A record number of residential properties in New West have all topped the $3-million assessment mark.
BC Assessment is in the midst of sending 2023 assessment notices out to owners of more than 1,089,000 properties throughout the Lower Mainland.
At $3,353,000, a property at 1238 Ewen Ave. in Queensborough is the top assessed residential property in New Westminster. It’s followed by two homes in Glenbrooke North that are assessed at more than $3 million —310 Princess St. ($3,290,000) and 223 Durham St. ($3,227,000).
Rounding out the Top 10 highest assessed residential properties in New Westminster are: 124 Second St. — $3,151,000; 101 College Crt: — $3,132,000; 403 St. George St.: — $3,113,000; 218 Regina St. — $3,100,000; 411 Eighth Ave. — $3,095,000; 212 Eighth Ave. — $3,085,000; and 220 Second St. — $3,068,000.
This year’s assessments mark the first time that more than one New West residence has topped the $3-million mark, but they don’t even come close to the top assessed single residential property in B.C. That distinction goes to a Vancouver property at 3085 Point Grey Rd. owned by Lululemon founder Chip Wilson, which was assessed at $74,089,000.
The 2023 notices reflect market value as of July 1, 2022.
BC Assessment provided the Record with a list of the Top 10 residential properties in New Westminster, but assessment watchers may discover properties around town that have higher assessments but aren’t included on the list. An example is a property at 417 Fifth St., which was assessed at $4,701,000 as of July 1, 2022.
Asked why it wasn’t included on the Top 10 list of residential properties, Murao said it was because it had been assessed with “multi-lot subdivision potential.”
“The intention of our Top 10 residential properties lists are to highlight the houses/condos that represent true residential properties with the goal of filtering out development land,” he said. “That property is assessed as development land, which is why it was held off the initial data extract presented to me. It’s a bit different from a highrise construction site, but we do consider it to be development land nonetheless and intend to exclude it from these Top 10 lists.”
Another example of a local property that’s not included on the Top 10 list of residential properties is Honour House, which looks like a beautiful heritage home, but has been renovated to include 11 private bedrooms that temporarily house members of the Canadian Armed Forces, veterans and emergency services personnel who are in town for medical treatment. Located at 509 St. George St. in the Queen’s Park neighbourhood, the property was assessed at $4,837,000 as of July 1, 2022, an increase from the previous year’s 4,047,000 assessment.
While assessments for home and condo owners in New West have gone up in the past year, that doesn’t necessarily mean their property taxes will be rising by a similar rate
"Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher around July 1, 2022 compared to the previous year," BC Assessment assessor Bryan Murao said in a news release. "For both single-family homes and condos in Greater Vancouver, most homeowners can expect about a nine per cent rise in values whereas the Fraser Valley will be a bit higher at about 10 per cent for houses and 15 per cent for condos and townhomes."
Murao said the majority of the commercial and industrial properties across the province will also be receiving higher assessed values in the range of 5 to 20 per cent, with the Fraser Valley generally higher.
According to BC Assessment, market trends indicate that a single-family home in New West that was assessed at $1,388,000 on July 1, 2021 could be assessed at $1,543,000 on July 1, 2022 – an 11 per cent increase. Typical assessed values of single-family homes in the Lower Mainland range from zero per cent (University Endowment Lands) to 16 per cent (Village of Pemberton), with a majority in the seven to 11 per cent range.
For condo and townhouse owners, a typical strata residential property in New West assessed at $558,000 in July 2021 increased by 12 per cent to $626,000 in July 2022. Typical assessment increases in the strata home category ranged from a low of six per cent in Vancouver to a high of 21 per cent in White Rock and Abbotsford.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," Murao stressed. "As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."
Examples of assessments provided by BC Assessment demonstrate market trends properties by geographic area. All data is calculat​ed based on median values.
More details about 2023 assessments, property information and trends such as lists of 2023's top valued residential properties across British Columbia can be found at bcassessment.ca.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2023 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use BC Assessment’s interactive map.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," Murao said. “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review by a property assessment review panel."
The property assessment review panels, which are independent of BC Assessment, are appointed annually by the provincial government, and typically meet between Feb. 1 and March 15 to hear formal complaints.
