Vancouver Island 2024 Property Assessments in the Mail

VICTORIA, BC, Jan. 2, 2024  /CNW/ - In the next few days, owners of nearly 400,000 properties throughout Vancouver Island can expect to receive their 2024 assessment notices, which reflect market value as of July 1, 2023.

Explaining the relationship between Property Assessments and Property Taxes (CNW Group/BC Assessment)

British Columbia's Top 500 Valued Homes for the 2024 Property Assessments. (CNW Group/BC Assessment)

B.C.'s Vancouver Island Top 100 Valued Homes for the 2024 Property Assessments (CNW Group/BC Assessment)

"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," says Vancouver Island Deputy Assessor Matthew Butterfield. "Homeowners throughout Vancouver Island will generally see somewhere in the range of -5% to +5% change in assessment values. Some smaller North Island communities, however, will see larger increases as there continues to be demand in those markets with limited supply."

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, Vancouver Island's total assessments increased from about $385 billion in 2023 to over $386 billion this year. About $4.86 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties.

BC Assessment's Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, the West Coast, Northern and Southern Gulf Islands and Powell River.

The summaries below provide estimates of typical 2023 versus 2024 assessed values of properties throughout the region.

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 %

*All data calculated based on median values.

These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic urban area for select urban communities:*

Strata Homes (Condos/Townhouses) Changes by Community	2023 Typical Assessed Value as of July 1, 2022	2024 Typical Assessed Value  as of July 1, 2023	% Change
Various Urban Areas:
City of Victoria	$582,000	$581,000	0 %
City of Colwood	$615,000	$650,000	+6 %
District of Central Saanich	$661,000	$665,000	+1 %
Township of Esquimalt	$559,000	$586,000	+5 %
District of Saanich	$610,000	$602,000	-1 %
District of Oak Bay	$834,000	$824,000	-1 %
City of Langford	$571,000	$576,000	+1 %
Town of View Royal	$663,000	$659,000	-1 %
Town of Sidney	$633,000	$649,000	+3 %
City of Nanaimo	$470,000	$447,000	-5 %
City of Courtenay	$443,000	$433,000	-2 %
City of Campbell River	$404,000	$401,000	-1 %

*All data calculated based on median values.

BC Assessment's website at bcassessment.ca includes more details about 2024 assessments, property information and trends such as lists of 2024's top valued residential properties across the province.

The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2024 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.

"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 Deputy Assessor Matthew 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.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.

"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Butterfield. "As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."

 Have questions?

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.

 MEDIA BACKGROUNDER 
January 2, 2024 

Facts on B.C. Property Assessments and the 2024 Assessment Roll

• Total number of British Columbia properties on the 2024 Roll is 2,184,692, a 1% increase from 2023.
  
  
• Total value of B.C. real estate on the 2024 Roll is over $2.79 trillion, an increase of 3% from 2023.
  
  
• Total amount of 'non-market change', including new construction, rezoning and subdivisions is approximately $39.62 billion, an increase of over 18% from the 2023 Roll of $33.52 billion.
  
  
• In B.C., approximately 88.5% of all properties are classified with some residential (Class 1) component.
  
  
• Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment. Assessments are the estimate of a property's market value as of July 1, 2023 and physical condition as of October 31, 2023. This common valuation date ensures there is an equitable property assessment base for property taxation.
  
  
• Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
  
  
• Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
  
  
• BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise nearly $10 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
  
  
• BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use "Find your property assessment".
  
  
• For more information on the 2024 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit bcassessment.ca and click on the "Property Information & Trends" link.

SOURCE BC Assessment

Media contacts: Matthew Butterfield, Deputy Assessor, BC Assessment, Vancouver Island Region, Tel. [phone] Ext. 01432 / Cell 250-213-6138, Email: [email protected]; Maurice Primeau, Deputy Assessor, BC Assessment, Vancouver Island Region (North and Central Island Areas), Tel. [phone] Ext. 04260 / Cell 250-713-3195, Email: [email protected]