VICTORIA – As expected, assessments of residential and multi-family properties on Vancouver Island have skyrocketed.
BC Assessment has begun distributing 2022 Property Assessments through the mail, which are reflective of the results revealed by hot real estate markets across the Island. The assessments are based on market value as of July 1, 2021.
Residential assessments for single family homes rose from 22 percent in Esquimalt to 47 percent in Port Alberni, while condominium and townhouse assessments rose at a rate of just about half those of residential increases, from 13 per cent in the city of Victoria to 27 per cent in Courtenay.
“Vancouver Island’s real estate market has increased in value across all property types over the past year,” says Vancouver Island Deputy Assessor Jodie MacLennan. “Increases of 15 to 35 percent are generally evident for single family dwellings, strata homes, industrial and commercial properties throughout the island with notably larger percent increases in both central and northern Vancouver Island communities.”
Overall, Vancouver Island’s total assessments increased from about $269 billion in 2021 to $343 billion this year. Over $4.85 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, the West Coast, Northern and Southern Gulf Islands and Powell River.
Assessments can be appealed, with the process explained at www.bcassessment.ca.
“Those who feel that their property assessment does not reflect market value as of July 1, 2021 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says MacLennan. “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 31, for an independent review by a Property Assessment Review Panel.”