As Vancouver Island homeowners anticipate the arrival of their 2024 property assessment notices, the landscape appears to mirror the ongoing adjustments in the real estate market.
The figures, recently released by BC Assessment, showcase a nuanced pattern across the region, signaling a predominantly stable or marginally fluctuating property value scenario.
In a media release, Matthew Butterfield, Deputy Assessor for Vancouver Island, emphasized that the 2024 assessments largely exhibit a trend of subdued adjustments.
“For 2024, most homeowners can expect generally flat values including a mix of small decreases or only modest increases, reflecting the softening real estate market,” said Butterfield.
The overview of assessments unveils a spectrum of changes, with the majority of regions experiencing shifts ranging between -5% to +5%. Notably, certain smaller North Island communities are witnessing more substantial increases due to sustained demand in markets constrained by limited supply.
Related:
Here’s how much your Vancouver Island home is worth this year: BC Assessment
For single-family residential properties in Greater Victoria, the trends reveal marginal decreases ranging from -1% to -4%. Similarly, Central Island’s communities depict a similar pattern, with a few areas experiencing slightly higher adjustments averaging between -4% to -9%.
Since last year, the total value of property assessments across the island increased from approximately $385 billion in 2023 to $386 billion this year. About $4.86 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
In Victoria, single-family residences dropped -1% over the past year, while condo assessments remained flat.
Meanwhile, assessments dropped -3% in Langford and Esquimalt. Sooke saw an even further dip of -4%, while the District of Saanich went down by -2%, for single-family homes.
Here’s a breakdown of single family homes across southern Vancouver Island:
These examples demonstrate market trends for single-family residential properties by geographic area:
|
Single Family Homes Changes by Community |
2023 Typical Assessed Value as of July 1, 2022 |
2024 Typical Assessed Value as of July 1, 2023
|
% Change |
|
Greater Victoria |
|||
|
City of Colwood |
$1,021,000 |
$994,000 |
-3 % |
|
City of Victoria |
$1,157,000 |
$1,142,000 |
-1 % |
|
District of Central Saanich |
$1,124,000 |
$1,102,000 |
-2 % |
|
Township of Esquimalt |
$1,038,000 |
$1,005,000 |
-3 % |
|
District of Saanich |
$1,186,000 |
$1,161,000 |
-2 % |
|
District of Oak Bay |
$1,658,000 |
$1,638,000 |
-1 % |
|
City of Langford |
$991,000 |
$963,000 |
-3 % |
|
District of North Saanich |
$1,438,000 |
$1,421,000 |
-1 % |
|
District of Metchosin |
$1,276,000 |
$1,263,000 |
-1 % |
|
District of Sooke |
$831,000 |
$799,000 |
-4 % |
|
District of Highlands |
$1,325,000 |
$1,267,000 |
-4 % |
|
Town of View Royal |
$1,132,000 |
$1,113,000 |
-2 % |
|
Town of Sidney |
$976,000 |
$949,000 |
-3 % |
|
Gulf Islands |
$874,000 |
$850,000 |
-3 % |
|
Central Island |
|||
|
Town of Ladysmith |
$737,000 |
$705,000 |
-4 % |
|
Town of Lake Cowichan |
$642,000 |
$587,000 |
-9 % |
|
City of Duncan |
$591,000 |
$557,000 |
-6 % |
|
District of North Cowichan |
$758,000 |
$727,000 |
-4 % |
|
District of Lantzville |
$997,000 |
$930,000 |
-7 % |
|
City of Nanaimo |
$786,000 |
$759,000 |
-3 % |
|
Town of Qualicum Beach |
$927,000 |
$898,000 |
-3 % |
|
City of Parksville |
$750,000 |
$743,000 |
-1 % |
|
District of Tofino |
$1,614,000 |
$1,601,000 |
-1 % |
|
District of Ucluelet |
$839,000 |
$805,000 |
-4 % |
|
City of Port Alberni |
$506,000 |
$499,000 |
-1 % |
|
North Island |
|||
|
City of Courtenay |
$746,000 |
$719,000 |
-4 % |
|
Town of Comox |
$822,000 |
$789,000 |
-4 % |
|
Village of Cumberland |
$850,000 |
$788,000 |
-7 % |
|
City of Campbell River |
$680,000 |
$678,000 |
0 % |
|
District of Port Hardy |
$353,000 |
$364,000 |
+3 % |
|
Village of Port Alice |
$261,000 |
$349,000 |
+34 % |
|
Town of Port McNeil |
$414,000 |
$475,000 |
+15 % |
|
Village of Gold River |
$319,000 |
$321,000 |
+1 % |
|
Village of Tahsis |
$147,000 |
$163,000 |
+10 % |
|
Village of Alert Bay |
$226,000 |
$272,000 |
+20 % |
|
Village of Sayward |
$388,000 |
$350,000 |
-10 % |
|
Village of Zeballos |
$108,000 |
$140,000 |
+29 % |
|
Port Hardy |
$353,000 |
$364,000 |
+3 % |
|
Powell River |
|||
|
Powell River Regional District – Rural Areas |
$499,000 |
$ 475,000 |
-5 % |
|
City of Powell River |
$607,000 |
$ 574,000 |
-5 % |
“Property owners can find valuable information on our website including answers to many assessment-related questions. Those who feel that their property assessment does not reflect market value as of July 1, 2023, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Butterfield.
“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 Butterfield.
BC Assessment’s report can be found here, and more information on specific properties can be found at their website.
