(Sotheby's Realty)

Your home may be worth a lot more now, as Victoria enters 2023.

In the next few days, owners of about 384,000 properties throughout Vancouver Island should be receiving their 2022 assessment notices, which reflect market value as of July 1st, 2022.

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

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Since last year, the total value of property assessments across the island increased by nearly $44 billion, rising from approximately $342 billion in 2022 to $386 billion this year.

About $4.78 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.

According to BC Assessment, the majority of residences saw a range of percentage change in value between 10 and 35%.

“Homeowners across Vancouver Island can generally expect about 10% to 20% rise in assessment values with a few exceptions,” said 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.”

In Victoria, single-family residences rose by 8% over the past year, while condo assessments increased by only 13%.

Meanwhile, assessments rose by 15% in Langford, 12% in Esquimalt, and 11% in Sooke, while the District of Saanich climbed up by 10%.

The City of Colwood saw the largest assessed value change, increasing by 16%; which translates to an increase to $1,150,000, up from $852,000.

Here’s a breakdown of single family homes across southern Vancouver Island:

Single Family Home Changes by   Community

2022 Typical   Assessed Value

as of July 1, 2021

2023 Ty​pical   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%

 

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

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