Property assessments skyrocket on Vancouver Island in 2022

BC Assessment is delivering its 2022 assessment notices to about 382,000 property owners across Vancouver Island, and homeowners should expect to see an increase in their assessment this year.

Across the island, properties – including single-family dwellings and strata properties, such as a condos and townhouses – saw an average increase of about 15 to 35 per cent in their assessment this year, with some communities seeing spikes as large as 47 per cent compared to last year.

The 2022 assessed values reflect market values as of July 1, 2021, according to BC Assessment.

"Vancouver Island’s real estate market has increased in value across all property types over the past year," said Jodie MacLennan, Vancouver Island deputy assessor, in a release Tuesday.

"Increases of 15 to 35 per cent 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," she said.

In Greater Victoria, Metchosin saw the largest assessment leap for single-family homes, with an increase of 34 per cent compared to last year.

A typical assessed value in the district this year came in at $1,150,000, up from $852,000 last year – based on median values.

Meanwhile, Victoria saw an increase of 24 per cent this year for single-family homes, with an average assessed value of $1,073,000, up from $867,000 last year.

CENTRAL ISLAND

Communities in the Mid-Island saw some of the largest assessment value boosts in 2022, according to BC Assessment.

The City of Port Alberni marked a 47 per cent assessment increase this year, with the typical assessed value of a single-family home coming in at $470,000, up from $320,000 last year.

Ucluelet, Tofino and Lake Cowichan also all saw jumps above 40 per cent between 2022 and 2021.

In Tofino, the typical assessed value of a single-family home surged 42 per cent to $1,358,000 this year compared to $956,000 in last year's assessment.

Across the province, real estate assessments increased an average of 22 per cent this year.

"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," said MacLennan.

Property owners can also submit an appeal to the independent Property Assessment Review Panel by Jan. 31 if they have concerns about their assessment on the BC Assessment website.

Assessment notices are expected in the mail over the "next few days," according to BC Assessment.

A look at average assessment values on Vancouver Island this year can be found below: 

Jan. 4, 2022 (BC Assessment)

Jan. 4, 2022 (BC Assessment)

Jan. 4, 2022 (BC Assessment)

Jan. 4, 2022 (BC Assessment)