5025 Henrich View Rd. remains the highest value residential property within Nanaimo city limits at $4,787,000. (File Photo/NanaimoNewsNOW)

By Ian Holmes

sticker shock

Nanaimo sees 34 per cent surge for typical single-family home as property assessments soar

Jan 4, 2022 | 2:47 PM

NANAIMO — Newly released property valuations showed substantial increases for most properties in B.C. and the mid-Island region is no different.

BC Assessment property valuations as of July 1, 2021 were released over the New Years weekend and pegged the worth of typical two-storey single-family homes in Nanaimo at $704,000, up from $527,000 the year before.

The Crown corporation listed single-family home valuation increases of between 34 and 37 per cent in the mid-Island region.

“The real estate market has remained robust across the province including higher demand from almost all of B.C. communities, which has resulted in higher 2022 assessment values for home owners,” Maurice Primeau with BC Assessment told NanaimoNewsNOW.

Strata residential properties such as condos and townhomes jumped for a typical property in Nanaimo by 25 per cent to $402,000.

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The findings by BC Assessment are a stark upswing from valuations released this time last year of typical single-family and strata homes in Nanaimo rising by just five and three per cent respectively.

Primeau, a deputy assessor on Vancouver Island for the agency independent of government, emphasized numerous factors are driving up valuations.

High demand, low inventory, record low interest rates and an increasingly mobile workforce are all factors fueling 2022 higher valuations in many communities, Primeau said.

“I think the ball started rolling last year and this year we’re seeing more activity in the market place over last year,” he said.

A typical single family home in Port Alberni shot up by a stunning 47 per cent in assessed value to $470,000, up from $320,000.

Assessments of all property types on Vancouver Island increased to $343 billion in 2022, up from $269 billion in 2021, an increase of 22 per cent.

Higher property assessments doesn’t necessarily mean your property tax bill will follow suit.

For example, City of Nanaimo home owners with assessed values similar to or below the average increase in their respective property class likely won’t see a higher property tax bill beyond the City’s projected 5.9 per cent increase.

A breakdown of property tax implications for properties in the province, in relation to their assessed value. (BC Assessment)

Valuations are in the mail and are available online now.

People unhappy with their their assessment have until Jan 31, 2022 to file an appeal to be heard by an independent review.

Ninety-eight per cent of valuations are accepted.

10 highest valued residential properties in Nanaimo:
1. 5025 Hinrich View: $4,787,000
2. 3372 Stephenson Pt Rd: $4,689,000
3. 5512 Hiquebran Rd: $4,135,000
4. 3384 Stephenson Pt Rd: $3,889,000
5. 5508 Hiquebran Rd: $3,218,000
6. 3330 Stephenson Pt Rd: $3,126,000
7. 3394 Stephenson Pt Rd: $3,060,000
8. 3342 Stephenson Point Rd: $2,982,000
9. 1166 Sheriff Way: $2,948,000
10. 3342 Stephenson Point Rd: $2,835,000

10 highest valued non-residential properties in Nanaimo
1. Woodgrove Centre, 6631 Island Hwy N: $204,899,000
2. Vancouver Island University, 900 Fifth St: $170,437,000
3. Harmac Pacific, 1000 Wave Pl: $99,620,300
4. Nanaimo North Town Centre, 4750 Rutherford Rd: $92,170,000
5. Nanaimo Regional General Hospital, 1200 Dufferin Cres: $81,370,000
6. Country Club Centre, 3200 Island Hwy N: $72,523,000
7. Vancouver Island Conference Centre, 101 Gordon St: $47,610,000
8. Port Place Shopping Centre, 650 Terminal Ave: $46,490,000
9. Dover Bay Secondary School, 6135 McGirr Rd: $46,456,000
10. Saysutshun (formerly Newcastle Island) $34,516,000

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