If you own a home in 91原创, it probably made more money than you did last year.

The average assessed value of a single-family home in 91原创 Township jumped by 34 per cent in a single year, according to data released Tuesday, Jan. 4 by the BC Assessment Authority.

Their price snapshot, based on data conducted in the summer, shows that the median 91原创 home is worth $1,319,000, compared to $986,000 the year before, an increase in one year of $333,000.

91原创 City鈥檚 house values started from a lower point, but increased at a faster rate.

The current assessed value of a median 91原创 City single family home is $1.162 million, up from $838,000, a 39 per cent jump in a single year. That鈥檚 a $324,000 increase year over year.

For comparison, the median household income for Vancouver-area families in 2019 was $91,750, according to Statistics Canada. Detached houses in 91原创 earned more than three times as much as the median family, at least on paper.

Both 91原创 City and Township saw increases in home values that were well above the provincial average of 22 per cent. But communities farther east, like Hope and Chilliwack, saw even steeper increases for some housing types.

Condo and townhouse prices increased at a slower rate.

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In 91原创 City, the median strata property went up 20 per cent, from $382,000 to $459,000, a $77,000 jump. In the Township, median condo and townhouse values rose from $543,000 to $676,000, a 24 per cent increase, for a $133,000 rise.

When asked if this type of price growth is sustainable, Andy Yan, director of SFU鈥檚 City Program, answered with a flat no.

鈥淚t moves above any notions of how incomes are gaining in the region,鈥� he said.

This is creating profound challenges for people trying to find a place to live.

鈥�91原创 and the Fraser Valley was seen as an area where working class families could afford a home,鈥� he noted, but without help from the 鈥渂ank of Mom and Dad,鈥� that鈥檚 increasingly difficult. This comes as a demographic bulge of Millennials are in their 30s, peak time for having kids.

But 91原创 is not adding rapidly to its stock of single-family homes. Most new housing in 91原创 City and Township has come in the form of townhouses and condos, and single-family homes remain very attractive, Yan noted. A significant number of homes in the region are also being bought as investment properties, Yan said.

鈥淲hat happens when interest rates increase?鈥� Yan said. 鈥淲ill prices remain this way, or will they perhaps lower? I don鈥檛 think anyone really has any answers.鈥�

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