One-bedroom rates in Victoria are on the up

Your home may be worth a lot more now, as Victoria enters 2019.

Property assessments have risen across the board on Vancouver Island this year, according to BC Assessment’s 2019 report.

Since last year, the total value of property assessments across the island increased by nearly $25 billion, rising from approximately $222 billion in 2017 to $246.9 billion.

“The majority of residential home owners within the region can expect an increase up to 20% as compared to last year’s assessment,” said Vancouver Island assessor Tina Ireland in a release.

“All markets were relatively strong as of July 1 2018, including single family, condominiums, and commercial properties.”

In Victoria, both single family residences and condo assessments rose by 8% over the past year.

According to BC Assessment, that 8% translates to an increase of $780,000 to $842,050 for an average single-family residential property in the district.

Meanwhile, assessments rose by 9% in Langford, Esquimalt, and View Royal, while the District of Saanich climbed up to 6%.

In Oak Bay, the district saw an average increase of 6%, and remains the most expensive municipality in Greater Victoria.

The average assessment of a single-family home last year was $1,149,000 which climbed $1,222,000 in this year’s report.

North vs. South

While every single market on Vancouver Island grew this year, the northern regions saw a greater rise than the southern ones.

“Increases in assessments are generally lower in the south part of the island and higher as you move to the central or northern areas,” said Ireland.

In the Central Island, property assessments rose by the double digits. Lake Cowichan saw an increase of 16%, and Duncan and Nanaimo saw a jump of 12%.

In Duncan, the average single-family rose from $310,000 to $349,000 this year, while in Nanaimo assessments increased from $434,000 to $490,000 for similar properties.

The biggest jump in the Central Island comes from the town of Ucluelet, where the average single-family home rose 21% from $331,500 to $403,000.

Moving further north, smaller Vancouver Island communities saw the biggest assessment hikes.

The village of Cumberland saw an increase of 27%, while Tahsis rose 30%, and Sayward jumped a whopping 44%.

Single-family homes in Sayward climbed from approximately $141,650 to $205,100 in the newest report.

Homeowners on Vancouver Island can expect to receive their 2019 assessment notices over the next several days. The assessments reflect market values as of July 1st, 2018.

“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 Ireland.

BC Assessment’s full at-a-glance look at Vancouver Island 2019 assessments can be found here, and more information on specific properties can be found at their website.