Port Moody Real Estate Values Soar

Jan. 11, 2011 - PRLog -- B.C. Assessment released its 2011 assessment roll last week and there was some good news for property owners all over B.C. as the value of all real estate on the assessment roll has surpassed $1 trillion.

In the Tri-Cities (Port Moody, Coquitlam and Port Coquitlam) real estate values levied by BC Assessment were above $45 billion.

According to BC Assessment most homes are worth more on this year’s assessment roll than they were on the 2010 assessment roll. Most home owners in the North Fraser Region (Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Anmore, and Belcarra) will see increases in the 5% to 20% range. Overall, the North Fraser Region’s assessment roll increased from $104.7 billion last year to $116 billion this year.

The most expensive properties in the Tri-Cities area are in the  Westwood Plateau neighbourhood of Coquitlam, where a typical single-family dwelling built in 1997 was assessed at $868,000, up from $832,000 the previous year.

Second and third in the Tri-Cities for most expensive properties are two areas in Port Moody: Heritage Woods single-family dwellings built in 1995 averaged $854,000 up from $792,000 the previous year, and a typical single-family dwelling in the North Shore area built in the 1970s was assessed at $772,000, up from $726,000 the previous year. Overall average residential property values are up 7.56% in Port Moody.

Assessments are the estimate of a property’s market value as of July 1, 2010. To see current market prices for real estate in Port Moody check property listings in a site that is constantly updated. A good example is Port Moody Condos: http://portmoodycondos.ca which updates it's listings on a regular basis and has a good cross section of properties for sale in Port Moody. Despite the name, they don't just have listings for Port Moody Condos, they have town houses and every other type of property you can think of.

Here is a full breakdown of the assessed property values and change over 2010 for each neighbourhood in Port Moody:

• College Park, single-family dwelling 1960s, $568,000 (a $48,000 increase on 2010)
• North shore, single-family dwelling 1970s, $772,000 (a $46,000 increase on 2010)
• Heritage Woods, single-family 1995, $854,000 (a $62,000 increase on 2010)
• Strata highrise, two-bedroom 1998, $418,000 (a $50,000 increase on 2010)
• Strata lowrise, two-bedroom 2005, $341,000 (a $29,000 increase on 2010)
• Strata townhouse, three-bedroom 2005, $462,000 (a $50,000 increase on 2010)

Port Moody is often overlooked by many people searching for a new home. It is one of the most beautiful areas of British Columbia. It is known as City of the Arts and is located at the head of Burrard Inlet and at the foot of Eagle Mountain--one of the most scenic settings you will find. Port Moody’s population is around 30,000 and many people commute. The transport system is excellent and the city is just a 40 minute drive from downtown Vancouver.

For more information on Port Moody, visit http://www.cityofportmoody.com -- you can find out all about the city’s history as well as current information on services, amenities, events and visitor information.
For more information on the B.C. Assessment see http://www.bcassessment.ca

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