Greater Victoria’s Jump in Assessed Property Values

There has been big talk around Greater Victoria, Vancouver Islands jump in assessed property values this year. This is a result of the strength of our market through the middle of last year, according to BC assessment.



The 2019 property assessment roll which was released early January 2019 revealed that the average residential property value in the Greater Victoria region jumped between four and 18 per cent. Tina Ireland, Vancouver island’s assessor says that the majority of residential homeowners will see an increase of up to 20 percent from last year’s assessment.


Here is an overview at some of the greatest increases in assessed value for an average single-family home on Vancouver Island:


Location

Increase

Sayward

44% jump to $205,100

Tahsis

30% jump to $99,600

Cumberland

27% jump to $460,000



In the review of Greater Victoria’s increases in single-family homes, the largest jumps were found in Sidney and the Gulf Islands, which both increased to 13 percent to $699,150 and $523,000 respectively. Metchosin saw an 11 per cent jump to $792,000.


The entire Island roll increased in value this year to $246.9 billion from $222 billion in 2018. Nearly $3.9 billion of Vancouver Island’s assessments reflect new construction, subdivisions and rezoning of properties.


The total value of real estate in B.C. — there were 2,067,479 properties on this year’s roll — is over $1.99 trillion, an increase of 7.45 per cent from last year.


Please note, an increase in assessments do not necessarily mean an increase in property taxes, Ireland said. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”


References


Duffy, A. (2019, January 06). Greater Victoria, Vancouver Island see jump in assessed property values. Retrieved from https://www.timescolonist.com/real-estate/greater-victoria-vancouver-island-see-jump-in-assessed-property-values-1.23570472

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.