a helipad, more than 50 parking spaces, fountains, an infinity pool, koi pond, putting green, amphitheatre, two lakes – one with a fountain and white sand beaches, the other with a dock and stocked with fish – eight bedrooms, eight fireplaces, 13 bathrooms and a 10-acre vineyard.
Fraser Valley deputy assessor Brian Smith told Peace Arch News Wednesday that the discrepancy between the assessed value and the asking price is because the property is classified as farm land.
“There definitely is a big difference. The reason why is that this property has qualified for farm class. Which allows for the land value to be at a legislated, or regulated land value and not at market value,” Smith said.
Real-estate agent Carolyn Glazier told PAN Wednesday that the house is no longer on the market.
Over the next few days, owners of more than 494,000 properties throughout the Fraser Valley region can expect to receive a 2019 assessment notice, which reflects market value as of July 1, 2018.
“The majority of residential home owners within the Fraser Valley can expect a modest change compared to last year’s assessment,” Smith said in a press release.
“This past year, we continued to see strong market activity in the strata residential market throughout the region, whereas the single family residential market was relatively stable.”
Single-family residential properties in Surrey increased by four per cent, and in White Rock decreased by two per cent.
Strata residential properties in Surrey increased in value by 14 per cent, and in White Rock increased by 16 per cent.
Overall, the Fraser Valley’s total assessments increased from almost $489.8 billion in 2018 to more than $540.4 billion this year.
Nearly $10.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties, according to BC Assessment.
