Owners of single-family homes in Nanaimo are facing a significant jump in average property values in this year’s assessments.
B.C. Assessment, the Crown corporation that classifies and assesses properties in the province, released its figures for 2022 this week and indicate 2021 market forces had a huge impact on driving property values skyward.
The assessments, from data taken July 1, peg Nanaimo’s single-family home property values at $704,000 compared to $527,000 in 2021, amounting to an average 34-per cent hike in a single year.
Strata home values made a 25 per cent leap over assessments for 2021, rising to $402,000 from $323,000.
“Nanaimo has gone up commensurate with the rest of Vancouver Island and pretty much in step with the rest of the province…” said Maurice Primeau, deputy assessor for B.C. Assessment. “Vancouver Island is a very desirable place to live and this year we’ve seen limited inventory and a very high demand to the point where there’s no inventory available and we’ve seen bidding, so it’s quite a unique year.”
But Primeau said just because property value assessments take a big leap it doesn’t mean property owners will pay higher property taxes. That largely depends on how much a property’s assessed value rise compares to the average property assessment rise.
Some of the highest residential assessment increases for Nanaimo neighbourhoods are Protection Island, with a 45.3 per cent hike; Gabriola Island, 38.4 per cent; Nanaimo’s downtown and surrounding area, 37.8 per cent; and Departure Bay, 36.6 per cent.
Light industrial and commercial property assessments rose an average 29.1 per cent and 27.7 per cent respectively in most areas of Nanaimo.
None of Nanaimo’s properties made it into the top 100 or even top 500 of B.C.’s highest assessed value properties in the 2022 assessments.
READ ALSO: Property assessments up more than 40 per cent in some Vancouver Island communities
READ ALSO: B.C. home values increase by 22% for 2022, biggest changes in single-family houses
Primeau said historically about 98 per cent of property owners accept their assessments, but he advises homeowners to carefully examine their assessment notices.
“Not just the value, but make sure the information on it is all correct. Maybe the legal description. Maybe the description of their property and the size and if there are any errors, verify throughout our website…” he said. “Compare your property online with others … and if they have any questions, I really encourage the public to reach out to us.”
To check properties online, learn more about property value assessments or ask question about assessments, visit the B.C. Assessment website at www.bcassessment.ca or call 1-866-825-8322.
Nanaimo’s 10 highest-assessed residential properties:
5025 Hinrich View, $4,787,000
3372 Stephenson Point Rd., $4,689,000
5512 Hiquebran Rd,. $4,135,000
3384 Stephenson Point Rd., $3,889,000
5508 Hiquebran Rd., $3,218,000
3330 Stephenson Point Rd., $3,126,000
3394 Stephenson Point Rd., $3,060,000
3342 Stephenson Point Rd., $2,982,000
1666 Sheriff Way, $2,948,000
3326 Stephenson Point Rd., $2,835,000
Lantzville’s 10 highest-assessed residential properties:
6970 Dickinson Rd., $6,178,000
7386 Sunbury Rd., $5,697,000
6960 Dickinson Rd., $5,518,000
7600 Harby Road West, $5,358,000
6952 Dickinson Rd., $4,820,000
6998 Strait Rd., $4,438,000
7088 Dickinson Rd., $3,768,000
7156 Sebastion Rd., $3,740,000
8020 Lantzville Rd., $3,585,000
7052 Myron Rd., $3,486,000
Nanaimo’s 10 highest-assessed commercial/industrial/institutional properties:
6631 Island Hwy. N. (Woodgrove Centre), $204,899,000
900 Fifth St. (Vancouver Island University), $170,437,000
1000 Wave Pl. (Harmac Pacific), $99,620,300
4750 Rutherford Rd. (Nanaimo North Town Centre), $92,170,000
1200 Dufferin Cres. (Nanaimo Regional General Hospital), $81,370,000
3200 Island Hwy. N. (Country Club Centre), $72,523,000
101 Gordon St. (Vancouver Island Conference Centre), $47,610,000
650 Terminal Ave. (Port Place shopping centre), $46,490,000
6135 McGirr Rd. (Dover Bay Secondary School), $46,456,000
Saysutshun Park, $34,516,000
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