Hot 2016 real estate market leads to big jump in Greater Victoria property values
Assessed property values in the Capital Region are shooting up by as much as 40-per cent.
The latest property assessment notices informing of values as of July 1 are now in the mail.
Most single-family homes on Vancouver Island are seeing jumps between five and 25-per cent. Some of the largest increases are in Oak Bay, where the typical value of a home has increased by around $250-thousand dollars, to $1.03-million. The typical value of a home in Victoria has increased by over $130-thousand dollars, and in Saanich by over $110-thousand.
"It's been a very active real-estate market in 2016, and the real estate market is what sets the assessed values."
BC Assessment regional assessor Tina Ireland says the increases don't automatically mean you'll be hit with higher property taxes.
"It really depends on how your property value changes compared to the average change in your community. So the municipalities set their budgets and determine their tax rates in the Spring, and that's when the taxes will be determined."
Details on 2017 assessments are also available online at bcassessment.ca.