2021 property assessments have been sent out to homeowners across the province. (File photo)

2021 property assessments have been sent out to homeowners across the province. (File photo)

Assessed home values in Ladysmith rise by seven percent

High demand and low inventory leads to Vancouver Island wide assessment increase

Property assessments for single family homes in Ladysmith increased by seven percent on average compared to last year.

In 2020 the typical assessed value of a single family home in Ladysmith was $445,000. The 2021 typical assessed value has increased to $476,000.

In a media release, BC Assessment said that home values have increased across Vancouver Island because of high demand and low inventory.

RELATED: High demand and low inventory drive a competitive housing market in Ladysmith

“For most communities, the assessed values of single family homes are up moderately about five to ten per cent, while residential stratas are generally showing less of an increase,” Vancouver Island Assessor Tina Ireland said.

2021 assessment notices reflect the market value of properties as of July 1, 2020. A total of 377,955 properties on Vancouver Island were assessed. The total value of real estate on Vancouver Island was assessed at $268 billion, and a total of $3 billion was the assessed value for new construction, subdivisions, and rezoning.

Ladysmith’s highest valued property at 11800 Elliot Way once again made the top 100 valued residential properties list for Vancouver Island at an assessed value of $5.9 million. The propery is ranked number 71, up from last year’s placement at number 88.

RELATED: Ladysmith property included in top 100 most valued properties of Vancouver Island

Residents concerned with the assessment of their property can issue a Notice of Complaint to BC Assessment by February 1 for an independent review by a Property Assessment Review Panel.