Oak Bay’s waterfront remains among the priciest of places to purchase in the province, according to the latest BC Assessment numbers.
With a handful of properties that tend to swap in and out of the top-five most valuable each year, the top single-family residence in Oak Bay this year is 3160 Humber Rd. at $16,828,000. The property is also the fifth-priciest residential property on Vancouver Island.
Tenth on the Island and second in Oak Bay’s roll is 963 Beach Dr, valued at 13,062,000. Third is 3150 Rutland Rd. $12,825,000 followed by 3155 Beach Dr. at $12,665,000 and rounding out fifth is 3355 Beach Dr. at $11,897,000.
Overall, Oak Bay’s average assessed value increased nine per cent over last year for a typical assessed value of $1,658,000.
Strata properties such as condos are up 12 per cent for typical assessed value of $834,000.
Assessments reflect July 1, 2022 market values and physical condition as of Oct. 31.
It’s a smaller lift than most areas of the Island, with BC Assessment noting residents should expect a 10 to 20 per cent uptick. It’s also markedly lower jump than last year’s 24 per cent rise.
“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.
The biggest dip on the Island is Tahsis, where assessments are down seven per cent.
BC Assessment says more than 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review.
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