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Burnaby assessment values climb
Average property values in some Burnaby neighbourhoods jumped as much as 25 per cent between 2010 and 2011, according to Tuesday’s report from B.C. Assessment.
Documents from the provincial agency show the total value of properties in the city rose $5.6 billion, from $57.8 billion in July 2010 to $63.4 billion in July 2011.
The value of homes in Buckingham Heights are even experiencing an average increase of 25 per cent—the highest in the city.
That neighbourhood was also assessed at having Burnaby’s most expensive homes, where average values climbed from $1,380,000 to $1,842,000.
One home at 7629 Burris St. was valued at $10 million. The residence sits on 1.4 acres of land, and includes eight bathrooms and four bedrooms.
Home values in the Forglen neighbourhood also experienced a significant increase, jumping from an average value of $788,000 in 2010 to $998,000 in 2011.
Single family dwellings in Westridge are seeing a bump of about $90,000, going from $870,000 to $954,000, on average.
The average price of single family dwellings in Burnaby Heights rose by over $100,000, going from $825,000 to $925,000 between 2010 and 2011.
The Heights, however, is one of just two neighbourhoods to record a category with a dip in values as the average value for a strata two-bedroom apartment in a low-rise buildings dropped from $312,000 in 2010 to $296,000 in 2011.
The average value of a three-bedroom highrise in south Burnaby dropped from $478,000 to $454,000, however, a two-bedroom in a low-rise building in the same area saw the average value increase from $290,000 to $309,000.
The average value of single family dwellings in South Slope, meanwhile, jumped from $656,000 to $767,000.
Assessments are landing in homeowners’ mailboxes over the next few days.
“Property owners who feel that their property assessment does not reflect market values as of July 1, 2011 or see incorrect information on their notice should contact our office as indicated on their notices as soon as possible in January,” deputy assessor Zina Weston said in a press release.