WATCH: The annual property assessments are out, and Vancouver Island experienced increases across the board. As Mary Griffin reports, some of the numbers reflect a surprising trend.
Realtor Tony Joe was describing a home listed for $959,900 in Gordon Head on Wednesday as a one-owner home, customer built in the sixties. He believes it’ll take time to sell, but the market remains strong.
“It’s still by many factors considered a seller’s market. We don’t have an abundance of inventory and as long as there is not an abundance of inventory, the likelihood of prices softening is pretty slim,” Joe said.
And that’s the story across Vancouver Island, reflected in the BC Assessment Authority numbers released Jan.1, according to Gerry Marolla, deputy assessor.
“We can see market values that have increased again over 2017. The Greater Victoria area has increased between five and 15 per cent. The central island increased between 10 and 20 per centand the north island is between 15 and 25 per cent,” Marolla said.
Across Vancouver Island, the assessments range from zero percent in the Village of Zeballos to a whopping 44 per cent hike in the Village of Sayward.
A thirteen per cent increase on the Gulf Islands means a single family home is assessed at $532,000. In Port Alberni, assessments are up 16 per cent with the average home valued at $278,000. In Ucluelet, the increase is 21 per cent with homes valued at $403,000.
Victoria’s eight per cent means the average home is assessed at $842,000. And the priciest municipality, of Oak Bay, saw a six per cent hike, with the average home assessed at more than $1.2 million.
The increases on the mid-island and north island are higher than Greater Victoria, reflecting a pattern, according to Joe.
“We’ve had people that moved up to Comox-Courtenay. We’ve had Port Hardy, we’ve had a couple of Port Alberni’s too, so there is migration moving upwards. There is no question,” Joe said.
But increases don’t necessarily translate into property tax increases.
“You shouldn’t see a significant increase. Whereas someone has a higher than normal increase, they should be concerned,” Marolla said.
For more information, go to http://bcassessment.ca.