Saanich’s oceanfront remains among the priciest places to purchase on Vancouver Island, according to BC Assessment’s latest figures.
With a staggering 20 properties to make the top-100 list this year, the highest-valued single-family residence in the District of Saanich is 2795 Sea View Rd. at $10,852,000. It’s also the sixth most-expensive single-family residence on the Island, as well as the Island’s twenty-third-priciest residential property.
The next three properties to make Saanich’s most-expensive list can all be found on the same street: Queenswood Drive.
Assessed at $10,496,000, 2690 Queenswood Dr. is the municipality’s second priciest residential property. Third is 2670 Queenswood Dr. at $10,413,000, followed by 2524 Queenswood Dr. at $10,165,000.
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Rounding out fifth is 3911 Smugglers Cove Rd., a single-family residence valued at $9,860,000.
Overall, the assessed value for a single-family home in Saanich increased 12 per cent over last year for a typical assessed value of $1,187,000.
Strata properties such as condos and townhouses are up 18 per cent for a typical assessed value of $610,000 – six per cent above the average increase of 12 per cent for Greater Victoria as measured by BC Assessment.
Assessments reflect market values as of July 1, 2022 and physical condition as of Oct. 31.
“While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher,” Vancouver Island deputy assessor Jodie MacLennan said in a news release.
MacLennan added that, depending on the financial needs of municipalities, higher property assessments do not automatically translate into higher property taxes.
If owners see their property values change similar to the average change for that class, taxes won’t likely change. If the change is above average, however, taxes will likely increase. Conversely, they will likely decrease if the change is below average.
Vancouver Island’s total assessments increased from about $342 billion in 2022 to almost $386 billion this year. About $4.78 billion of the region’s updated assessments is from new construction, subdivision and the rezoning of properties.
In determining property values, BC Assessment looks at a home’s location, size, age, lot size, features that may affect the value and real estate market data.
READ MORE: Lavish $16.8M Oak Bay home tops Island’s ‘single-family residence’ assessment
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