A property at 7600 Harby Rd. in Lantzville is one of the top-five highest-assessed residential properties in the area. (NEWS BULLETIN photo)

Lantzville dominates list of area’s highest-valued residential properties

Increases coming in this year’s property assessments

Lantzville estates rule the roster of highest-valued residential properties in the area.

Six of the top 10 highest-valued pieces of real estate in the Nanaimo-Lantzville area are in the seaside community, according to B.C. Assessment, which has released this year’s property assessments.

Owners of properties across Vancouver Island can now see their 2018 assessments online, and are expected to get notices in the mail this week.

Most can expect an increase, according to B.C. Assessment, which reports the average assessed value will go up from $385,000 to $441,000, or 15 per cent, in Nanaimo, from $335,000 to $396,000 or 18 per cent in rural Nanaimo and 21 per cent, from $442,000 to $535,000 in Lantzville.

The numbers reflect market value as of July 1, 2017.

Christopher Whyte, deputy assessor, said each year B.C. Assessment looks at all sales over the yea and appraisers analyze them and compare them to the previous assessment to get an indication of how the market reacted year over year.

“Some of that reaction is going to be due to market pressure out of the bigger town centres like the Lower Mainland and the Capital Regional District in Victoria and also, like a lot of real estate professionals have reported over the year, there’s less supply in the market right now so that increases the demand and that generally can correlate to an increase price paid for property,” said Whyte, adding it’s important to remember an increase in property assessment doesn’t translate into an increase in taxes per se.

Also observed this year, he said, is that the increase in assessment value is fairly Island-wide, whereas last year the big growth was in Victoria and around the south Island.

But the province’s capital still dominated this year’s top 100 highest-assessed values on Vancouver Island, where neither Nanaimo nor Lantzville made the list. Locally, the No. 1 spot goes to Nanaimo’s 5025 Hinrich View, valued at $4.1 million, but the largest number of high-valued addresses are found in Lantzville, including a trio along Dickinson Road.

Derek Gillette, Remax real estate agent, said the values are because of the size of properties and along Dickinson and in Lantzville there’s walk-on waterfront.

“There’s only a few areas that have that, so that’s pretty rare. You’ve got Piper’s Lagoon, you’ve got some areas at Stephenson Point, but then the rest becomes high bank,” said Gillette, pointing out that not all of a high-bank property is usable compared to the lower part of Dickinson Road where landowners are physically able to use most of the property.

He’s not surprised at the increase in assessment values, pointing to Lantzville opening up with the Foothills, but as a slower-moving area for sales, he said a few high-end properties can have a greater impact on home values.

People can go onto B.C. Assessment’s website at www.bcassessment.ca and use the search function to see their assessments and others in their neighbourhood. If people have questions or concerns, they can call B.C. Assessment at 1-866-825-8322.

Top 10 valued residential properties for Nanaimo and Lantzville:

1. 5025 Hinrich View, Nanaimo $4.1M

2. 6970 Dickinson Road, Lantzville $3.84M

3. 7386 Sunbury Road, Lantzville $3.52M

4. 6960 Dickinson Road, Lantzville $3.4M

5. 7600 Harby Road W, Lantzville $3.32M

6. 3576 Planta Road, Nanaimo $3.2M

7. 3384 Stephenson Point Road, Nanaimo $3.15M

8. 6952 Dickinson Road, Lantzville $3.04M

9. 6998 Strait Road, Lantzville $2.7M

10. 3432 Stephenson Point Road, Nanaimo $2.38M

Just Posted

Tom Petty tribute artist from Nanaimo to perform at the Queen’s

Dave Danylchuk is debuting new touring band Perfectly Petty this week

Nanaimo RCMP seek suspect after armed robbery of gas station

Alleged incident occurred Sunday night at Uplands Drive and Turner Road

Nanaimo school trustees will vote on pay increase

School district business committee recommends raise to offset new tax laws

Truck convoy honouring Nanaimo boy who died after being struck by vehicle

Trucks left from Victoria and others joined along the way up the Island

Nanaimo women look for forward steps at march

Nanaimo Women March On held downtown on Saturday

2-for-1: Total lunar eclipse comes with supermoon bonus

On Sunday night, the moon, Earth and sun lined up to create the eclipse, which was visible throughout North and South America

Woman offers luxury Alberta home for just $25 and a flair for the written word

Alla Wagner ran into health problems, which forced her to list the 5,000-square-foot estate at market value

46% of Canadians $200 or less away from financial insolvency: poll

45% cent of those surveyed say they will need to go further into debt to pay their living and family expenses

Vancouver Island to get its first publicly funded dementia village

Campus planned for Comox encourages independent activity, freedom to move

World economy forecast to slow in 2019 amid trade tensions

For Canada, the IMF’s estimate for growth in 2019 was 1.9 per cent, down from expected global growth of 3.5 per cent

Reflections of Ladysmith: The Art of Michael Dean

Work, place and people are inseparable for Vancouver Island painter

‘Gotti’ leads Razzie nominations, Trump up for worst actor

The nominations were announced on Monday, Jan. 21 with some movies earning up to six nominations

Patriots make 3rd straight Super Bowl, beat Chiefs 37-31 in OT

New England will meet L.A. Rams in NFL title game

Most Read