BC Property Assessments

Is your BC Assessment fair market value?

According to BC Assessment, “fair market value” is defined as the estimated price that a property would sell for on the open market as of July 1st from the previous year. This value is determined by considering recent sales of similar properties in the same neighbourhood, as well as other factors such as land size, building age and condition, and any special features or amenities that the property may have.

2023 Top 40 Property Assessment Percentage Changes by Community on Vancouver Island for Single Family Homes

Communities	% Change	2022 Typical Assessed Value as of July 1, 2021	2023 Typical Assessed Value as of July 1, 2022
City of Colwood	16	$881,000	$1,020,000
City of Victoria	8	$1,072,000	$1,157,000
District of Central Saanich	14	$989,000	$1,124,000
Township of Esquimalt	12	$927,000	$1,039,000
District of Saanich	12	$1,063,000	$1,187,000
District of Oak Bay	9	$1,527,000	$1,658,000
City of Langford	15	$859,000	$992,000
District of North Saanich	10	$1,312,000	$1,439,000
District of Metchosin	11	$1,149,000	$1,278,000
District of Sooke	11	$748,000	$831,000
District of Highlands	16	$1,146,000	$1,326,000
Town of View Royal	14	$997,000	$1,132,000
Town of Sidney	9	$896,000	$976,000
Gulf Islands	11	$789,000	$876,000
Town of Ladysmith	15	$643,000	$737,000
Town of Lake Cowichan	23	$521,000	$642,000
City of Duncan	13	$522,000	$591,000
District of North Cowichan	14	$667,000	$758,000
District of Lantzville	14	$878,000	$998,000
City of Nanaimo	12	$704,000	$786,000
Town of Qualicum Beach	9	$853,000	$927,000
City of Parksville	11	$677,000	$750,000
District of Tofino	20	$1,347,000	$1,616,000
Town of Ucluelet	21	$704,000	$850,000
City of Port Alberni	8	$469,000	$506,000
City of Courtenay	13	$660,000	$747,000
Town of Comox	10	$748,000	$822,000
Village of Cumberland	17	$727,000	$849,000
City of Campbell River	10	$620,000	$680,000
District of Port Hardy	19	$296,000	$353,000
Village of Port Alice	-1	$264,000	$261,000
Town of Port McNeil	26	$329,000	$415,000
Village of Gold River	21	$282,000	$341,000
Village of Tahsis	-7	$159,000	$148,000
Village of Alert Bay	2	$222,000	$226,000
Village of Sayward	28	$308,000	$393,000
Village of Zeballos	-12	$123,000	$108,000
Port Hardy	19	$296,000	$353,000

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Source: BC Assessments

2023 Top 10 Property Assessment Percentage Changes by Community on Vancouver Island for Condos and Townhouses

Communities	% Change	2022 Typical Assessed Value as of July 1, 2021	2023 Typical Assessed Value as of July 1, 2022
City of Victoria	13%	$516,000	$582,000
City of Colwood	16%	$529,000	$616,000
District of Central Saanich	12%	$592,000	$661,000
Township of Esquimalt	14%	$493,000	$560,000
District of Saanich	18%	$518,000	$610,000
District of Oak Bay	12%	$748,000	$834,000
City of Langford	17%	$490,000	$572,000
Town of View Royal	20%	$551,000	$663,000
Town of Sidney	14%	$554,000	$633,000
City of Nanaimo	18%	$400,000	$470,000
City of Courtenay	10%	$404,000	$444,000
City of Campbell River	15%	$350,000	$404,000

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Source: BC Assessments

Table of Contents

BC Assessment Value

Looking to find out the assessed value of your property in BC? The BC Assessment Search is a great place to start. This online tool provides an estimate of your property’s value as of July 1 of the previous year, based on information from recent sales and other real estate conditions.

To find the value, simply enter your property’s address, roll number, plan number or PID number. Once you have done so, you will be able to see an BC assessed value for your property, as well as information on its location, size, and type. I highly recommend that you register for an account and access their online tools.

Keep in mind that the assessed value is just an estimate – for a more accurate assessment, fill out the below Comparative Market Analysis form. In the meantime, their assessment value can give you a good idea of what your property is worth, and is a great starting point for any further research you may do.

How do I find the assessed value of my property in BC?

If you’re thinking of selling your home on Vancouver Island, it’s important to know how much it’s worth. The assessed value of a property is determined by the BC Assessment Authority, and is based on the market value as of July 1st from the previous year. With my CMA report, I can help you find the current assessed value of your home so that you can list it at the right price today.

How To Appeal Your BC Assessment

Some people believe that BC Assessment’s fair market values are often too high, especially when compared to the sale prices of other similar properties on July 1 from the previous year. Each year you have the opportunity to appeal your property assessment and you have until January 31 to do it. Follow the 7-Step Appeal process by BC Assessment. Once you have reviewed the 7-Step Appeal Process, I recommend you access my BC Assessment Appeals section.

Home Values in 2023

If you’re thinking of selling your home on Vancouver Island, it’s important to know what your property is worth. As a professional real estate agent, I can offer you a free home evaluation service that can give you an estimate of your home’s value today.

To get started, simply enter your address and some basic information about your property in the free Home Evaluation form below to find out what your home is worth. The Comparative Market Analysis, also known as a CMA report will take into account factors like the size and location of your home, as well as recent sales of similar properties in the area. Once you have your home’s estimated value, you can use this number to help set a realistic asking price when you put your property on the market.

Getting a free home valuation is a quick and easy way to find out how much your property is worth. It’s a valuable report that can help establish the best price to yield the most value when selling your home.