Although the BC Assessment isn't really a true way to determine your homes resale value, it is still interesting and fun to look at. Read this article from the New Westminster News Leader and have a look at some of New West's most expensive properties, as determined by the latest BC Assessment figures.
New Westminster's property values are on the rise.
The total value of the city's land rose by almost three-quarters of a billion dollars in a year according to the latest BC Assessment figures released Friday.
Properties in the city increased from $13.788 billion as of July 1, 2013 to $14.588 billion on July 1, 2014—a jump of 5.1 per cent.
Examples provided by BC Assessment suggested that, with rare exception, most types of residential property categories saw increases.
The example that showed the biggest jump in assessment was also the most expensive one. The authority said a 100-year-old home in the Queen's Park neighbourhood went from $1,008,000 to $1,076,000, an increase of 6.7 per cent.
A 1990s home in Queensborough was the second-highest jump in value at $684,000, up three per cent from 2014's assessment. A 1950s home in Glenbrooke rose 4.3 per cent from $607,000 to $633,000 while a 1930s Sapperton house went up 4.5 per cent from $537,000 to $561,000.
The strata examples given by the authority showed a 1992 three-bedroom condo jumped from $396,000 to $415,000, up 4.8 per cent, while a 20-year-old two-bedroom low rise went up just one per cent from $298,000 to $301,000.
A three-bedroom townhouse, however—a rarity in New West—dropped 4.8 per cent from $460,000 to $438,000.
The house with the highest assessed value continues to be 221 Queens Ave. at $1,767,000. In one year it rose in assessed value by $112,000, or 6.8 per cent. Despite the steep price tag for the Queen's Park area home, it doesn't come close to being in the North Fraser region's top 100 properties. That list stops at $2.683 million. (BC Assessment's list of top 500 residences in the province bottoms out at $8.35 million.)
Although the home remained at the top of the heap it has a new challenger that isn't far behind. Second place belongs to a recently built home at 122 Third Ave, assessed at $1,750,000.
The house that was second last year, 127 Queens Ave., is now fourth at $1,662,000, an increase of $75,000 in value. Jumping over it is 417 Fifth St. at $1,676,000, although it still retains its third-place ranking. It was assessed at $1,580,000 the previous year.
"Most homes in the North Fraser region are relatively stable or showing modest increases in value compared to last year's assessment roll," said Niko Papoutsakis, the region's deputy assessor, in a press release. "Most single family home owners will see value changes from zero to 15 per cent. Most strata residential properties have changed in the range of minus-five to 10 per cent."
Honour House at 509 St. George St., has an assessed value of $2.5 million, which is $76,000 more than the previous year. But it isn't included in the residential listings. It houses first responders and veterans and their families while they're receiving medical treatment in the Lower Mainland.
Although the authority has mailed out individual notices, property owners can compare their assessment with others at www.bcassessment.ca. Those who feel their assessment doesn't reflect market value as of July 1, 2014 or see incorrect information on the notice should contact BC Assessment. The North Fraser office is at 420-2700 Production Way in Burnaby.
If they're not satisfied with the response they can submit an appeal to an independent review panel by Jan. 31.
New Westminster Top 20
1. 221 Queens Ave. $1,767,000
2. 122 Third Ave. $1,750,000
3. 417 Fifth St. $1,676,000
4. 127 Queens Ave. $1,662,000
5. 106 Fifth Ave. $1,631,000
6. 303 Queens Ave. $1,617,000
7. 216 St. Patrick St. $1,600,000
8. 1502 Dublin St. $1,570,000
9. 329 Second St. $1,546,000
10. 443 Fifth St. $1,543,000
11. 239 Second St. $1,542,000
T12. 221 Third Ave. $1,523,000
T12. 219 Third Ave. $1,523,000
T14. 212 Eighth Ave. $1,513,000
T14. 213 Fourth Ave. $1,513,000
16. 1310 Edinburgh St. $1,510,000
17. 79 Glover Ave. $1,503,000
18. 317 Fifth Ave. $1,489,000
19. 323 Third St. $1,488,000
20. 305 Fifth. Ave. $1,479,000