It looks like most single-family home properties on Vancouver Island and the Sunshine Coast have dropped slightly in value, according to the most recent BC Assessment figures.
The figures released on Jan. 2 show values dropped in most places except for a few locations on the North Island where demand is still strong. Deputy assessor Matthew Butterfield says most homeowners can expect flat values with a mix of small decreases for only modest properties.
“Homeowners throughout Vancouver Island will generally see somewhere in the range of minus five per cent to plus five per cent change in assessment values,” said Butterfield. “Some smaller North Island communities, however, will see larger increases as there continues to be demand in those markets with limited supply.”
They add overall, Vancouver Island’s total assessments increased from about $385 billion last year to over $386 billion.
In the Cowichan Valley, Ladysmith and North Cowichan saw decreases of four per cent for $705,000 and $727,000 values respectively, while Duncan had a six per cent decrease for $557,000 and Lake Cowichan dropped by nine per cent for $587,000.
Butterfield adds that it is important to know that changes in property assessments do not automatically translate into a corresponding change in property taxes. He adds that is affected by how your assessment changes relative to the average change in your community.
BC Assessment adds the website has more details about the property assessments and information. Butterfield adds that if you are still concerned about your assessment after talking to an appraiser, you can submit a Notice of Complaint by Jan. 31 for an independent review.
