“Homeowners across Vancouver Island can generally expect about 10 per cent to 20 per cent rise in assessment values with a few exceptions,” says Vancouver Island Deputy Assessor Jodie MacLennan. “While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher.”
As BC’s provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Vancouver Island’s total assessments increased from about $342 billion in 2022 to almost $386 billion this year. About $4.78 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.
The summaries below provides estimates of typical 2022 versus 2023 assessed values of properties throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:*
|
Single Family Home Changes by Community |
2022 Typical Assessed Value
as of July 1, 2021 |
2023 Typical Assessed Value
as of July 1, 2022
|
% Change |
| Greater Victoria | |||
| City of Colwood | $881,000 | $1,020,000 | +16% |
| City of Victoria | $1,072,000 | $1,157,000 | +8% |
| District of Central Saanich | $989,000 | $1,124,000 | +14% |
| Township of Esquimalt | $927,000 | $1,039,000 | +12% |
| District of Saanich | $1,063,000 | $1,187,000 | +12% |
| District of Oak Bay | $1,527,000 | $1,658,000 | +9% |
| City of Langford | $859,000 | $992,000 | +15% |
| District of North Saanich | $1,312,000 | $1,439,000 | +10% |
| District of Metchosin | $1,149,000 | $1,278,000 | +11% |
| District of Sooke | $748,000 | $831,000 | +11% |
| District of Highlands | $1,146,000 | $1,326,000 | +16% |
| Town of View Royal | $997,000 | $1,132,000 | +14% |
| Town of Sidney | $896,000 | $976,000 | +9% |
| Gulf Islands | $789,000 | $876,000 | +11% |
|
Central Island |
|||
| Town of Ladysmith | $643,000 | $737,000 | +15% |
| Town of Lake Cowichan | $521,000 | $642,000 | +23% |
| City of Duncan | $522,000 | $591,000 | +13% |
| District of North Cowichan | $667,000 | $758,000 | +14% |
| District of Lantzville | $878,000 | $998,000 | +14% |
| City of Nanaimo | $704,000 | $786,000 | +12% |
| Town of Qualicum Beach | $853,000 | $927,000 | +9% |
| City of Parksville | $677,000 | $750,000 | +11% |
| District of Tofino | $1,347,000 | $1,616,000 | +20% |
| Town of Ucluelet | $704,000 | $850,000 | +21% |
| City of Port Alberni | $469,000 | $506,000 | +8% |
|
North Island |
|||
| City of Courtenay | $660,000 | $747,000 | +13% |
| Town of Comox | $748,000 | $822,000 | +10% |
| Village of Cumberland | $727,000 | $849,000 | +17% |
| City of Campbell River | $620,000 | $680,000 | +10% |
| District of Port Hardy | $296,000 | $353,000 | +19% |
| Village of Port Alice | $264,000 | $261,000 | -1% |
| Town of Port McNeil | $329,000 | $415,000 | +26% |
| Village of Gold River | $282,000 | $341,000 | +21% |
| Village of Tahsis | $159,000 | $148,000 | -7% |
| Village of Alert Bay | $222,000 | $226,000 | +2% |
| Village of Sayward | $308,000 | $393,000 | +28% |
| Village of Zeballos | $123,000 | $108,000 | -12% |
| Port Hardy | $296,000 | $353,000 | +19% |
|
Powell River |
|||
| Powell River Regional District – Rural Areas | $433,000 | $501,000 | +16% |
| City of Powell River | $524,000 | $608,000 | +16% |
*All data calculated based on median values.
These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic urban area for select urban communities:*
|
Strata Home Changes (Condos/Townhouses) By Community |
2022 Typical Assessed Value
as of July 1, 2021 |
2023 Typical Assessed Value
as of July 1, 2022
|
% Change |
|
Various Urban Areas: |
|||
| City of Victoria | $516,000 | $582,000 | +13% |
| City of Colwood | $529,000 | $616,000 | +16% |
| District of Central Saanich | $592,000 | $661,000 | +12% |
| Township of Esquimalt | $493,000 | $560,000 | +14% |
| District of Saanich | $518,000 | $610,000 | +18% |
| District of Oak Bay | $748,000 | $834,000 | +12% |
| City of Langford | $490,000 | $572,000 | +17% |
| Town of View Royal | $551,000 | $663,000 | +20% |
| Town of Sidney | $554,000 | $633,000 | +14% |
| City of Nanaimo | $400,000 | $470,000 | +18% |
| City of Courtenay | $404,000 | $444,000 | +10% |
| City of Campbell River | $350,000 | $404,000 | +15% |
*All data calculated based on median values.
BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments, property information and trends such as lists of 2023’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 2023 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
“Property owners can find a lot of valuable 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, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor, Jodie 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 31st, for an independent review by a Property Assessment Review Panel,” adds MacLennan.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains MacLennan. “As indicated on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
