Property assessments on Salt Spring and the Gulf Islands increase an average of 35% over previous year

In the next few days, owners of about 382,000 properties throughout Vancouver Island and the Gulf Islands can expect to receive their 2022 assessment notices, which reflect market value as of July 1, 2021.

“Vancouver Island’s real estate market has increased in value across all property types over the past year,” says Vancouver Island Deputy Assessor Jodie MacLennan. “Increases of 15 to 35 percent are generally evident for single family dwellings, strata homes, industrial and commercial properties throughout the island with notably larger percent increases in both central and northern Vancouver Island communities.”

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, Vancouver Island’s total assessments increased from about $269 billion in 2021 to $343 billion this year. Over $4.85 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.

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.

The summaries below provide estimates of typical 2021 versus 2022 assessed values of properties throughout the region.

Assessment Search: Look up your property

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By Salt Spring News

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January 4, 2022 1:53 PM

  • says:

    This is unjust. Some people will not be able to bear the costs. There should be some kind of cap on increases, like there is for renters.

    The Gulf Islands 35% increase is an average. On Salt Spring, my property went up 45% this year.

  • David Stenhouse says:

    Having been through a couple of appeal processes over the past decade, it's alarming that BC's provincial government, through the vehicle of BCAssessment has a vested interest in the inflationary trend of the real estate market. It's also interesting that if you compare Vancouver's residential valuations against Salt Springs, some spectacular differences are evident: Notably the difference between the % increases in "Land" vs "Buildings" values. On one occasion, having asked the question as to why our properties "Building" value increased despite having not made any improvements over the previous year, the answer provided to me was that building costs had increased (definitely supportable by evidence) which was incorporated into new valuations. Of course having surveyed the Vancouver residential market this feature of increased value on the size of the "Buildings" component was conspicuous by its absence. In Vancouver, for the same period in question, it appears that different rules prevail - notably that Land values increase by much greater values than the Buildings on them. Buildings values in the Vancouver residential market, it would appear, bear no relationship to actual replacement costs, which arguably should be something better served by home insurance policies. It would be nice if others could comment on this.