Property values soar by as much as 35% for parts of Vancouver Island
CTV Vancouver Island
Published Tuesday, January 2, 2018 6:52PM PST
Vancouver Island homeowners have received their property assessment for 2018 and they're up – way up.
On average, single-family homes across the island were up 10 to 25 per cent, while condo and townhouse strata values saw the greatest growth of up to 35 per cent in some cities, according to data provided by BC Assessment.
The sharp spike was especially felt in the West Shore communities of Langford and Metchosin, where property values soared by 21 and 25 per cent, respectively, since last year's assessments.
An average single-family home in Metchosin now costs $716,000, while one in Langford is now $551,000.
"The western communities increased, Sidney increased, and those jurisdictions last year didn't experience the same kind of volume," said Deputy Assessor Gerry Marolla.
The highest assessed property for Vancouver Island and the Gulf Islands is an acreage on James Island valued at $5.4-million.
Real estate experts say the data is indicative of a condo boom caused by families being priced out of the single-family home market.
"The dream of having a detached single-family home maybe as your first house will have to change now, either looking to a townhouse or a condo, " said realtor Tony Joe. "This is one of the reasons activity in the condo market has been very, very heavy."
But there's good news for homeowners whose property values went up this year – it doesn't necessarily mean your taxes will keep pace.
Last year, home values rose the most in Saanich and Downtown Victoria and as a result, assessment appeals increased in those communities.
It's too early to say if that means appeals will climb in West Shore communities, or places like Ucluelet and Powell River where values rose by 26 per cent.
"For anyone who lives in their home right now with no intention to buy, you might want to at least try out the avenue of appealing your assessment to get that number down," said Joe.
Anyone planning on appealing their assessment can submit one until Jan. 31.
For more information on appealing your 2018 property assessment, visit BC Assessment's website.