BC Assessment released its latest numbers to kick off 2024 and communities in Greater Victoria saw their values drop.
But some properties still managed to hold their value – some extravagantly so.
The most valuable private residence in Greater Victoria sits at 1850 Lands End Rd. in North Saanich, titled the Queen Mary Bay property, and it’s valued by BC Assessment at $17.5 million. That value, however, only ranked it at 159 in all of B.C.
The home itself is a modest 3,587 square feet with four bedrooms and three bathrooms, built in 1983. It’s decorated in a West Coast style with natural lighting from large windows and skylights. There is also a separate caretaker’s cottage, and 15 parking spots.
The real selling point, however, is the 24.57 acres of oceanfront property it sits on, with more 1,500 feet of ocean frontage. On these shores, of course, is a private dock.
The second-most valuable Greater Victoria house on the list is in Oak Bay, of course, at 3160 Humber Rd. It’s valued at $16.3 million.
For the Saanich Peninsula, property values from BC Assessment dropped:
District of Central Saanich: From $1,124,000 in July 2022 to $1,102,000 in July 2023, a drop of two per cent.
District of North Saanich: From $1,437,000 in July 2022 to $1,421,000 in July 2023, a drop of one per cent.
Sidney: From $976,000 in July 2022 to $949,000 in July 2023, a drop of three per cent.
In the City of Victoria, home values dropped from $1,157,000 to $1,142,000, a drop of one per cent.
In the District of Oak Bay, home values dropped from $1,658,000 in 2022 to $1838,000, a drop of one per cent.
In Esquimalt, values dropped from $1,038,000 to $1,005,000, a fall of three per cent.
“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 news release. “Homeowners throughout Vancouver Island will generally see somewhere in the range of -5% to +5% 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.”
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Vancouver Island’s total assessments increased from about $385 billion in 2023 to over $386 billion this year.
About $4.86 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, the West Coast, Northern and Southern Gulf Islands and Powell River.
BC Assessment’s website at bcassessment.ca includes more details about 2024 assessments, property information and trends such as lists of 2024’s top-valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2024 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
“Property owners can find valuable information on our website including answers to many assessment-related questions. Those who feel that their property assessment does not reflect market value as of July 1, 2023, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Butterfield.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” adds Butterfield.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” said Butterfield. “As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
Total number of British Columbia properties on the 2024 Roll is 2,184,692, a 1% increase from 2023.
Total value of B.C. real estate on the 2024 Roll is over $2.79 trillion, an increase of 3% from 2023.
Total amount of ‘non-market change’, including new construction, rezoning and subdivisions is approximately $39.62 billion, an increase of over 18% from the 2023 Roll of $33.52 billion.
In B.C., approximately 88.5% of all properties are classified with some residential (Class 1) component.
Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment. Assessments are the estimate of a property’s market value as of July 1, 2023 and physical condition as of October 31, 2023. This common valuation date ensures there is an equitable property assessment base for property taxation.
Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
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 own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise nearly $10 billion in property taxes each year.
This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
