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NANCY SMITH addresses the current confusion Market Prices / Assessments.

Home > Market News > Nancy’s Blog > NANCY SMITH addresses the current confusion Market Prices / Assessments.

Vancouver Island Prices are Trending Up

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Jan 13th, 2020 at 2:02 pm

Confusion reigns when Property Assessment values have declined, but according to the Vancouver Island Real Estate Board(VIREB), property prices have INCREASED in 2019!

Quite simply the Assessment Statement currently ending up in property owner's mailboxes show a significant decrease in property values based on information  gathered before July 2019.  Two factors strongly influence the conflicting Assessment Statement of price decrase, verses the annual price increase posted by VIREB: first, property sales during the first half of the year were down due to lack of available property for sale and secondly, there was a signifcant increase of Condo Sales due to afforability, verses Single Family Homes.

January 02, 2020

 374,600 properties on Vancouver Island 2020 assessments, reflect market valueas of July 1, 2019.

"The market has stabilized in most areas of Vancouver Island this year," says Vancouver Island Assessor Tina Ireland. "In the south part of Vancouver Island, the majority of residential property values are moving -5% to +5%, while up island the value increases are a little higher.  The commercial and industrial markets are generally showing increases over last year's assessments."
The table (Click on the .pdf link below) indicates the Vancouver Island Central Island estimated range of percentage changes to 2020 assessment values for Single Family Homes, compared to 2019. 
Overall, Vancouver Island's total assessments increased from about $246 billion in 2019 to $255 billion this year. A total of almost $4.14 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment's Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.
 

BC Assessment's website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020's top valued residential properties across the province.
 

AND

"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Tina Ireland. "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."

(Thank you Tina, but our clients already knew this.)

 

For further information, clarification for your potential Purchase or Sale,

TEXT or call NANCY SMITH RE/MAX Anchor Realty   250 667-0719

Arrow graphic 2020 Assessment based on July 2019 prices. (pdf)

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