Modest changes in 2014 property assessments

Most single-family homeowners in New Westminster who receive their 2014 assessment notices in the coming days will likely notice little change or a slightly lower value in their property over the previous year, but condo and twonhouse owners could see their values rise, according to B.C. Assessment.

The city is part of the North Fraser assessment region of Metro Vancouver, which includes Burnaby, Coquitlam, Port Coquitlam, Port Moody, Anmore and Belcarra.
“Most homes in the North Fraser region are relatively stable or slightly less in value compared to last year’s assessment roll,” deputy assessor Zina Weston said in a media release. “Most single-family homeowners will see modest changes in the minus-10 per cent to plus-five per cent range. Most strata residential properties have also changed in the range of minus-10 per cent to plus-five per cent.”
Approximately 67,000 single-family residential properties in the cities of Burnaby, New Westminster and Coquitlam were reassessed for the 2014 assessment roll using B.C. Assessment’s review program, which allows appraisers to view various data sources including street-front photos, footprint sketches and existing inventory at a glance.  

“All of these information sources are used to ensure that B.C. Assessment’s data is as current as possible,” Weston said.   
Overall, the North Fraser’s assessment roll increased from $130 billion last year to over $132.5 billion this year. A total of $2.9 billion of this growth includes subdivisions, rezoning and new construction. In New Westminster, the total overall assessment bumped up slightly from $13.761 billion to  $13.878 billion this year.

Market trends for residential properties in New Westminster:
 
Single-family home, Glenbrooke, 1950s:   $707,000 (2013); $691,000 (2014)
Single-family home, Queen's Park, 1910s:   $1,071,000 (2013); $1,008,000 (2014)
Single-family home, Sapperton, 1930s:   $548,000 (2013); $537,000 (2014) 
Single-family home, Queensborough, 1990s:   $651,000 (2013); $664,000 (2014)
Strata, highrise, three bedroom, 1992:   $392,000 (2013); $396,000 (2014)
Strata, lowrise, two bedroom, 1993:   $298,000 (2013); $298,000 (2014)
Strata, townhouse, three bedroom, 1990:   $441,000 (2013); $458,000 (2014)

In addition, most owners of commercial and industrial properties in the North Fraser region will see changes ranging from minus five per cent to plus 10 per cent.
Some examples of changes outside of this range are properties such as multi-family zoned land and properties with potential for high-density development, which continue to experience strong demand, particularly in the Metrotown area of Burnaby. Some properties that have recently been rezoned to a higher density are experiencing increases in total value in excess of 60 per cent. Large industrial warehouses, industrial acreage, as well as industrial flex warehouses, primarily in Burnaby, have increased in the range of 10 to 15 per cent.
Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 can contest the finding with B.C. Assessment. Visit www.bcassessment.ca for more information about the 2014 assessment roll including lists of 2014’s top 100 most valuable residential properties across the province.

The local homes that made the list of North Fraser’s top 100 values for residential properties (2014) are:

The home in the North Fraser region with the most value – at $9,386,00 – is located at 7629 Burris St. in the Buckingham Heights area of Burnaby, according to B.C. Assessment.