Most residential property assessments decreased for a second year in a row in the Capital Region last year, according to annual data released by B.C. Assessment today.
More than 145,000 Greater Victoria homeowners will receive their 2014 assessments from the Crown corporation over the coming days, reflecting a median property depreciation between two to five per cent from the last year's assessment roll. The assessments are reflective of market value as of July 1, 2013.
In Victoria, the median residential property assessment dropped from $542,000 to $526,000; in Esquimalt, valuations dipped from $512,000 last year to $491,000 this year, reflecting the current real estate market, said Capital Region assessor Reuben Danakody.
"The majority of residential home owners will observe a modest assessment change compared to last year's assessment roll," Danakody said. "Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact B.C. Assessment as soon as possible in January."
Commercial property assessments show the reverse trend, increasing between two and six per cent over 2012 valuations.
The strength of the commercial property market is being driven by longer term investor confidence and the entry of new and major tenants at new shopping centres like Hillside Centre and Uptown, Danakody said.
Collective Capital Region property assessments decreased from $90.5 billion in 2012 to $88.8 billion in 2013, while $743 million of new construction, rezoning and subdivisions were added in the same period.
B.C. Assessment evaluates properties based on location, property size, physical features, economic factors and income generation.
Visit bcassessment.ca for more information.
Most expensive single family homes by municipality (excludes acreages, condo units):
Victoria:
1. 1851 Crescent Rd. – $2.9 million
2. 1322 Rockland Ave. – $2.7 million
3. 1544 Montgomery Ave. – $2.5 million
Esquimalt:
1. 1149 Munro St. – $1.6 million
2. 455 Sturdee St. – $1.4 million
3. 445 Foster St. – $1.4 million
Saanich:
1. 3911 Smugglers Cove Rd. – $6.5 million
2. 3051 Mcanally Rd. – $6.03 million
3. 2795 Sea View Rd. – $6.02 million
Oak Bay:
1. 3160 Humber Rd. – $8.8 million
2. 963 Beach Dr. – $8 million
3. 3355 Beach Dr. – $7.6 million
