Posts Tagged ‘homeownership BC’

Vancouver Island assessed property values are now available, and many homeowners are asking what the numbers really mean. While assessments influence property taxes, they do not directly reflect current market value. Understanding how BC Assessment works helps put these figures into context. How BC Assessment Determines Value BC Assessment estimates property values annually based on a July 1 valuation date from the prior year. They analyze recent sales, property characteristics, location, and zoning. The goal is fairness across similar properties, not predicting today’s selling price. Why Total Assessed Values Reached $399 Billion Across British Columbia, total assessed property values climbed to approximately $399 billion. This increase reflects long-term population growth, limited housing supply in many areas, and steady demand over several years. Even in a more balanced market, past price gains still influence assessed values. Regional Differences Across Vancouver Island Changes were not uniform. In Greater Victoria, assessments rose by about 1 percent, signalling a cooler and more stable market compared to prior years. In contrast, parts of the North Island saw increases of up to 7 percent, driven by relative affordability, lifestyle demand, and fewer listings. These differences matter. Property taxes are based on your home’s value relative to others in your municipality, not just whether your assessment went up or down. What This Means for Homeowners in 2026 A higher assessment does not automatically mean higher taxes. If your property value increased less than the local average, your tax bill may rise only modestly. For buyers and sellers, assessed values remain a reference point, but market conditions, pricing strategy, and timing still matter more. If you believe your assessment does not reflect your property accurately, you can review comparable sales and file an appeal within the stated deadline. Bottom Line Vancouver Island assessed property values 2026 show a market that is stabilizing in some regions and still adjusting in others. Understanding the assessment process helps homeowners make informed decisions without overreacting to the headline number.   Cindy H., 5-Star Review, via Google “The Faber team go above and beyond! Scott is wonderful to deal with and has a great attitude. I definitely recommend.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”