A home on Stephenson Point Road is one of six residential properties on the road that ranked among the top 10 of Nanaimo’s highest-assessed homes listed by B.C. Assessments in 2022. (Chris Bush/News Bulletin)

A home on Stephenson Point Road is one of six residential properties on the road that ranked among the top 10 of Nanaimo’s highest-assessed homes listed by B.C. Assessments in 2022. (Chris Bush/News Bulletin)

Nanaimo’s top 10 highest-assessed properties for 2022

Market forces lift single-family home assessments 34 per cent

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



photos@nanaimobulletin.com

Like us on Facebook and follow us on Twitter

Commercial real estateCommunityNanaimoProperty taxesReal estate