A North Saanich home. (luxurybchomes.com)

Your home may be worth a lot more now, as Victoria enters 2022.

In the next few days, owners of about 382,000 properties throughout Vancouver Island should be receiving their 2022 assessment notices, which reflect market value as of July 1st, 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 $74 billion, rising from approximately $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.

“Vancouver Island’s real estate market has increased in value across all property types over the past year,” said 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.”

According to BC Assessment, the majority of residences saw a range of percentage change in value between 15 and 35 per cent.

In Victoria, single-family residences rose by 24% over the past year, while condo assessments increased by only 13%. The 24% translates to an increase of $867,000 to $1,073,000 for an average single-family residential property in the district.

Meanwhile, assessments rose by 28 per cent in Langford, 22 per cent in Esquimalt, and 34 per cent in Sooke, while the District of Saanich climbed up by only 25 per cent.

In Oak Bay, the district saw an average increase of 24% and remains the most expensive municipality in Greater Victoria.

The District of Metchosin saw the largest assessed value change, increasing by 35 per cent; which translates to an increase to $1,150,000, up from $852,000.

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

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