A Queensborough property has been bumped from its top spot on BC Assessment’s Top 10 list in New West.
BC Assessment has provided the Record with its list of the Top 10 residential properties in New Westminster from its 2025 assessment roll. The top spot goes to a Queen’s Park property at 209 Fifth Ave., which was assessed at $3,643,000.
A Queen’s Park property at 219 Second St. ($3,574,000) was second on the list, followed by a Queensborough property at 1255 Eckert Ave., which was assessed at $3,398,000.
Rounding out the Top 10 list in New West are seven properties in the Queen’s Park, Glenbrook and Queensborough neighbourhoods:
- 217 St. Patrick St. – $3,363,000
- 209 Second St. – $3,360,000
- 210 Phillips St. – $3,338,000
- 310 Princess St. – $3,305,000
- 124 Second St. – $3,278,000
- 411 Eighth Ave. – $3,262,000
- 101 College Crt. – $3,257,000
A Queensborough property at 1238 Ewen Ave. had claimed the Number 1 spot in BC Assessment’s Top 10 lists in 2023 and 2024, but it didn’t make this year’s list. (As of July 1, 2024, it was assessed at $3,190,000.)
While most of the homes on the list are repeats from previous years, the house at 219 Second St. was a new addition to the Top 10 list for 2025. The home on that property was built in 2022.
As in past years, some properties with higher assessments were not included in BC Assessment’s Top 10 list in New West. Examples include: 417 Fifth St. (assessed at $5,075,000); 509 St. George St. ($4,928,000); and 411 Third Ave. ($3,428,000). All assessments are as of July 1, 2024.
In past years, BC Assessment has told the Record that some properties may not be included on the Top 10 list of residential properties because they’ve been assessed with “multi-lot subdivision potential.” It had noted that the intention of the Top 10 list is to highlight the houses/condos that represent true residential properties, with the goal of filtering out development land.
Bryan Murao, assessor, residential Lower Mainland and Provincial Strata, said the Top 10 list highlights the regular residential houses/units with the highest values, while filtering out development land and a handful of other minority property types like Honour House (509 St. George St.), farms, mixed-use properties, etc.
“The most typical reason for residential properties not appearing on the list is when the assessment is high for developmental potential reasons instead of the existing residential use,” he said in an email to the Record. “In the case of 509 St. George St., however, I think it’s because it’s not categorized as a regular single-family dwelling.”
The provincial government has introduced a variety of legislative changes aimed at increasing the housing supply in B.C., including the creation of transit oriented development areas and the ability to build more housing units on single-family lots. So far, that’s not impacting assessments.
“As for the new provincial housing legislation and its impact on assessments, the short answer for the 2025 assessments is that it doesn’t appear to have had any noticeable impact,” Murao said. “We’re very interested to see what transpires in the market over 2025 towards our 2026 assessments, but so far, we haven’t seen enough market uptake to have affected real estate values. It’s possible that buyers/builders/developers were playing wait-and-see with the election results first, but that’s just a guess of course.”
Provincially, the top assessed residential property in British Columbia continues to be 3085 Point Grey Rd. in Vancouver. That property, belonging to Lululemon founder Chip Wilson, has been assessed at $82,664,000.
