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Burnaby gated luxury home sees its value crater $2 million

No. 2 on the list actually saw its value drop by $2 million

The most valuable home in Burnaby is the home of music superstar Michael Bublé.

OK, but what are the other valuable homes in Burnaby and how much are they worth?

According to BC Assessment’s latest figures, Bublé’s home at 7868 Government Rd. has been assessed at $22,279,000 – more than a $1.7 million jump from the $20,506,000 it was assessed at the beginning of 2020.

After that, it’s a steep drop to No. 2.

And things aren’t as financially rosy for the No. 2 most valuable home in Burnaby, located at 7629 Burris St. (scroll through the gallery above for a photo).

That home, built in 1993, saw its value crater a whopping $2 million from 2020, according to BC Assessment. The home, which sits on 1.36 acres of land and is more than 13,000 square feet inside, is valued at 8.2 million, according to the latest assessment notice – down from $10.2 million last year.

Sitting at No. 3 on the list is a 2003 house at 5370 Buckingham Ave. that’s nearly 8,000 square feet and worth $5,059,000 – a drop from 2020’s assessment of $5,160,000.

Here are some others:

No. 4: 6636 Deer Lake Dr., $4,781,000

No. 5: 7558 Government Rd., $4,682,000

Overall 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.

"Despite COVID-19, the Lower Mainland residential real estate market has been resilient," said BC Assessment Deputy Assessor Bryan Murao. "For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery."

"The commercial and industrial markets, however, have been much more varied with both decreases and increases depending upon the specific sector," adds Murao. "While commercial sales activity has remained low, value changes have been moderate across many property types."