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

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

Just Posted

Mysterious Brazilian honey barrel appears at Saanich intersection

Barrel spotted on West Saanich Road part of intersection construction project, district says

Sidney joins federal government in Reay Creek improvements

Coun. Chad Rintoul says contract to renovate Reay Creek dam makes him ‘nervous’

Lost dog reunited with family three months after going missing along Juan de Fuca trail

‘The poor thing was skin and bones,’ says one of the Sooke rescuers

Improvements flowing to Sooke salmon hatchery

Sooke River Jack Brooks Hatchery hooks major funding

STANDING TALL: For some, B.C.’s forest industry is the best office in the world

A look at the forest sector in B.C. – and those hoping for the best – amid mill curtailments

Bad behaviour at B.C. restaurants ignites campaign calling for respect

“If you can’t follow the rules, then stay home,” says BC Restaurant and Foodservices Association

Addition pending to Cape Scott Provincial Park?

BC Parks will wait before announcing plans for nearly $1 million old growth land purchase

Over half of Americans oppose Trump tariff on Canadian aluminum: survey

The survey was conducted Aug. 7 to 9 among 1,513 Canadians and 1,003 Americans

Oh baby, what a birthday gift: $2.8M raised to help B.C. boy with rare disease

‘We are very thankful to everybody,’ Aryan Deol’s father says

‘Huckleberry’ the bear killed after B.C. residents admit to leaving garbage out for videos

North Shore Black Bear Society said it was local residents who created a ‘death sentence’ for bear

Police investigating after insults, expletives yelled at federal minister’s staff

A 90-second video circulating on social media appears to have been shot by the person who was yelling

Central Vancouver Island’s Green Mountain fire under full control

Fire fighters still monitoring site between Cowichan Lake and Nanaimo River

5 B.C. First Nations call out Canada for ‘discriminatory’ food fish practices

West Coast nations say government ignoring court-won right to chinook and coho

Most Read