Owners of approximately 378,000 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.
“Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale,” says Vancouver Island Assessor Tina Ireland. “For most communities, the assessed values of single-family homes are up moderately about five to ten per cent, while residential stratas are generally showing less of an increase.”
The assessment notices, which reflect market value as of July 1, 2020, 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 value between 0 and 10 per cent.
The organization says that overall, Vancouver Island’s total assessments increased from about $255 billion in 2020 to $269 billion this year.
“Over $3.47 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties,” reads a statement from BC Assessment.
Based on numbers presented by BC Assessment, in Greater Victoria, it was the community of North Saanich that saw the largest typical assessed value change, increasing by 10 per cent from 2019 (from $897,000 to $957,000).
On the Central Island, the community showing the largest change was Ucluelet, increasing by 11 per cent from 2019 (from $447,000 to $469,000).
And on the North Island, the Village of Tahsis boasted the largest value change, increasing by 36 per cent from 2019 (from $99,000 to $135,000).
Oak Bay continues to be the community on Vancouver Island with the highest typical assessed value of a single-family residential home. In 2021, BC Assessment says the typical property value in Oak Bay is $1,228,000.
“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, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Assessor Ireland.
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.