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Opinion: My dumpy Burnaby family home is outrageously pricey

Is this crappy house really worth nearly $1.2 million?
This home on Broadway in North Burnaby is worth more than $1.1 million.

I will always be happy and thankful that my parents were able to put a roof over my head and food on the table.

But looking back, the roof over my head was pretty dumpy, although the food on the table was excellent.

Just look at the photo attached to this blog and see how dark and tiny it is just 1,000 square feet plus an unfinished basement that has a crooked floor. Located on Broadway in North Burnaby, this three-bedroom home was built in 1957 and sits on a 7,200-square-foot lot.

I have many great memories of living in this home and, yes, a lot of bad ones for various reasons.

I write this because I want you to look at this home and know that it is now worth an insane amount - $1,189,700 according to the latest assessment data released this week by BC Assessment.

That amount is an increase of $84,000 despite the fact the house continues to fall apart.

I look at the home and feel sad that my parents sold it and didn’t hang onto it because, well, it’s worth a fortune today. That’s selfish, of course.

But it’s also incredible because according to BC Assessment the house itself is only worth $48,000 while the land is worth more than $1.1 million.

That’s real estate today, folks.

In Burnaby, the value of residential homes in the city jumped compared with the previous year.

According to numbers from BC Assessment, single-family homes in the City of Burnaby jumped in value by 6% - to $1,449,000 from $1,363,000. This is compared with a 10% increase in Vancouver and 5% in Surrey.

The latest data from the Real Estate Board of Greater Vancouver (REBGV) tells more about the story of Burnaby real estate.

From October to December 2020, detached housing sales in Burnaby skyrocketed 28% compared to the same three months in 2019. Sales of attached homes, such as townhouses, jumped 27% during the same period.

As for prices, December prices in Burnaby East jumped 14.3% compared with December 2019, while Burnaby North went up 10.6% and Burnaby South 5.7%.

Pretty heady stuff.

Follow Chris Campbell on Twitter @shinebox44.