Analysis released today by B.C. Assessment shows the average assessed property value in Saanich increased in some areas and decreased in others over the past year, but the Crown corporation says the changes are ‘nothing substantive.’
Assessment notices will begin showing up at Greater Victoria homes this week. Most homeowners will see moderate range with decreases in value from about minus two per cent to increases of up to three per cent in some areas.
“The only trend, and there’s not much of one, is a wee dip in some parts of the Western communities of one to two per cent, and a modest increase of one to two per cent in Victoria, Oak Bay, Saanich and Central Saanich,” said Reuben Danakody, assessor for BC Assessment Capital Region.
In Saanich, the average School District 61 assessment increased slightly from $497,000 last year to $503,000 this year. In SD63, which includes , assessments decreased on average from $683,000 to $679,000 over the same period.
Always titillating is the release of the 100 most highly-valued properties, led by the all-private James Bay Island ($51.6 million) and Samuel Island ($16.9 million). In fact, most of the top 20 properties are either private islands or on Oak Bay waterfront.
Waterfront also dominates criteria among Saanich’s top 10 valued properties, except for one five-acre stead at 1063 Gardenwood Crt., valued at $5.3 million and situated in the heart of Broadmead subdivisions.
Without an ocean view, the 10,000 square-foot house and large property comprise its higher assessed value.
“Judging from the assessment, it’s not your typical size house,” Danakody said. “It’s a huge house and it’s not common to get that kind of house and property in (Greater) Victoria.”
The mansion boasts a first floor living area of 6,139 square feet, second floor with 3,624 and finished basement of 3,100 more.
About 98 per cent of the owners for the province’s 1,974,120 properties (2015) are expected to accept their property assessment without requesting an independent review, which they may do by Feb. 2.
The most dramatic swings in value tend to be from a correction in information, Danakody said. In that case, owners are notified ahead of time to avoid surprise.
B.C. Assessment sent letters to about 1,300 Greater Victoria owners in September to warn them they were facing a 15 per cent increase or decrease.
See bcassessment.ca to view individual properties and for a list of the top 100 most highly valued properties in each B.C. region.
Highest Saanich property assessments (and overall rank across Capital Region):
1. $6,369,000 (21st): 2690 Queenswood Dr., Saanich (SD61) Ocean waterfront acreage.
2. $6,344,000 (23rd) 3911 Smugglers Cove Rd., Saanich (SD61) Ocean waterfront single family residence.
3. $5,883,000 (26th) 3051 Mcanally Rd., Saanich (SD61) Ocean Waterfront single family residence.
4. $5,673,000 (31st) 2795 Sea View Rd., Saanich (SD61) Ocean waterfront single family residence.
5. $5,583,000 (34th) 2901 Sea View Rd., Saanich (SD61) Ocean waterfront acreage.
6. $5,488,000 (35th) 2676 Queenswood Dr., Saanich (SD61) Ocean waterfront acreage.
7. $5,373,000 (38th) 1063 Gardenwood Crt., Saanich (SD63) Royal Oak/Broadmead acreage.
8. $5,134,000 (41st) 2490 Shannon Pl., Saanich (SD61) Ocean waterfront acreage.
9. $4,966,000 (47th) 2524 Queenswood Dr., Saanich (SD61) Ocean waterfront acreage.
There are 13 more Saanich properties assessed in the region’s top 100.