This property located at 3051 McAnally Rd is among 22 Saanich properties among the Top 100 assessed properties on Vancouver Island, according to new assessment figures. Last year, it ranked 25th as one of four Saanich properties among the Top 25 with an assessed value of $7.026 million. This year, it dropped to 54th with an assessed value of $6.479 million. Black Press File.

Saanich assessments up 15 per cent over last year

Saanich property values went up in 2017, but by less than they did in 2016.

Average Saanich homes within School District 61 (SD61) were worth $759,000 on July 1, 2017 – up 17 per cent from July 1, 2016 – while average Saanich homes within School District 63 (SD63) were worth $940,000 on July 1, 2017 – up 13 per cent from July 1, 2016.

B.C. Assessment – the provincial Crown corporation charged with creating assessment rolls used for local taxation purposes – released these figures Tuesday.

These figures actually marked a slow down compared to 2016, when assessment values rose 20 per cent in SD61 and 22 per cent in SD63.

While municipalities use these assessments to set property tax rates, higher assessment rates do not necessarily point towards higher property tax rates.

Valla Tinney, Saanich’s director of finance, said in an interview last year 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. The assessment changes only impact each property owner’s share of the taxes.”

Looking at specific local neighbourhoods, Saanich’s Cadboro Bay neighbourhood with its stunning ocean views appears to be the most exclusive based on assessed home values.

Of the 22 Saanich properties that crack the 100 most valued properties on Vancouver Island, 19 lie within the boundaries of the Cadboro Bay Residents Association.

Of the remaining three, two fall within the boundaries of the Cordova Bay Association for Community Affairs, while Saanich’s most valuable property located at 1063 Gardenwood Court lies in the Royal Oak-Broadmead area within the boundaries of the Gordon Head Residents’ Association.

The value of that property? $8.24 million. That property is also the only Saanich property to crack the Top 25 at 19th spot.

Queenswood Drive, meanwhile, appears to be the most exclusive street in Saanich, with nine properties cracking the Top 100 for Vancouver Island.

Compared to other municipalities in the Capital Regional District, Saanich found itself in the middle in terms of increases.

Sidney (20 per cent), Langford (21 per cent) and Metchosin (25 per cent) recorded the highest increases in assessed values. These figures offer additional confirmation of the growth that has taken place outside the CRD’s core area in the search for housing.

James Island off Sidney topped the 2018 list of the most valued residential property in the Vancouver Island catchment area, with a total value of $54.43 million. Two properties on Oak Bay’s Humber Road – both valued at just over $15 million – round out the Top 3 for Vancouver Island.

Overall, Oak Bay is home to seven out of the 10 most valued properties in the Vancouver Island catchment.

Assessments appear as of July 1, 2017 and capture six variables: location, size of home, size of lot, age of home, miscellaneous features that can affect value, and comparable sales prices and other real estate market information.

Property owners who wish to challenge their assessments face an appeal deadline of Jan. 31, 2018. A review panel will hear assessment complaints between Feb. 1 and March 15 of each year. A second level of appeal is also available.

Gerry Marolla, deputy assessor for the Vancouver Island assessment region, said the “bulk” of filings come from individuals who feel their assessment is too high. But individuals file for a variety of reasons, he said. Those reasons include owners who believe their assessment is too low in anticipation of a pending real estate sale, or they may wish to claim farm status, or continue to receive an exemption.

Over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

Just Posted

UPDATE: Island Health says no need for alarm over needle prick incidents in Victoria

Briefing followed meeting between Island Health, downtown service providers

Victoria a hot spot for millennials: new study

City ranks No. 2 for generation of Canadians seeking work-life balance

Rumble in the Vale: Strawberry Vale homeowners hang banner protesting construction noise, rumbling

Banner reading ‘Do you hear what we hear?’ hangs over Colwood Crawl

Central Saanich police chase down speeding biker

A motorcyclist from the Lower Mainland was caught on the Tsawout reserve… Continue reading

False missile alert for Central Saanich councillor

While on vacation in Hawaii, Central Saanich Councillor Alicia Holman was awoken… Continue reading

Solitary-confinement veto a chance to address mental health: advocate

B.C. Supreme Court made the landmark ruling Wednesday

Winter storm coming to B.C. this weekend

The bets are on as to how much snow the province will actually get in the coming days

B.C. civil rights group files complaint about RCMP arrest of man who later died

Dale Culver, a 35-year-old Indigenous man was arrested in Prince George last July

Lawyer says former B.C. government aide ‘barely guilty’ in ethnic vote scandal

Brian Bonney pleaded guilty to a breach of trust charge

Saanich lights up Layritz Park with solar-powered lights

Saanich plans to install more solar-powered lights after installing them in Layritz… Continue reading

Quite a few tears as homemade quilts distributed to residents of Ashcroft Reserve, Boston Flats affected by last summer’s fire

Quilters in B.C. and Alberta worked through the summer and fall to create more than 100 quilts.

Victoria real estate sales off to slow start

New figures show regional real estate sales are off to a slow… Continue reading

B.C. coast loggers celebrate history, hope for improvement

Truck Loggers Association awaits B.C. NDP government’s new direction

Global Affairs aware of report of two Canadians kidnapped in Nigeria

The foreigners were heading south from Kafanchan to Abuja when they were ambushed around Kagarko

Most Read