Property Assessment Increase in Around Town
Your Weekly Construction Briefing
The BC Assessment Authority has mailed out their 2022 assessment notices, which reflect market value as of July 1, 2021. The new values are up from between 17 to 47% with Tofino, Ucluelet, Port Alberni, and Powell River over 42%.
Real estate on Vancouver Island has increased in value across all property types. However, the largest increases of Typical Assessed Values occurred in Single Family Homes with Port Alberni leading the way at 47% from $320,000 to $470,000. Value increases for the Comox Valley and Campbell River range from 34 to 38% with some Building Links clients reporting increases over 42%.
Overall, Vancouver Island’s total assessments increased from about $269 billion to $343 billion. Over $4.85 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. With the limited inventory and continued strong demand, values are expected to continue to push higher.
BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, the West Coast, Northern and Southern Gulf Islands and Powell River.
For a list of increases, visit BC Assessment.
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