The value of Regional District of Nanaimo properties increased by more than 13 per cent the last year, to $66 billion, says the provincial body which assists governments with taxation.
With RDN directors about to begin 2023 budget talks, Maurice Primeau, B.C. Assessment regional deputy assessor, informed the board, at its Tuesday, Jan. 10 meeting, about changes in the latest assessment roll.
Between July 2021 and July 2022 City of Parksville numbers showed single-family dwellings and stratas rising 11 per cent, while commercial properties saw a 10-per cent change.
The Town of Qualicum Beach saw close to a nine-per cent change in single-family dwellings, 15 per cent for strata buildings and six per cent for commercial properties.
Coombs, Hilliers and Errington (Electoral Area F) had about a 10-per cent change for single family and nine per cent for commercial.
Area G (Dashwood and Englishman River) saw residential properties increasing nine per cent, stratas 14 per cent and commercial properties eight per cent.
Single-family dwellings in Qualicum Bay, Deep Bay and Horne Lake (Area H) increased 14 per cent, stratas were up 22 per cent and commercial properties went up six per cent.
Primeau told directors numbers used are based on values from the summer.
“We look at sales every year around July 1 to give us our market value for the assessment roll,” he said . “We are very aware that the market’s changing, interest rates are rising … we’re already seeing downward trends in real estate values, and we have quite a few predictors that can tell us where the market is heading and I’m very confident that we’re going to see lower assessed values next July 1.”
Activity not related to market movement (non-market change), such as new construction, subdivisions, changes in property class and zoning, demolitions and extensions of boundaries, totalled $808 million region-wide.
Parksville saw total non-market change activity totalling $91 million, while Qualicum Beach saw a $26 million total. In rural districts, Area F’s total non-market change was close to $45 million, Area G’s was $9 million and Area H $25 million, Primeau said.
“This is something we strive to get on the assessment roll,” Primeau said. “We do it now in a cumulative fashion so the local governments can look at their non-market change on a very regular basis … it helps with early budget planning discussions, before you actually get into setting your rates for the new year and finalizing your budget.”
Notices of assessment have been sent out and people wishing to appeal have until Jan. 31.
In all, 79,449 properties were on the assessment roll in the RDN, according to B.C. Assessment.
More information can be found at www.bcassessment.ca.