A sandy beach on James Island, near Sidney. The privately-owned island was once again the most valuable piece of private property in the Capital Regional District at $56.47 million.
Property owners on Greater Victoria will find a mixed bag of results when their annual property-assessment notices start landing in mailboxes this week.
In Victoria, owners of single-family homes are likely to see values drop slightly, while condo owners are more likely to see an increase.
Oak Bay saw the greatest decrease in Greater Victoria in the average value of a single-family home, with a six percent drop to $1.14 million.
The Crown corporation says this year’s assessments reflect a slowdown in the Greater Victoria real estate market.
The assessment is an estimate of a property’s market value as of July 1, 2019 and physical condition as of Oct. 31, 2019.
• Assessments, which are used to calculate property-tax bills, are available online at bcassessment.ca.
Most of Greater Victoria’s 13 municipalities saw the typically assessed value of single-family homes either drop or stay the same as last year, according to information released Thursday by B.C. Assessment.
It shows the residential property values for a typical single-family home dropped by as much as six percent in Oak Bay, while homes in Highlands and Central Saanich saw no change.
Only Langford, Sooke and View Royal saw increases in the typical assessment. All other municipalities saw values drop.
That should come as no surprise to property owners after B.C. Assessment warned last month values could drop by as much as 10 percent in some areas of Greater Victoria due to a softening of the real estate market.
The Crown agency said some single-family homeowners could see increases of as much as five percent.