This McAnally Rd is among Top 100 assessed properties on Vancouver Island, according to new assessment figures. This year, it ranked 62nd overall, down from 54th last year. Two years, it ranked 25th. (Black Press File).

Average assessed home value in Greater Victoria rises 8.5 per cent

Growth trend happening slower than previous years

The assessed values of Greater Victoria homes have risen, but at a slower rate than in the past, according to new figures from BC Assessment.

Consider Saanich as a representative example. Between July 1, 2017 and July 1, 2018, the assessed values of single-residential homes rose by an average of five per cent for the entire municipality, with variations depending on the area. Homes within the boundaries of School District No. 61 rose four per cent to $810,000, those within the boundaries of School District No.63 six per cent to $1.01 million.

READ MORE: Property values released by B.C. Assessment

By comparison, average assessed values rose 15 per cent during the same time frame between July 1, 2016 and July 1, 2017. Assessed values rose 21 per cent in the year previous.

Looking more closely at the most recent numbers, values rose the most in Colwood, where the assessed values for single-residential homes were up 10 per cent. Saanich was the lowest (School District No. 61) with just a four per cent average move. Regionally, the average increase was 8.53 per cent — down compared to previous years.

Gerry Marolla, deputy assessor for the Vancouver Island Region, said it is not clear what caused this slow-down in assessed values. However, he notes that 2016 was a phenomenal year for the local real estate market.

RELATED: Saanich properties see major spike in assessed values

RELATED: Saanich assessments up 15 per cent over last year

Central and northern Vancouver Island, meanwhile, recorded increases that ranged between 10 and 20 per cent, and between 10 and 25 per cent.

Looking at specific properties in the region, the most exclusive property in the region is James Island off the coast near Sidney, with an assessed value of $56.75 million.

Of the 25 most valuable properties on Vancouver Island, 13 lie within the municipal boundaries of Oak Bay — home to the second and third-most valuable properties on Vancouver Island.

A single-family home at 3160 Humber Road is worth $16.159 million, while an acreage at 3195 Humber Road has a value of $15.39 million.

Oak Bay is also home to the region’s most exclusive street as Beach Drive features four properties in the Top 10, ranging in value from $12.11 million (3155 Beach Drive) to $10.91 (3355 Beach Drive). In fact, three of those four properties all lie within the 3100 block of Beach Drive.

The most exclusive property in the City of Victoria is Unit 2101 at 83 Saghalie Road with a value of $8.79 million, good enough for 16th spot on Vancouver Island.

The most exclusive property in the District of Saanich is 2670 Queenswood Drive with a value of $8.63 million, good enough for 18th spot on Vancouver Island.Queenswood Drive is also home to the 19th most valuable property at 2524 QueenswoodDrive ($8.46 million), 20th most valuable property at 2524 Queenswood Drive ($8.28 million), and the 25th most valuable at 2690 Queenswood Drive ($8.08) million.

These figures, which are available through bcassessment.ca, are important for three reasons. First, they capture the historical values of homes. Second, municipalities use them to calculate property taxes rates with the proviso that higher assessed values do not necessarily point towards higher property tax rates.

Valla Tinney, Saanich’s director of finance, said in the past that the average increase in property taxes cannot be determined until the budget deliberation process is complete in early May.

In any case, assessment fluctuations do not directly impact property tax revenue, said Tinney.

“The amount of property tax revenue the municipality collects in the year is determined by council in setting the annual budget,” she said. “The assessment changes only impact each property owner’s share of the taxes.”

Finally, they satisfy a voyeuristic instinct by giving residents a chance to look up the value of their neighbours’ homes. It might not be honourable, but at least honest.


Like us on Facebook and follow us on Twitter

Just Posted

Flat tire, kindness of strangers, surprisingly inflate hope

Sooke mom and her daughters knocked on door of Bob and Norma Saunders seeking help

Health Canada suspends Island pot producer’s licence following unannounced visit

Evergreen Medicinal Supply is working on “corrective action”

Victoria student out $600 for lack of e-bike insurance blames confusing rules

B.C. regulation says e-bike motors must turn off if rider stops pedalling, or bike must be insured

Oak Bay grants 60 days of protection for century-old mansion

J.W. Morris House slated for removal by Abstract Developments

Saanich police ask for public’s help locating missing high risk youth

The 12-year-old was last seen before school on Monday morning

Sealand was much more than killer whales, says ex-employee

Former Sealasd trainer revisits Sealand of the Pacific in talk

Crime Stoppers most wanted for Greater Victoria for the week of September 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Should the province step in to upgrade the road to Bamfield?

The death of two University of Victoria students on a bus bound… Continue reading

35 of 87 dogs in 2018 Williams Lake seizure were euthanized due to behavioural issues, BCSPCA confirm

The dogs did not respond to the behaviour modification and remained terrified of humans

B.C. ‘tent city’ disputes spark call for local government autonomy

UBCM backs Maple Ridge after province overrules city

B.C. drug dealers arrested after traffic stop near Banff turns into helicopter pursuit

Antonio Nolasco-Padia, 23, and Dina Anthony, 55, both well-known to Chilliwack law enforcement

B.C. MLA calls on province to restrict vaping as first related illness appears in Canada

Todd Stone, Liberal MLA for Kamloops-South Thompson, introduced an anti-vaping bill in April

Most Read