With the economy improving, it’s no surprise for Greater Victoria to see its 2014 property assessments rebound slightly.
Overall, the Capital Region’s assessment roll increased slightly to $90.5 billion this year from $88.8 billion. A total of almost $1 billion of the $90.5 billion includes value attributable to subdivisions, rezoning and new construction.
On average, the assessed value of single homes within the City of Victoria increased by 1.9 per cent, according to B.C. Assessment valuations released Friday, to hit $536,000 from $526,00 a year ago.
Similar valuations were recorded in Esquimalt where assessed residential properties jumped by 1.6 per cent to an average value of $499,000 from $491,000 a year ago.
Non-residential properties increased in value by two to six percent across the region.
Property assessments are in the mail for 1.97 million British Columbia property owners (about 139,000 in Greater Victoria).
“What we finding in Greater Victoria – specifically Victoria – is a moderate increase across the board,” said Reuben Danakody, B.C. Assessment assessor for the Capital Region.
“What the marketplace is telling us is if a property is priced right and it’s the right product then houses are [selling] quite well. There is still some good, strong demand for Victoria.”
Victoria Real Estate Board president Guy Crozier said there are many factors that contribute to a homes purchase price that a two to six percent increase in assessed value is unlikely to impact price at all.
He heard of one Victoria resident who saw an increase of 30 per cent on her assessment.
“A specific property’s value is determined by many different things – mortgage rates, availability of similar properties (how much is on the market at one time) buyer’s motivation, seller’s motivation, specialty upgrades, specific trends in specific areas,” Crozier said.
“The [B.C. Assessment] is one of these factors, but not the one most likely to determine the purchase price of a property by any means.”
The assessments for any given year are based on the market values of homes as of July 1 the previous year, according to B.C. Assessment. Assessments are used by municipalities to set property taxes.
Home owners can look up their assessments on the B.C. Assessment website at bcassessment.ca.