2023 Property Assessments in Around Town
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Compared to 2022, the 2023 Vancouver Island property assessments range from -12% to +28%, with the low and high being within the North Island. Increases for the Comox Valley and Campbell River range from 10 to 17% compared to 34 to 38% in 2022 for single family homes.
The largest increases with 20 to 28% were in Tofino, Ucluelet, Gold River, Lake Cowichan, Port McNeill and Sayward. Tahsis, Zeballos and Port Alice were the only areas on the Island to decrease.
Stratified residential properties in Courtenay and Campbell River showed increases of 10% and 15% respectively.
Overall, Vancouver Island’s total assessments increased from $342 billion to $386 billion. About $4.78 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties. Considering the 2023 values reflect the height of the market in July 2022, values for 2024 are expected to align with the downward trend in the real estate market.
Source: info.bcassessment.ca/news
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