Saanich homeowners can expect to see more than a five per cent increase in the value of their homes when property assessment notices arrive in the mail this week.
Regional assessor Reuben Danakody said the majority of homes in the region are seeing shifts ranging from a five per cent decrease to a 10 per cent increase over last year’s assessments.
“Notably, a robust real estate market over the past year resulted in assessment increases for many properties in the Vancouver Island region,” said Danakody.
The assessment of an average detached Saanich home in SD61 climbed 5.6 per cent to a value of $544,500 from last year’s assessment of $515,600. Typical Saanich homes in SD63 saw their assessments rise 6.1 per cent to $686,500 from the 2015 figure of $647,100.
Similar increases were seen throughout the region, with the average assessment value reaching $547,200 for Victoria, $527,500 for Central Saanich, $785,900 for Oak Bay, $663,000 for North Saanich and $453,600 for Sidney.
BC Assessment has launched an enhanced website at bcassessment.ca that includes more details about 2016 assessments, property information and trends such as lists of 2016’s top most valuable residential properties across the province.
“Property owners can access useful information on our website including answers to many assessment related questions,” said Danakody. “Those who feel that their property assessment does not reflect market value as of July 1, 2015 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.”
If a property owner is still concerned about their assessment after speaking to an appraiser, they may submit a notice of complaint by Feb. 1, for an independent review.
Overall, Vancouver Island’s total assessments increased from $163.96 billion in 2015 to $170.15 billion this year. A total of almost $2.24 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
The Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.