Typical property assessments across Greater Victoria appreciated in 2020, a trend reflected in municipalities across the province. (Black Press Media File)

Typical property assessments across Greater Victoria appreciated in 2020, a trend reflected in municipalities across the province. (Black Press Media File)

Home values surge across Greater Victoria

BC Assessment’s 2021 data reveals appreciating values across the region

A year of uncertainty didn’t get in the way of rising home values across Greater Victoria.

Assessment notices arriving in the coming weeks will reflect market values as they were on July 1, 2020, and most homeowners can expect to see appreciated values.

BC Assessment’s 2021 data shows typical assessed values of the region’s homes jumping four to 10 per cent in 2020. With numbers based on median values, BC Assessment reports that Victoria’s typical home value in July 2019 was $820,000 but in 2020 grew to $868,000 – a six per cent increase.

Meanwhile Colwood saw a nine per cent increase and median Sooke and Esquimalt home values grew by eight and nine per cent respectively.

Oak Bay held onto the title of the Greater Victoria municipality with highest assessed value – growing from $1.14 million in 2019 to $1.22 million in 2020 – a seven per cent increase.

READ ALSO: Assessments down across most of Greater Victoria as real estate market softens

The rest of Vancouver Island saw similar trends, with the highest jump – 36 per cent – reported in the up-Island village of Tahsis, where the 2020 median assessed value was $135,000.

In a statement, Vancouver Island assessor Tina Ireland said strong demand and limited inventory are behind Vancouver Island’s appreciated home values.

“For most communities, the assessed values of single family homes are up moderately about five to 10 per cent, while residential stratas are generally showing less of an increase,” she said.

Some of the region’s homes depreciated in value in 2019, including North Saanich, Saanich, Sidney, Victoria and Oak Bay. At that time, BC Assessment analysts said the change indicated a return to a more stable and balanced market.

But this year, the total value of real estate on the 2021 BC Assessment roll is about $2.01 trillion – a roughly 4.2 per cent increase from the 2020 roll.

Changes in property assessments do not automatically translate to changes in property taxes, BC Assessment emphasizes. However, the rate at which your assessment changes – relative to the average change in your community – may affect your taxes.

Those who feel their property assessment does not reflect market value as of July 1, 2020 can contact BC Assessment, and are encouraged to do so as soon as possible.

If the matter isn’t resolved, homeowners can submit a notice of complaint by Feb. 1 for a review by a Property Assessment Review Panel.

READ ALSO: Don’t agree on your property assessment? Here’s what to do


Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

Greater VictoriaProperty taxesReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Victoria city council unanimously voted Jan. 21 to develop a one-time relief fund for businesses hit by vandalism. (Courtesy of Victoria Police Department)
City offers relief funds for Victoria businesses hit by vandalism

Limited relief fund will come from 2021 contingency budget

James Summer, the City of Victoria’s new youth poet laureate. (Courtesy City of Victoria)
Slam poetry expert introduced as Victoria’s new youth poet laureate

Vic High alum James Summer will serve in the role for 2021

A seller on UsedVictoria.com has listed signed, first editions of the first three Game of Thrones books. (UsedVictoria.com)
Winter is coming: 1st edition, signed Game of Thrones books for sale in Greater Victoria

Three signed Game of Thrones books listed on Used Victoria for $6,000

(Pxhere)
Mill Bay nurse suspended after using Tensor bandage to trap long-term care patient in room

Susan Malloch voluntarily agreed to a three-day suspension of her certificate of registration

Businesses continue to struggle under COVID-19 restrictions as the pandemic reaches the one-year mark. (B.C. government)
Another 564 COVID-19 cases, mass vaccine plan coming Friday

15 more deaths, community cluster declared in Williams Lake

(Black Press Media file photo)
From arts to environment, nominate your West Shore hero

Nominations for the Goldstream Gazette’s Local Hero awards are open

Darlene Curylo scratched a $3M ticket, BCLC’s largest ever scratch and win prize. (BCLC)
Kelowna woman in shock after winning BCLC’s largest-ever instant-ticket prize

Darlene Curylo couldn’t believe her eyes when she saw the amount of money she’d won from a scratch ticket

While each person has different reasons for becoming homeless, a UBCO study shows they learn through their interactions with different services to perform ‘as homeless’ based on the expectations of service providers. (Contributed)
Kelowna homeless forced to ‘perform’ for resources, says UBCO study

One participant in the study said ‘It is about looking homeless, but not too homeless’

Aquaculture employee from Vancouver Island, Michelle, poses with a comment that she received on social media. Facebook group Women in Canadian Salmon Farming started an online campaign #enoughisenough to highlight the harassment they were facing online after debates about Discovery Islands fish farms intensified on social media. (Submitted photo)
Female aquaculture employees report online bullying, say divisive debate has turned sexist

Vancouver Island’s female aquaculture employees start #enoughisenough to address misogynistic comments aimed at them

Gov. Gen. Julie Payette takes the royal salute from the Guard of Honour as she makes her way deliver the the throne speech, Wednesday, September 23, 2020 in Ottawa. THE CANADIAN PRESS/Fred Chartrand
Gov. Gen. Julie Payette resigns, apologizes for ‘tensions’ at Rideau Hall

Payette, who is the Queen’s representative in Canada, has been the governor general since 2017

Grounded WestJet Boeing 737 Max aircraft are shown at the airline’s facilities in Calgary, Alta., Tuesday, May 7, 2019. WestJet will operate the first commercial Boeing 737 Max flight in Canada today since the aircraft was grounded in 2019 following two deadly crashes. THE CANADIAN PRESS/Jeff McIntosh
Passengers unfazed as WestJet returns Boeing 737 Max to service on Vancouver flight

After a lengthy review process, Transport Canada cleared the plane to return to Canadian airspace

The top part of the fossil burrow, seen from the side, with feathery lines from the disturbance of the soil – thought to be caused by the worm pulling prey into the burrow. (Paleoenvironntal Sediment Laboratory/National Taiwan University)
PHOTOS: SFU researchers find evidence of ‘giant’ predatory worms on ocean floor

Fossils found the prove the existence of an ancient Taiwanese worm as long as two metres

Most Read