Peninsula property values hold up

Assessment notices will begin showing up at Greater Victoria homes this month.

Analysis released this month by B.C. Assessment shows the average assessed property value in Sidney increased, while values in Central and North Saanich remained the same over the past year, but the Crown corporation says the changes are ‘nothing substantive.’

Assessment notices will begin showing up at Greater Victoria homes this week. Most homeowners will see moderate range with decreases in value from about minus two per cent to increases of up to three per cent in some areas.

“The only trend, and there’s not much of one, is a wee dip in some parts of the Western communities of one to two per cent, and a modest increase of one to two per cent in Victoria, Oak Bay, Saanich and Central Saanich,” said Reuben Danakody, assessor for BC Assessment Capital Region.

In Sidney, the average assessment increased slightly from $427,000 last year to $432,000 this year. In the School District 63 (Saanich) assessment area, property values decreased on average from $683,000 to $679,000 over the same period.

Central Saanich assessments held the line at $502,000, as did North    Saanich homes, valued at an average of $681,000.

Always titillating is the release of the 100 most highly-valued properties, led by the all-private James Bay Island ($51.6 million) and Samuel Island ($16.9 million). In fact, most of the top 20 properties are either private islands or on Oak Bay waterfront. About 98 per cent of the owners for the province’s 1,974,120 properties (2015) are expected to accept their property assessment without requesting an independent review, which they may do by Feb. 2.

The most dramatic swings in value tend to be from a correction in information, Danakody said. In that case, owners are notified ahead of time to avoid surprise.

B.C. Assessment sent letters to about 1,300 Greater Victoria owners in September to warn them they were facing a 15 per cent increase or decrease. See bcassessment.ca to view individual properties and for a list of the top 100 most highly valued properties in each B.C. region.