Property values increase in Victoria, Esquimalt

Property owners throughout Victoria and Esquimalt should be smiling when they receive their 2016 property assessment notices this week.

Property owners throughout Victoria and Esquimalt should be smiling when they receive their 2016 property assessment notices this week.

In Victoria, the assessment of a typical single family residential detached home is pegged at $547,200 compared to $524,200 last year — a difference of $23,000. In Esquimalt, the assessment for 2016 is $483,000 compared to $454,100 last year — a difference of $28,900.

According to Reuben Danakody, regional assessor with B.C. Assessment, Victoria typically sees increases between 3.5 to five per cent and Esquimalt typically hovers around the three per cent mark.

“Esquimalt has been pretty flat in the last couple of years, so we’re seeing some positive movements,” said Danakody. “It’s not a massive increase, but it’s a decent increase from what we’ve seen in previous years.”

Danakody attributes the increase to general market trending. The volume of transactions have increased year over year, likely in the range of about 21 to 30 per cent. An increase in demand drives up the prices of homes.

During the last six months, realtors have described the housing market as “absolutely crazy.” In November, anything priced in the $550,000 to $600,000 range was selling within hours and some homes had five or six offers. In Fairfield, homes were selling for $40,000 to $80,000 over the asking price.

Although the high demand and low supply has made it hard for realtors to find something to sell their clients, Danakody said the increase in property assessments is good news for property owners.

“Starting around 2010 is really when we started to see realty prices just flatten out, then we saw a year or two of declining values. We started to see some recovery in the last two years and then certainly last year we saw an increase in transactions and some modest increases,” he said. “Here again, another year of modest increases, so it’s a good consistent growth.”

Assessments are the estimate of a property’s market value as of July 1, 2015. When estimating a property’s market value, appraisers analyze current sales in the area and consider other characteristics such as size, age, quality, condition, view and location. Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.

In the Greater Victoria area, Oak Bay has the highest assessments at $785,900 — a 6.4 per cent increase from last year. The largest average increase was in North Saanich, which rose by seven per cent to $663,000, and the lowest is $362,300 in Sooke, which only saw a 2.7 per cent increase.

Residential property assessments across the Island vary from a five per cent decrease to a ten per cent increase.

B.C. Assessment has launched a new website that includes more details about 2016 assessments, property information and trends such as the most valuable residential properties across the province.

More than 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review. Those who feel their assessment does not reflect market value as of July 1, 2015 or see incorrect information on their notice should contact B.C. Assessment as soon as possible.

For more information visit bcassessment.ca.

 

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A female prisoner sent Langford police officers a thank-you card after she spent days in their custody. (Twitter/West Shore RCMP)
Woman gives Victoria-area jail 4.5-star review in handwritten card to police after arrest

‘We don’t often get thank you cards from people who stay with us, but this was sure nice to see’: RCMP

Staff and volunteers at the Shaw Centre for the Salish Sea were disappointed by the theft of an educational porpoise skull likely taken on Jan. 8. (Courtesy of Tina Kelly)
Well-loved porpoise skull stolen from Sidney aquarium

Skull had been used for youth and visitor education and outreach for years

The Starbucks in Langford’s Westshore Town Centre is one of almost 300 storefronts that the U.S. coffee giant will be shutting across Canada by the end of March. (Google Maps)
Langford’s Westshore Town Centre Starbucks to close permanently

Popular coffee chain to close 300 storefronts across Canada by end of March

An Oak Bay Police officer handed out five tickets for “fail to obey stop sign” and two tickets for using a cell phone while driving, all within two hours at King George Terrace on Jan. 11. (Oak Bay Police Twitter)
Man confronts unmasked group at Oak Bay Marina

Oak Bay police issue plenty of tickets in short King George Terrace visit

A 45-metre tall call tower is proposed for Westhills Stadium. (Black Press Media file photo)
New cell tower proposed for Westhills Stadium in Langford

Tower will increase capacity in congested network: staff report

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C. adjusts COVID-19 vaccine rollout for delivery slowdown

Daily cases decline over weekend, 31 more deaths

An elk got his antlers caught up in a zip line in Youbou over the weekend. (Conservation Officer Service Photo)
Elk rescued from zip line in Youbou on Vancouver Island

Officials urge people to manage items on their property that can hurt animals

A Trail man has a lucky tin for a keepsake after it saved him from a stabbing last week. File photo
Small tin in Kootenay man’s jacket pocket saved him from stabbing: RCMP

The man was uninjured thanks to a tin in his jacket

Tla-o-qui-aht First Nation Chantel Moore, 26, was fatally shot by a police officer during a wellness check in the early morning of June 4, 2020, in Edmundston, N.B. (Facebook)
Frustrated family denied access to B.C. Indigenous woman’s police shooting report

Independent investigation into B.C. woman’s fatal shooting in New Brunswick filed to Crown

Delta Police Constable Jason Martens and Dezi, a nine-year-old German Shepherd that recently retired after 10 years with Delta Police. (Photo submitted)
Dezi, a Delta police dog, retires on a high note after decade of service

Nine-year-old German Shepherd now fights over toys instead of chasing down bad guys

Nurses collect samples from a patient in a COVID suspect room in the COVID-19 intensive care unit at St. Paul’s hospital in downtown Vancouver, Tuesday, April 21, 2020. (THE CANADIAN PRESS/Jonathan Hayward)
5 British Columbians under 20 years old battled COVID-19 in ICU in recent weeks

Overall hospitalizations have fallen but young people battling the virus in hospital has increased

Canada released proposed regulations Jan. 2 for the fisheries minister to maintain Canada’s major fish stocks at sustainable levels and recover those at risk. (File photo)
New laws would cement DFO accountability to depleted fish stocks

Three B.C. salmon stocks first in line for priority attention under proposed regulations

Trees destroyed a Shoreacres home during a wind storm Jan. 13, 2021. Photo: Submitted
Kootenay woman flees just before tree crushes house

Pamala DeRosa is thankful to be alive

Gin, one of the Kantymirs’ two sheep. (Martha Wickett-Salmon Arm Observer)
Sheep start up ATV, sit in cars and go for walks in Salmon Arm

Until they bought two sheep, Ken and Karleen Kantymir didin’t realize just how social the animals are

Most Read