Homeowners on Vancouver Island will likely see a noticeable increase to their property’s value compared to last year, according to the most recent report by BC Assessment.
Across the island, most single-family homes saw their assessed value increase by approximately five to 10 per cent, BC Assessment found in its 2021 property assessments.
In the Greater Victoria region, the District of Metchosin saw the largest assessed value increase, with a 10 per cent increase recorded between July 2019 and July 2020. According to BC Assessment, the average value of a single-family home in the municipality increased from $776,000 in 2019 to $854,000 in 2020.
The smallest increase in Greater Victoria was seen in the District of Saanich, where assessment values rose by four per cent. A single-family house in the area cost an average of $813,000 in 2019 compared to $849,000 in 2020.
In Victoria, the assessed value of a single-family home rose about 6 per cent, from $820,000 in 2019 to $868,000 in 2020.
"Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale," said Vancouver Island assessor Tina Ireland in a release Monday.
"For most communities, the assessed values of single-family homes are up moderately about five to 10 per cent, while residential stratas are generally showing less of an increase," she said.
BC Assessment also reviewed the value of strata residential properties, such as condos and townhouses, in urban areas of Vancouver Island.
The largest condo value increase was reported in Campbell River, with an eight per cent change in 2020 compared to 2019. In 2019, BC Assessment estimates that the average assessed value of a condo in the municipality was $265,000. In 2020, that number rose to $285,000.
The smallest value increase was seen in Saanich, where the assessed value of condos and townhouses changed roughly 0 per cent, or from $450,000 in 2019 to $451,000 in 2020.
In Victoria, the assessed value of strata properties increased by approximately 2 per cent, up from $449,000 in 2019 to $459,000 in 2020.
According to BC Assessment, roughly 378,000 property owners on Vancouver Island will be receiving their 2021 assessment notices in the mail over the next several days.
A full look at the organization’s most recent property assessment report for Vancouver Island can be found here.