Michael Bublé’s 12,000-square-foot home is once again Burnaby’s most expensive residential property, according to BC Assessment’s latest numbers.
The internationally renowned crooner’s two-storey home, which sits atop more than two acres at 7868 Government Rd., was 39th on the assessment authority’s latest list of top-valued residential properties in the Lower Mainland.
(It was the only Burnaby home to make the top 100.)
As of July 1, the property was assessed at $25,529,000, up $1.85 million from $23,679,000 last year.
BC Assessment's Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.
Burnaby properties up by double digits
In the next few days, owners of more than 1,089,000 properties throughout the Lower Mainland – including Bublé – can expect to receive their 2023 assessment notices, which reflect the market value of their properties as of July 1.
Burnaby homes of all types have jumped in value since last year despite signs of a cooling real estate market, according to BC Assessment.
The value of a single-detached house in the city rose to an average of $1,898,000, a 10 per cent increase from 2021’s $1,725,000, according to the assessment authority.
For strata-type homes, such as townhouses and condos, the increase was 12 per cent to $720,000, up from $646,000 in 2021.
The increases are roughly in line with numbers around the region.
“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.”
For the Lower Mainland region, the overall total assessments have increased from about $1.75 trillion in 2022 to over $1.94 trillion this year.
Almost $23 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties.
Taxes
The assessment authority’s roll provides the foundation for local and provincial taxing authorities to collect more than $8 billion in property taxes each year to fund community services, but a change in property assessments doesn’t automatically translate into a change in taxes, according to BC Assessment.
“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,” Murao said in the release.
For more information, visit the assessment authority’s website or call 1-866-valueBC (1-866-825-8322).
Hours of operation are 8:30 a.m. to 5 p.m., Monday to Friday during the month of January.
Property owners who believe their property assessment notice contains errors or doesn’t reflect the market value of their property as of July 1, 2022 are encouraged to contact BC Assessment as soon as possible in January.
If a property owner is still concerned about their assessment after speaking to a BC Assessment appraiser, they can submit an appeal by Jan. 31 to get an independent review by a property assessment review panel.
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.
Follow Cornelia Naylor on Twitter @CorNaylor
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