Tulip House in Oak Bay (Photo by Colin Smith)

Your home may be worth a lot more now, as Victoria enters 2021.

In the next few days, owners of about 378,000 properties throughout Vancouver Island should be receiving their 2021 assessment notices, which reflect market value as of July 1, 2020.

In a report released by BC Assessment, property assessments have risen across the board on Vancouver Island this year.

Since last year, the total value of property assessments across the island increased by nearly $34 billion, rising from approximately $255 billion in 2020 to $269 billion this year.

“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.

“For most communities, the assessed values of single family homes are up moderately about five to ten per cent, while residential stratas are generally showing less of an increase.”

According to BC Assessment, the majority of residences saw a range of percentage change in value between 0 and 10 per cent.

In Victoria, single-family residences rose by 6% over the past year, while condo assessments increased by only 2%. The 6% translates to an increase of $820,000 to $868,000 for an average single-family residential property in the district.

Meanwhile, assessments rose by 8% in Langford, Esquimalt, and Sooke, while the District of Saanich climbed up by only 4%.

In Oak Bay, the district saw an average increase of 7% and remains the most expensive municipality in Greater Victoria.

North Saanich saw the largest assessed value change, increasing by 10 per cent; which translates to an increase to $957,000, up from $897,000.

BC Assessment’s report can be found here, and more information on specific properties can be found at their website.

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