Some of the Tri-City’s most expensive homeowners were not immune to the double-digit drops in assessed property values last year.
For example, 3333 Caliente Place in Coquitlam, the most expensive piece of land in the Tri-Cities, fell 11.1% from $9.6 million in 2018 to $8.5 million in 2019. Meanwhile, 185 Turtlehead Road, the most valuable property in Belcarra, fell 6.45% from $7.8 million to $7.3 million.
Only properties with significant building improvements were able to buck the trend.
For example, 748 Alderside Road is Port Moody’s most expensive property and actually jumped in value, rising from $3.9 million in 2018 to $4.9 million in 2019.
However, the increase is attributed to the structure value, which rose from $393,000 to $1.8 million, while the land value dropped from $3.5 million to $3.1 million.
Alderside Road, with its waterfront views, is home to all of Port Moody’s 10 most expensive properties, while in Coquitlam and Port Coquitlam the most expensive properties are evenly split between the north and south sides.