VICTORIA —In the next few days, owners of more than 369,000 properties throughout Vancouver Island can expect to receive their assessment notices which reflect market value as of July 1, 2018.
“The majority of residential home owners within the region can expect an increase in their assessment in the 10% to 25% range as compared to last year’s assessment,” says Assessor Tina Ireland. “The market has remained strong across the island and across property types. The residential strata market has been particularly robust with assessments increasing 15% to 35% in many areas.”
As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Vancouver Island region’s estimated percentage changes to 2018 assessment values by property type compared to 2017 (note that property assessments may vary by municipality within the region).
|
Property Type |
URBAN Areas of Vancouver Island 2018 Assessments Range of % Changes in Value (as of July 1, 2017) |
RURAL Areas of Vancouver Island 2018 Assessments Range of % Changes in Value (as of July 1, 2017) |
|---|---|---|
| Residential Single Detached Homes | +10% to +25% | +5% to +25% |
|
Residential Strata Units (e.g. condominiums) |
+15% to +35% | 0% to +30% |
| Commercial | 0% to +20% | 0% to +20% |
| Light Industrial | 0% to +20% | 0% to +20% |
Overall, Vancouver Island’s total assessments increased from $192.7 billion in 2017 to $223.1 billion this year. A total of almost $3.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.
The summary below provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area:
|
Community |
2017 Assessments (valuation date of July 1, 2016) |
2018 Assessments (valuation date of July 1, 2017) |
Percentage Change in Value (2018 vs. 2017) |
|---|---|---|---|
| Greater Victoria | |||
| City of Colwood | $500,000 | $571,000 | +15% |
| City of Victoria | $679,000 | $779,000 | +15% |
| District of Central Saanich | $614,000 | $699,000 | +14% |
| Township of Esquimalt | $556,000 | $655,000 | +18% |
| District of Saanich (SD#61)* | $653,000 | $759,000 | +17% |
| District of Saanich (SD#63)* | $836,000 | $940,000 | +13% |
| District of Oak Bay | $1,036,000 | $1,156,000 | +12% |
| City of Langford | $456,000 | $551,000 | +21% |
| District of North Saanich | $767,000 | $876,000 | +14% |
| District of Metchosin | $574,000 | $716,000 | +25% |
| District of Sooke | $394,000 | $462,000 | +17% |
| District of Highlands | $487,000 | $559,000 | +14% |
| Town of View Royal | $604,000 | $666,000 | +11% |
| Town of Sidney | $528,000 | $632,000 | +20% |
| Victoria Rural | $435,000 | $495,000 | +14% |
| Gulf Islands Rural | $634,000 | $727,000 | +15% |
| Gulf Islands Rural | $426,000 | $476,000 | +12% |
| *SD = School District | | | |
| Central Island | |||
| Town of Ladysmith | $336,000 | $391,000 | +17% |
| Town of Lake Cowichan | $228,000 | $278,000 | +22% |
| City of Duncan | $267,000 | $312,000 | +16% |
| District of North Cowichan | $341,000 | $399,000 | +17% |
| Cowichan Rural | $411,000 | $483,000 | +18% |
| Lake Cowichan Rural | $321,000 | $378,000 | +18% |
| District of Lantzville | $442,000 | $535,000 | +21% |
| City of Nanaimo | $385,000 | $441,000 | +15% |
| Nanaimo Rural | $335,000 | $396,000 | +18% |
| Town of Qualicum Beach | $449,000 | $546,000 | +22% |
| City of Parksville | $361,000 | $440,000 | +22% |
| Oceanside Rural | $440,000 | $524,000 | +19% |
| District of Tofino | $576,000 | $654,000 | +14% |
| Town of Ucluelet | $290,000 | $366,000 | +26% |
| City of Port Alberni | $193,800 | $240,000 | +22% |
| Alberni Clayoquot Regional District |
$317,000
|
$362,000 | +15% |
| North Island | |||
| City of Courtenay | $360,000 | $440,000 | +22% |
| Town of Comox | $392,000 | $444,000 | +14% |
| Village of Cumberland | $302,000 | $361,000 | +20% |
| Comox Valley Regional District- Rural Areas | $395,000 | $453,000 | +15% |
| City of Campbell River | $303,000 | $356,000 | +18% |
| Campbell River Rural | $312,000 | $363,000 | +16% |
| District of Port Hardy | $189,000 | $196,000 | +4% |
| Village of Port Alice | $136,000 | $141,000 | +4% |
| Town of Port McNeil | $215,000 | $230,000 | +7% |
| Village of Gold River | $145,000 | $160,000 | +10% |
| Village of Tahsis | $68,000 | $81,000 | +19% |
| Village of Alert Bay | $112,000 | $119,000 | +6% |
| Village of Sayward | $137,000 | $142,000 | +3% |
| Village of Zeballos | $89,000 | $85,000 | -4% |
| Port Hardy Rural | $148,000 | $161,000 | +9% |
| West Coast Rural | $133,000 | $134,000 | +1% |
| Powell River | |||
| Powell River Regional District – Rural Areas | $217,000 | $256,000 | +18% |
| City of Powell River | $234,000 | $297,000 | +26% |
BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.
“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Ireland.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” adds Ireland.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” adds Ireland. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
The Vancouver Island BC Assessment offices are located at:
Victoria Office
#102-3350 Douglas Street
Victoria, BC V8Z 7X9
Nanaimo Office
#300-125 Wallace Street
Nanaimo, BC V9R 5B2
Courtenay Office
2488 Idiens Way
Courtenay, BC V9N 9B5
During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca
