BC Assessment released a list of Vancouver Island’s top 100 valued residential properties for 2019, which included two properties from Nanoose Bay and two from Qualicum Beach.
The Nanoose Bay properties are both on Dorcas Point Road and both rural acreages. The highest valued house at 1365 Dorcas Point Rd. is valued at $13,577,000 and comes in at No. 4 on the list of top 100.
Coming in at number 34 on the list is a rural property at 1374 Dorcas Point Rd, valued at $7,347,000.
In Qualicum Beach, a waterfront property at 821 Eaglecrest Dr. comes in at number 35 with an assessed value of $7,269,000. Another waterfront property at 2119 Island Highway W. made number 81 on the list with an assessed value of $5,455,000.
The majority of properties on the top 100 list are located in Victoria.
In the next few days, owners of more than 371,000 properties throughout Vancouver Island can expect to receive their 2019 assessment notices.
BC Assessment’s valuation of homes across the province, which is based on what was happening in the real estate market as of July 1, 2018, was released Jan. 2.
“The majority of residential home owners within the region can expect an increase up to 20 per cent as compared to last year’s assessment,” says Vancouver Island assessor Tina Ireland in a press release. “All markets were relatively strong as of July 1, 2018, including single family, condominiums, and commercial properties. Increases in assessments are generally lower in the south part of the Island and higher as you move to the central or northern areas.”
Overall, Vancouver Island’s total assessments increased from about $222 billion in 2018 to $246.9 billion this year. A total of almost $3.9 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
The average assessed value of single-family residential properties in the Town of Qualicum Beach in 2018 was $542,000, which jumped 13 per cent to $615,000 in 2019. In the City of Parksville, the 2018 average assessed value was $433,000 for single-family residential properties which increased 11 per cent in 2019 to $448,100.