Majority of Vancouver Island homeowners see assessments jump by up to 20%
CTV Vancouver Island
Published Wednesday, January 2, 2019 12:09PM PST
Last Updated Thursday, January 3, 2019 10:34AM PST
Your home might be worth a lot more today than it was last year.
The total assessed value of properties on Vancouver Island is up by about 11 per cent over last year, according to new annual numbers from BC Assessment.
Homeowners on the island are receiving their 2019 assessment notices over the next several days, reflecting market value as of July 1, 2018.
According to BC Assessment, most homeowners will see increases of up to 20 per cent over last year on their assessed property values.
"Overall, Vancouver Island's total assessments increased from about $222 billion in 2018 to $246.9 billion this year," the organization said in a news release. "A total of almost $3.9 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties."
Assessor Tina Ireland says increases were generally lower on the South Island and higher on Central and North Vancouver Island.
In Victoria, the average assessed value of a single-family detached home rose from $780,000 to $842,050, an increase of eight per cent.
Oak Bay continues to be Greater Victoria's most expensive municipality with an average assessed home value of $1,222,000 – an increase of six per cent over last year.
Similar increases were seen in the District of Saanich (up to 6%), Langford (9%), Esquimalt (9%) and View Royal (9%).
The single-most expensive property on Vancouver Island or the Gulf Islands outside of privately owned James Island – valued at $56,757,000 – was at 3160 Humber Road in Oak Bay.
The single-family waterfront home was valued at $16,159,000 in the latest round of assessments.
Values increased slightly higher on the Central Island in places like Lake Cowichan (16%), Duncan (12%) and Nanaimo (12%), which saw average single-family home values climb from $434,000 to $490,000.
The highest jump in that region was in the Town Of Ucluelet, where single family homes jumped 21 per cent to $403,000 from $331,500.
The North Island had some of the highest spikes in home value, especially in the villages of Cumberland (27%) and Tahsis (30%), while the biggest increase on the entire island was in Sayward (44%).
In the condominium market, average values rose to $447,800 in Victoria (8% increase), $623,000 in Oak Bay (5% increase), $386,000 in Langford (14% increase) and $309,000 in Nanaimo (15% increase).
Not a single market on the island decreased in assessed value in contrast to Vancouver, where single-family homes dipped by four per cent.
Those wanting to appeal their assessed home value fo r2019 can do so on BC Assessment's website.