In the next few days, owners of more than 360,000 properties throughout the Vancouver Island region (including Powell River) can expect to receive their 2017 assessment notices which reflect market value as of July 1, 2016.
“The majority of residential home assessments within the region are shifting between +5% to +25% compared to last year’s assessments,” says Regional Assessor Tina Ireland. “A robust real estate market over the past year resulted in assessment increases for many properties in the Vancouver Island region, most notably those in the Greater Victoria areas which have indicated increases up to 40%.”
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 typical percentage changes to 2017 assessment values by property type compared to July, 2016 (note that property assessments may vary by individual jurisdiction/municipality within the region).
Overall, the Vancouver Island region’s total assessments increased from $170.15 billion in 2016 to $193.21 billion this year. A total of almost $2.91 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. The Vancouver Island assessment region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.
|Powell River Regional District – Rural Areas(747)||$217,000||$205,800|
|City of Powell River||$234,000||$211,900|