Property assessments reflect stable markets

Property owners, check your mail. You can expect to receive your 2024 assessment notice any day now. The assessments reflect market value as of July 1, 2023, and can also be viewed at bcassessment.ca.

“For 2024, most homeowners can expect generally flat values including a mix of small decreases or only modest increases, reflecting the softening real estate market,” Vancouver Island Deputy Assessor Matthew Butterfield stated in a news release. “Homeowners throughout Vancouver Island will generally see somewhere in the range of -5% to +5% change in assessment values.”

Total assessments for Vancouver Island properties were more than $386 billion this year, up about $1 billion from 2023.

Assessments are not directly connected to any change in your property taxes, as those are set according to the needs of the municipality your property is in. However, if your property’s value changed relative to other properties, you might see a change in your tax bill.

In Greater Victoria, every municipality experienced a drop in the assessed value of a “typical home,” including the examples below: