Don’t say B.C. Assessment didn’t warn you.
True to its word, B.C. Assessment has released assessment notices for the 360,000 properties across Vancouver Island and, as a result of a strong real estate market, most property owners are seeing a significant jump in the value of their land.
Greater Victoria homeowners were given a heads-up last month that single-detached homes in some areas could see an increase in assessed value as high as 40 per cent.
The data released today shows single-detached homes in Greater Victoria have increased in assessed value by between five and 40 per cent. Condos and townhomes have increased by between five and 30 per cent while commercial properties are up five to 15 per cent and industrial properties have jumped as high as 10 per cent.
Oak Bay saw the biggest jump in value, as the average home saw a 31.8 per cent increase in its assessment to $1.04 million.
The City of Victoria also saw a significant jump in values as the average single-family home increased in value 24.08 per cent to $679,000 compared to last year’s assessment, while Saanich saw an increase of 21.7 per cent to $836,000 for a typical home in its northern area and a 19.9 per cent increase to $653,000 in its southern region.
Across the board, all parts of the capital region saw increases in single-family homes this year.
“The majority of residential home assessments within the region are shifting between plus-five per cent to plus-25 per cent compared to last year’s assessments,” said regional assessor Tina Ireland. “A robust real estate market over the past year resulted in assessment increases for many properties in the Vancouver Island region, most notably those in the Greater Victoria areas which have indicated increases up to 40 per cent.”
The assessment notices, which homeowners should receive within the next few days, show the estimated market value as of July 1, 2016. The value takes into account a variety of factors including nearby sales, size, age, quality, location, condition, view and improvements.
reproduced from The Victoria Times Colonist