Owners of approximately 382,000 properties can expect to receive their 2021 assessment notices over the next few days and BC Assessment says that values are generally showing appreciation.
BC Assessment – an organization that collects monitors and analyzes property data throughout the year — says that Vancouver Island has been experiencing a heightened demand, which is reflected in the latest report.
“Vancouver Island’s real estate market has increased in value across all property types over the past year,” says Vancouver Island Deputy Assessor Jodie MacLennan. “Increases of 15 to 35 percent are generally evident for single-family dwellings, strata homes, industrial and commercial properties throughout the island with notably larger percent increases in both central and northern Vancouver Island communities.”
The assessment notices, which reflect market value as of July 1, 2021, are expected to arrive through the mail and BC Assessment says that values may vary by jurisdiction or municipality across the province.
BC Assessment says that here on Vancouver Island, the majority of residences saw a range of percentage change in property value between 20 and 40 per cent since 2020.
Overall, Vancouver Island’s total assessments increased from about $269 billion in 2021 to $343 billion this year.
“Over $4.85 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties,” reads a statement from BC Assessment.
Based on numbers presented by BC Assessment, in Greater Victoria, it was the District of Metchosin that saw the largest typical assessed value change — in regards to single-family residential properties — increasing by 35 per cent from 2020 (from $852,000 to $1,150,000).
The largest increases in value could be seen across Vancouver Island were in the communities of Port Alberni, increasing by 47 per cent from 2020 ($320,000 to $470,000), Ucluelet, which is up 43 per cent ($494,000 to $705,000), and Port McNeil, also up 43 per cent ($229,000 to $329,000).
The community that saw the lowest increase in property value was the Village of Zeballos, which jumped 17 per cent from 2021 ($69,000-$127,000).
Oak Bay continues to be the community on Vancouver Island with the highest typical assessed value of a single-family residential home. In 2022, BC Assessment says the typical property value in Oak Bay is $1,527,000.
A map of the top 500 valued residential properties can be found by clicking here.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2021, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor, Jodie MacLennan.
More detailed information can be found on BC Assessment’s website at bcassessment.ca – including property information and trends.
BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.