Those living in the condos and townhomes will see their property assessments increase at a higher rate than owners of single-family homes in B.C.’s capital this year.
BC Assessment released its 2023 typical assessed values for properties across the province on Tuesday (Jan. 3).
Assessed values of single-family homes in the City of Victoria grew by eight per cent from 2022 to 2023, while strata homes saw a jump of 13 per cent.
The eight per cent increase in the capital city’s standalone home values follows a 24 per cent rise between 2021 and 2022 assessments. The city’s strata home values also rose by 13 per cent from 2021 to 2022.
“Homeowners across Vancouver Island can generally expect about 10 to 20 per cent rise in assessment values with a few exceptions,” Vancouver Island deputy assessor Jodie MacLennan said in a news release.
“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.”
The typical assessed value of a Victoria single-family home for 2023 is $1.157 million and $582,000 for a condo or townhome. The market value of the city’s single-family and strata homes saw an uptick in the last quarter of 2020. Both property types had below-average market values for their homes from 2019 to the mid-point of 2021.
The assessed value of a single-family home in Esquimalt became grew by 12 per cent from 2022 to 2023, while strata dwellings saw a jump of 14 per cent. This year marks the first time in the last five years that a standalone home in Esquimalt has surpassed the $1-million assessment benchmark – coming in at $1,039,000.
Higher property assessments do not automatically translate into higher property taxes, MacLennan said. If owners see their property values change similar to the average change for that class, taxes will likely not change. If the change is above the average, taxes will likely increase, while they will likely decrease if the change is below the average. It also depends on the financial needs of municipalities, the assessor added.
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.
No homes in Victoria or Esquimalt made it into the top-100 valued properties on Vancouver Island or the top 500 in B.C.
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