Real estate assessments up double digits for Vancouver Island condo owners

Real estate assessments up double digits for Vancouver Island condo owners

WATCH:  The latest assessment figures are no surprise, housing values are up in many parts of Vancouver Island.  And there is one sector of the market experiencing a boom. Mary Griffin reports.

At Prospect Lane in Oak Bay, every house is assessed at well over a million dollars.  A few blocks away, on Cubbon Road, every homeowner is a millionaire on paper.

This is the 2018 BC Property Assessment overview.  The latest assessed values from the BC Assessment Authority confirm that single-family homes in the Greater Victoria core are spiralling out of reach for many first-time buyers.  Realtor Tony Joe said first-time home buyers will have to readjust their expectations.  “The biggest thing I think is anyone who wants to get into the marketplace right now, unfortunately, they have to adjust their hope of having a home, a house, as their first home, and into something higher density like a townhouse, or a condo,” Joe said.

Even in that market, there is a wide range of prices. From townhouses in View Royal where a unit for sale is priced less than $200,000 to the Vancouver Island’s most expensive condo in Songees assessed for $8.1 million.  The building boom in downtown Victoria is all about condos. While in the western communities, thousands of single-family homes are planned or under construction.

Joe said there is a choice. “You have the option of buying a $600,000 condo or you can go further out and buy yourself a house for $600,000. But then, you need to figure out transit, getting your schools,” Joe said.

The supply of detached houses for sale hit an all-time low in December in Greater Victoria. But demand continues to grow and so do the prices across the board. “The biggest thing, perhaps, [the] assessed value of condos were just undervalued for some time. And they are coming up to where they should realistically be now,” Joe said.

Mary GriffinMary Griffin

Recent Stories

Send us your news tips and videos!