VICTORIA — In the next few days, owners of more than 374,600 properties throughout Vancouver Island can expect to receive their 2020 assessment notices, which reflect market value as 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.”

As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Vancouver Island region’s estimated range of percentage changes to 2020 assessment values by property type compared to 2019.  Please note property assessments may vary by jurisdiction or municipality within the region.

Property TypeSouthVancouver Island2020 AssessmentsRange of % Changes in Value(as of July 1, 2019)Central & NorthVancouver Island2020 AssessmentsRange of % Changes in Value(as of July 1, 2019)
Residential Single Detached Homes-10% to +10% -5% to +15%
Residential Strata Units(e.g. condominiums)-5% to +10%-5% to +20%
Commercial-5% to +25%-5% to +25%
Light Industrial-10% to +25%0% to +20%

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.

The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region.

These examples demonstrate market trends for single-family residential properties by geographic area:

Single Family Homesby Community2019 Typical Assessed Valueas of July 1, 20182020 TypicalAssessedValueas of July 1, 2019%Change
Greater Victoria
City of Colwood$637,000$631,000-1%
City of Victoria$842,000$821,000-3%
District of Central Saanich$738,000$739,0000%
Township of Esquimalt$710,000$702,000-1%
District of Saanich (SD#61)*$810,000$785,000-3%
District of Saanich (SD#63)*$1,013,000$979,000-3%
District of Oak Bay$1,222,000$1,144,000-6%
City of Langford$612,000$623,000+2%
District of North Saanich$924,000$897,000-3%
District of Metchosin$791,000$777,000-2%
District of Sooke$501,000$517,000+3%
District of Highlands$812,000$812,0000%
Town of View Royal$741,000$746,000+1%
Town of Sidney$698,000$691,000-1%
Gulf Islands$523,000$548,000+5%
*SD = School District
Central Island
Town of Ladysmith$426,000$445,000+5%
Town of Lake Cowichan$327,000$340,000+4%
City of Duncan$349,000$369,000+6%
District of North Cowichan$430,000$460,000+7%
District of Lantzville$623,000$610,000-2%
City of Nanaimo$490,000$504,000+3%
Nanaimo Rural$434,000$461,000+6%
Town of Qualicum Beach$615,000$596,000-3%
City of Parksville$481,000$485,000+1%
District of Tofino$767,000$883,500+15%
Town of Ucluelet$403,000$445,000+11%
City of Port Alberni$278,000$299,000+8%
North Island
City of Courtenay$449,000$456,000+2%
Town of Comox$517,000$526,000+2%
Village of Cumberland$459,000$493,000+7%
City of Campbell River$399,000$442,000+11%
Campbell River Rural$370,000$403,000+9%
District of Port Hardy$182,000$194,000+7%
Village of Port Alice$131,000$136,000+4%
Town of Port McNeil$218,000$230,000+6%
Village of Gold River$166,000$181,000+9%
Village of Tahsis$100,000$100,0000%
Village of Alert Bay$129,000$148,000+15%
Village of Sayward$205,000$234,000+14%
Village of Zeballos$64,000$58,000-9%
Port Hardy$182,000$194,000+7%
Powell River
Powell River Regional District – Rural Areas$257,000$277,000+8%
City of Powell River$327,000$337,000+3%

These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic urban area for select urban communities:

Strata Homesby Community2019 TypicalAssessed Valueas of July 1, 20182020 TypicalAssessedValueas of July 1, 2019%Change
Various Urban Areas:
City of Victoria$448,000$449,0000%
City of Colwood$400,000$415,000+4%
District of Central Saanich$492,000$500,000+2%
Township of Esquimalt$387,000$394,000+2%
District of Saanich (SD#61)*$395,000$403,000+2%
District of Saanich (SD#63)*$631,000$648,000+3%
District of Oak Bay$623,000$635,000+2%
City of Langford$384,000$398,000+4%
Town of View Royal$474,000$473,0000%
Town of Sidney$469,000$466,000-1%
City of Nanaimo$309,000$314,000+2%
City of Courtenay$283,000$307,000+8%
City of Campbell River$240,000$265,000+10%

*SD = School District

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.

The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 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/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map. New for 2020, the website is fully mobile-friendly.

“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, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Assessor Tina Ireland.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” addsIreland.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 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,” explains 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.”