Here's how much home assessments rose on Vancouver Island this year

Property assessments rise on Vancouver Island Property value assessments on Vancouver Island have risen about 10 to 20 per cent on average this year, according to BC Assessment.

Residents of Vancouver Island should expect their property assessments to rise about 10 to 20 per cent compared to last year, according to BC Assessment.

The organization's official 2023 assessment notices have been sent to about 384,000 property owners in the region and are expected to arrive by mail in the next several days.

The assessments are based on market values as of July 1, 2022, compared to the same date in 2021.

"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," said, Jodie MacLennan, Vancouver Island deputy assessor, in a release Tuesday.

In Greater Victoria, the average assessment values for single-family homes saw the largest increases in Colwood and Highlands.

In Colwood, the typical assessed value of a single-family home rose 16 per cent, from about $881,000 in July 2021 to $1,020,000 in July 2022.

In Highlands, average assessment values also rose 16 per cent, from $1,146,000 to $1,326,000, according to BC Assessments.

In Victoria, the typical assessed value of a single-family home rose a more modest eight per cent, up from $1,072,000 last year to an average of $1,157,000 in this year's assessment.

REGIONAL INCREASES

Elsewhere on Vancouver Island, there were significant increases in the average assessment value of single-family homes in Lake Cowichan, Ucluelet and Tofino.

Lake Cowichan saw typical assessment values rise 23 per cent, up from $521,000 in July 2021 to $642,000.

In Ucluelet, average assessment values rose 21 per cent, from $704,000 to $850,000, while Tofino saw average assessment values increase 20 per cent, from $1,347,000 last year to $1,616,000 for a typical single-family home.

NORTH ISLAND

More extreme swings were seen in northern Vancouver Island, where some communities saw assessment values soar for single-family homes, while other communities saw their values fall.

In Sayward, average assessment values rose 28 per cent, up from $308,000 to $393,000 – while in Port McNeil, average assessment values increased 26 per cent from $329,000 to $415,000.

In Zeballos, average assessment values for single-family homes declined 12 per cent from $123,000 in last year's assessment to $108,000 this year.

In Tahsis, typical assessment values also dropped, down seven per cent from $159,000 to $148,000.

A look at average assessment values for single-family homes on Vancouver Island this year can be found below:

CONDOS

Typical assessment values for condos rose significantly for most communities on Vancouver Island in this year's assessment.

In View Royal, average assessment values for condos rose 20 per cent, from $551,000 in last year's assessment to $663,000 this year, marking the largest proportional increase in the region.

The District of Saanich and City of Nanaimo also saw their average assessed values for condos rise by 18 per cent this year, according to BC Assessment.

In Victoria, average assessed values for condos rose 13 per cent, from $516,000 to $582,000.

"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," said MacLennan.

Property taxes generally only change if your property increased or decreased significantly compared to the average change in your neighbourhood.

While assessment notices are expected to arrive by mail over then next several days, residents can also check the BC Assessment website for details about the 2023 assessment.

Anyone with concerns or complaints about their properties is asked to contact BC Assessment as soon as possible, and complaints must be submitted by Jan. 31.