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Property values in New Westminster change slightly
New Westminster property values rose slightly despite values dropping in some of the city's more expensive neighbourhoods, according to the latest assessments done by BC Assessment Authority released Thursday.
In its 40th anniversary assessment, the authority reported the value of New Westminster's properties increased marginally from $13.761 billion to $13.878 from July 1, 2012 to July 1, 2013.
Queen's Park remains the priciest area but its average assessed value dropped $1,071,000 to $1,008,000 while next door Glenbrooke went from $707,000 to $691,000. Sapperton also declined from $548,000 to $537,000, but a typical Queensborough home increased in value from $651,000 to $664,000.
What didn't go down were strata units. A typical three-bedroom highrise condo built in 1992 went from $392,000 to $396,000 while a same-size townhouse from 1990 increased from $441,000 to $458,000. Low-rise two-bedroom units built in 1993 stayed the same at $298,000.
Deputy assessor Zina Weston said most homes in the North Fraser region, which also includes Burnaby, Coquitlam, Port Coquitlam, Port Moody, Anmore and Belcarra, are relatively stable or slightly less in value, with most residential properties having changes ranging from minus-10 to plus-five per cent.
Ten New Westminster homes made the region's top 100 valued residential properties, all ranging from No. 81 to No. 90. The highest was 221 Queens Ave., at $1.655 million followed by 127 Queens at $1.587 million and 417 Fifth St., at $1.58 million. The only non-Queen's Park address was 1502 Dublin St., in the West End, at $1.496 million which ranked it 86th.
Honour House at 509 St. George St., has an assessed value of $2.424 million, but 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.
Most commercial and industrial properties in the region also had a similar range of assessments.
Although the authority has mailed out individual notices, property owners can compare their assessment with others at www.bcassessment.ca and click on e-valueBC. Those who feel their assessment doesn't reflect market value as of July 1, 2013 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.
Assessments are used by cities when calculating property tax.