Owners of more than 360,000 properties throughout the Vancouver Island Region are being issued their 2016 assessment notices, which reflect market value of their homes and properties as of July 1, 2015.
“The majority of residential home assessments within the region are shifting between minus 5 per cent to plus 10 per cent compared to last year’s assessments,” says Regional Assessor Reuben Danakody of BC Assessment.
“Notably, a robust real estate market over the past year resulted in assessment increases for many properties in the Vancouver Island Region.”
That was the case for single family residential properties in the Cowichan Valley, where property values were up:
• Town of Ladysmith $299,300 from $285,400
• North Cowichan $320,200 from $312,000
• Duncan $254,200 from $245,100
In the City of Victoria single family residential assessments jumped to $547,200 from $524,200.
BC Assessment tracks property data throughout the year.
‘Typical changes’ in assessments for commercial properties on the Island were a bit lower than residential numbers, between minus five and plus five per cent.
There was no difference detected in the changes of either residential or commercial and light industrial property values between urban and rural areas.
Overall, the Vancouver Island Region’s total assessments increased from $164 billion in 2015 to $170 billion this year. A total of almost $2.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment has launched a newly-enhanced website at bcassessment.ca that includes more details about 2016 assessments, property information and trends.