The most most valuable residential property in the Ladysmith area is a secluded waterfront acreage with spectacular views of the sunrise over the Gulf Islands
BC Assessment released a New Year’s list of Vancouver Island’s top 100 valued residential properties for 2019, which included just one local home, a $5.868 million house and property that ranked 70th on the list.
Built in 2007, the secluded 6,537-square-foot $1.94 million home with four bedrooms and six bathrooms sits on 8.5 acres valued at $3.93 million at the tip of Coffin Point. It’s assessment jumped by narly $800,000 over the previous year.
The majority of properties on the top 100 list are located in Victoria, with most of the priciest in the district of Oak Bay.
Overall, Ladysmith properties jumped by 11 per cent, from an average assessment of $381,000 to an average assessment of $426,000. North Cowichan homes climbed by 14 per cent, from $375,000 to $430,000.
Within the next few days, owners of more than 371,000 properties throughout Vancouver Island should have received their 2019 assessment notices.
BC Assessment’s valuation of homes across the province, which is based on what was happening in the real estate market as of July 1, 2018, was released Jan. 2.
“The majority of residential home owners within the region can expect an increase up to 20 per cent as compared to last year’s assessment,” says Vancouver Island assessor Tina Ireland in a press release. “All markets were relatively strong as of July 1, 2018, including single family, condominiums, and commercial properties. Increases in assessments are generally lower in the south part of the Island and higher as you move to the central or northern areas.”
Overall, Vancouver Island’s total assessments increased from about $222 billion in 2018 to $246.9 billion this year. A total of almost $3.9 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
The average assessed value of single-family residential properties in the Town of Qualicum Beach in 2018 was $542,000, which jumped 13 per cent to $615,000 in 2019. In the City of Parksville, the 2018 average assessed value was $433,000 for single-family residential properties which increased 11 per cent in 2019 to $448,100.
— with a file from Black Press