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Burnaby property valuation increases
Burnaby’s property assessments jumped by $300 million to a total value of $66.682 billion as of July 1, 2012.
However, according to figures released by the BC Assessment Authority on Wednesday, Burnaby’s most expensive residential single-family neighbourhood dropped in value. A typical 1970s home in Buckingham went from an average assessment of $1,842,000 on July 1, 2011 to $1,820,000 in 2012. The second-most expensive, though, did go up with North Burnaby’s Kensington area going from $1,500,000 to $1,542,000.
Other single-family examples cited by the authority in Burnaby show the Forglen area, just north of Metrotown, jumping from $998,000 to $1,014,000, Vancouver Heights rising from $933,000 to $977,000, and Westridge nominally increasing from $939,000 to $945,000.
The largest increases percentage wise go to the areas in the lower end of the price ranges cited by the authority with South Slope’s prices jumping $53,000 from $767,000 to $820,000 and Capitol Hill increasing by $51,000 from $683,000 to $734,000.
“Most homes in the North Fraser region are relatively similar in value compared to last year’s assessment roll,” said deputy assessor Zina Weston of the Burnaby-based regional office in a press release. “Most single family home owners will see modest changes in the minus-five per cent to plus-10 per cent range.”
Most strata residential properties have seen changes in the minus-10 per cent to plus-10 per cent range, said the release.
In North Burnaby, a two-bedroom in a 20-year-old high rise dropped in average assessment from $447,000 to $425,000 while a 40-year-old three bedroom townhouse rose from $355,000 to $379,000. A two-bedroom condo in a high rise at Simon Fraser University went up from $326,000 to $331,000 while a 25-year-old two-bedroom in a low-rise building in Vancouver Heights jumped by $20,000 from $295,000 to $315,000.
However, in South Burnaby, a three-bedroom condo that’s about 14 years old dropped from $453,00 to $437,000 while a 20-year-old two bedroom low-rise condo maintained its $308,000 assessment.