The Town of Lake Cowichan has seen the biggest increase in the value of an average single-family home in the Cowichan Valley this year, according to the latest figures by BC Assessment.
The price of an average home in Lake Cowichan has risen by 23 per cent, from $521,000 to $642,000 as of July 1, 2022.
The Town of Ladysmith came second in the Valley with a 15 per cent increase, from $643,000 to $737,000.
The Municipality of North Cowichan saw a 14 per cent increase, from $667,000 to $758,000, and the City of Duncan had a 13 per cent increase, from $522,000 to $591,000.
Vancouver Island deputy assessor Jodie MacLennan said homeowners across Vancouver Island can generally expect about a 10 per cent to 20 per cent rise in assessment values, with a few exceptions.
“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,” she said.
In the next few days, owners of about 384,000 properties throughout Vancouver Island can expect to receive their 2023 assessment notices, which reflect market value as of July 1, 2022.
James Island, located close to North Saanich, led the way as the most expensive property in the Vancouver Island area again this year, with an assessed value of $61.2 million in 2023, a jump from the $54.7 million it was assessed at in 2022.
The rise in household property value this year are much smaller than last year, which saw increases range from an incredible 35 per cent to 52 per cent across the Cowichan Valley.
As B.C.’s provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Vancouver Island’s total assessments increased from about $342 billion in 2022 to almost $386 billion this year.
About $4.78 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments, property information and trends such as lists of 2023’s top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2023 property assessments for anywhere in the province.
Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store and access favourites, create comparisons, monitor neighbourhood sales, and use BC Assessments’ interactive map.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said MacLennan.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint by Jan. 31 for an independent review by a Property Assessment Review Panel.”
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between Feb. 1 and March 15 to hear formal complaints.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” said MacLennan.
“As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”