A year of uncertainty didn’t get in the way of rising home values across Vancouver Island.
Assessment notices arriving in the coming weeks will reflect market values as they were on July 1, 2020, and most homeowners can expect to see appreciated values.
BC Assessment’s 2021 data shows typical assessed values of the region’s homes jumping four to 10 per cent in 2020. With numbers based on median values, BC Assessment reports that Victoria’s typical home value in July 2019 was $820,000 but in 2020 grew to $868,000 – a six per cent increase.
Meanwhile Colwood saw a nine per cent increase and median Sooke and Esquimalt home values grew by eight and nine per cent respectively.
Oak Bay held onto the title of the Greater Victoria municipality with highest assessed value – growing from $1.14 million in 2019 to $1.22 million in 2020 – a seven per cent increase.
The rest of Vancouver Island saw similar trends, with the highest jump – 36 per cent – reported in the up-Island village of Tahsis, where the 2020 median assessed value was $135,000.
In a statement, Vancouver Island assessor Tina Ireland said strong demand and limited inventory are behind Vancouver Island’s appreciated home values.
“For most communities, the assessed values of single family homes are up moderately about five to 10 per cent, while residential stratas are generally showing less of an increase,” she said.
Some of the region’s homes depreciated in value in 2019, including North Saanich, Saanich, Sidney, Victoria and Oak Bay. At that time, BC Assessment analysts said the change indicated a return to a more stable and balanced market.
But this year, the total value of real estate on the 2021 BC Assessment roll is about $2.01 trillion – a roughly 4.2 per cent increase from the 2020 roll.
Changes in property assessments do not automatically translate to changes in property taxes, BC Assessment emphasizes. However, the rate at which your assessment changes – relative to the average change in your community – may affect your taxes.
Those who feel their property assessment does not reflect market value as of July 1, 2020 can contact BC Assessment, and are encouraged to do so as soon as possible.
If the matter isn’t resolved, homeowners can submit a notice of complaint by Feb. 1 for a review by a Property Assessment Review Panel.
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