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Total value of properties in the RDN is $58 billion, says B.C. Assessment

Deputy assessor makes presentation to regional district directors
B.C. Assessment made a presentation on property values at a Regional District of Nanaimo board meeting Feb. 8. (News Bulletin file photo)

Total value of properties within the Regional District of Nanaimo is now more than $58 billion, says the entity that assists governments with property taxation in B.C.

Maurice Primeau, B.C. Assessment deputy assessor, told the RDN board, at its Feb. 8 meeting, there were 76,899 properties within RDN boundaries assessed for the 2022 roll and the total value of $58.4 billion was “an aggregate number from all the property classes.”

B.C. Assessment said last month that the typical assessed value for a single family dwelling in the City of Nanaimo increased to $704,000 from $527,000 the previous year.

Typical assessed value of a single family house in District of Lantzville rose to $878,000 from $640,000. The City of Parksville saw value increase to $677,000 from $505,000 and Town of Qualicum saw an increase to $853,000 from $632,000.

Data for condominiums and townhouses was only available for certain jurisdictions, said B.C. Assessment, and typical assessed value for Nanaimo city strata properties increased to $402,000 from $323,000.

Last year, the region district saw close to $887 million in ‘non-market change’ activity such as new construction, demolition, re-zoning, property class changes and subdivisions, Primeau said. Total non-market change for the City of Nanaimo was close to $442 million, Lantzville’s was more than $50 million, and RDN Area A (Cedar-Cassidy area) saw total non-market change close to $63 million. Gabriola Island had total non-market change of more than $25 million, Extension-East Wellington (Area C) saw change of $4.6 million and Nanoose Bay’s change was just over $80 million. Non-market change for Parksville was $84.4 million and $34 million for Qualicum Beach.

More than 2.1 million properties were assessed by B.C. Assessment for the 2022 roll, according to Primeau. Total valuation across the province totalled a record $2.4 trillion. Non-market change in B.C. was $33.9 billion, up 53 per cent from 2021, also the highest B.C. Assessment has ever seen, Primeau said.

RELATED: Nanaimo’s 2022 top 10 highest-assessed properties

RELATED: Assessments up 40 per cent in some Island communities

RELATED: RDN sees drop in new-construction value

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Karl Yu

About the Author: Karl Yu

After interning at Vancouver Metro free daily newspaper, I joined Black Press in 2010.
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