Saanich saw a high-interest rate atmosphere that influenced the real estate market along with this year’s assessment roll.
The property assessments are based off market trends for single-family residential properties and Saanich’s typical assessed value dropped two per cent from last year. Saanich was listed at $1.19 million in July 2022 and at $1.16 million in July 2023, according to 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,” said Vancouver Island deputy assessor Matthew Butterfield in a statement. “Homeowners throughout Vancouver Island will generally see somewhere in the range of minus 5 per cent to plus five per cent 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.”
Throughout Saanich and all of Greater Victoria, 400,000 properties on Vancouver Island can expect to receive their 2024 assessment notices, which reflect the market value as of July 1, 2023. Overall, Vancouver Island’s total assessments increased from about $385 billion in 2023 to over $386 billion this year. BC Assessment states that about $4.68 billion of the region’s updated assessments is from new construction, subdivisions, and the rezoning of properties.
The number of B.C. properties on the 2024 roll is over 2 million, a one-per-cent increase from 2023. The total value of B.C. real estate on this year’s roll is over $2.79 trillion, an increase of three per cent from last year. 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 budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
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