Homeowners on Vancouver Island are set to receive their 2023 property assessments over the coming days and typical single-family home values are once again seeing an increase.
The assessments are a snapshot of market value as of July 1, 2022 and show a 12 per cent rise in values across the province.
That increase is somewhat reflected in Greater Victoria, though, perhaps surprisingly, the capital city itself only saw an eight per cent increase in property values — rising from an average of $1,072,000 in July 2021 to $1,157,000 in July 2022.
The fast-growing West Shore communities saw the highest single-family home increases, with Colwood topping the list after typical valuations jumped from $881,000 in 2021 to more than $1-million in 2022 — a 16 per cent jump.
That was followed by Langford, where property values rose from $859,000 to $992,000, a 15 per cent increase.
The largest increases seen elsewhere on Vancouver Island in this year’s property assessments were in Lake Cowichan (up 23%), Ucluelet (up 21%) and Tofino (up 20%).
Some homeowners may have expected lower increases in their property values or even a decline due to the market cooling off, but those likely won’t be reflected until assessments come out next year, according to Vancouver Island deputy assessor Jodie MacLennan.
“While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher,” she said.
The Island’s total assessments increased from about $342 billion in last year’s notices to nearly $386 billion this year, with
As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Vancouver Island’s total assessments increased from about $342 billion in 2022 to almost $386 billion this year, an increase of just over 12 per cent.
See the breakdown of Greater Victoria assessment increases below: