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Residential assessments stay stable in Burnaby
Burnaby's most expensive home still can't crack the top 250 assessed residential properties in the province.
Once again a 14,456-square-foot mansion at 7629 Burris St. is the city's priciest. It's been assessed at $9.386 million, down from last year's assessment of $9.76 million. That makes it the 252nd costliest of 1.954 million properties on the 2014 Assessment Roll.
Still that's good enough to make it the most expensive address of more than 176,000 properties in B.C. Assessment's North Fraser region, which includes Burnaby, New Westminster Coquitlam, Port Coquitlam, Port Moody, Anmore and Belcarra. But it's a far cry from 3085 Point Grey Rd. in Vancouver's Kitsilano neighbourhood, which is assessed for more than $54 million.
The Burris St. home, on a 1.38-acre lot overlooking Deer Lake, was built in 1995 and formerly owned by Raymond Loewen of the Loewen Group funeral services company that went bankrupt in 1999. It has five bedrooms and eight bathrooms as well as its own racquet ball court, tennis court and wine cellar.
The home was listed for sale for $12.99 million by Sotheby's International Realty in 2012 and sold for $9.948 million that fall.
Overall the assessed value of Burnaby properties increased to $67.390 billion from $66.682 billion last year.
"Most homes in the North Fraser region are relatively stable or slightly less in value compared to last year's assessment roll," said Zina Weston, the region's deputy assessor.
Of the North Fraser region's 10 most expensive homes, five are in the same Buckingham Heights neighbourhood as the Burris St. mansion. The city's other top 10 home is at 7558 Government Rd., which ranked no. 3 at $3.708 million.
Last year nine of the top 10 residential properties in North Fraser were in Burnaby.
With construction cranes building towering new condo developments in the Brentwood and Metrotown areas, and more developments in the planning stages, properties that have been recently rezoned for higher density have jumped in value by more than 60 per cent said the assessment office. Large industrial warehouses, industrial acreage, industrial flex warehouses, as well as agricultural land in South Burnaby also had increased assessments in the 10-15 per cent range.
Properties are assessed by appraisers using photos, footprint sketches and existing market values as well as factoring in size, age, shape, condition and location of the properties, services in the area, views as well as the surrounding neighbourhood.
"All these information sources are used to ensure that BC Assessment's data is as current as possible," said Weston.
Values are set as of July 1, 2013 and are used by local municipalities and regional districts as a foundation for determining property taxes.