Happy New Year!
I hope the holiday season treated you and your family well and that 2024 is off to a great start!
If you have not already taken a look online or opened your 2024 BC Property Assessment, you are likely in for a decrease as assessed values are reported to be down across the board in the Greater Victoria area. According to BC Assessment, the decreased range is between 1-4% in the region. *Note that not every assessment went down so don’t panic if you see a slight increase.
As reported, the largest decreases (in Greater Victoria) for single-family homes were seen in Sooke and the Highlands with a 4% decrease. Both saw assessed values drop to $799,000 and $1.27 million respectively. The average drop for Victoria, Oak Bay, North Saanich and Metchosin, meanwhile, was 1%. The typical assessed value of a single-family home in Victoria fell to $1.14 million. In the Strata category there was a decrease by 1% in Saanich, View Royal and Oak Bay. There were increases of 6% in Colwood, where a typical strata unit’s assessed value jumped to $650,000 from $615,000.
Some other examples of decreases over the last year in Greater Victoria include:
*Oak Bay: -1% avg. decrease [avg. single family home in Oak Bay assessment now $1.638 million by BC Assessment]
*Saanich: -2% avg. decrease [avg single family home in Saanich assessment now $1.161 million by BC Assessment]
*Esquimalt: -2% avg. decrease [avg single family home in Esquimalt assessment now $1.1005 million by BC Assessment]
*The HIGHEST assessed property in the region this year remains..: James Island assessed at $57.93 million (down from last year $61.24 million) as of July 1.
*The SUPER LEADER in assessments for the capital region this year is 1850 Lands End Rd., which was assessed at $17.5 million, surpassing 3160 Humber Rd. in Oak Bay, which this year was assessed at $16.24 million, down from a $16.8-million valuation last year.
Assessment notices show the estimated market value as of July 1, 2023, and physical condition as of Oct. 31, 2023, as determined by B.C. Assessment. The organization takes into account a range of factors, from nearby sales to location, condition, and improvements. They are not always correct and do not necessarily represent the current market value.
If you have any concerns about your property assessment notice and feel that it is not correctly representative of other similar homes in your area, you have until Wednesday, January 31st, 2024 to appeal your assessments. See BC Assessment website for further details.
If you have any questions about values in your neighbourhood for contesting or about the current real market value of your property, please feel free to give us a call and we would be happy to set up a time to further discuss what this changing real estate market means to the price of your home.
I look forward to speaking soon in the New Year and wish you all the best in 2024!!
Please give us a call or email should you have any questions. Thank you.