Property assessments are now available online, with formal letters to be mailed shortly. Increases were consistent across the mid-Island. (NanaimoNewsNOW Photo)

By NanaimoNewsNOW Staff

property valuations

Home assessments increase average of 12% in Nanaimo as real estate market cooled

Jan 3, 2023 | 12:41 PM

NANAIMO — Property valuations ticked upward once again locally and across the province, however the data likely doesn’t reflect today’s reality.

Recently released data from BC Assessment showed many residential and commercial property increases on Vancouver Island rising between 10 and 20 per cent, with a typical single family home’s value in Nanaimo jumping by 12 per cent to $786,000.

Strata residential properties in Nanaimo climbed on average by 18 per cent to $470,000 for the typical home condo, apartment and townhome, noted BC Assessment deputy assessor Maurice Primeau.

He emphasized the valuations are based on market conditions on July 1, 2022, which was a stronger real estate market compared to the present climate.

“Interest rates continues to rise, overall sales volume have declined. We’re starting to head into a recession,” Primeau told NanaimoNewsNOW, noting valuations are based on similar properties sold up to and around July 1 annually.

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Regional break-down of property valuations as of July 1, 2022. (BC Assessment/NanaimoNewsNOW illustration)

Valuations on the mid-Island for homes between Ladysmith and Qualicum Beach increased between nine and 15 per cent on average.

Residential valuations are a down considerably regionally from stunning average increases of between 34 and 37 per cent last year.

While recent slow-downs in sales and sale prices have taken effect, Primeau said Vancouver Island’s real estate market remains strong.

“What I do see is a continued and renewed desire to live on Vancouver Island. Our sales volume over last year was up about 20 per cent in terms of actual number of sales and the demand is still there for people to live on Vancouver Island.”

Higher property assessments often doesn’t result in higher property taxes beyond increases set by your local government.

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 an increase.

Higher property valuations often doesn’t lead to correspondingly higher property taxes (BC Assessment)

BC Assessment is an independent agency tasked with determining valuations in a uniformed fashion in order to determine property tax rates.

Valuations are in the mail and are available online now.

People unhappy with their their assessment have until the end of the month to file an appeal to be heard by an independent review.

Primeau said only about two per cent of property owners in the province formally object their valuations annually.

10 highest valued residential properties in Nanaimo:

1. 4470 Burma Rd: $4,820,000
2. 3372 Stephenson Point Rd: $4,730,000
3. 5025 Hincrich View: $4,488,000
4. 5512 Hiquebran Rd: $4,259,000
5. 3384 Stephenson Point Rd: $4,069,000
6. 5508 Hiquebran Rd: $3,492,200
7. 3394 Stephenson Point Rd: $3,297,000
8. 3342 Stephenson Point Rd: $3,172,000
9. 3711 Ross Rd: $3,172,000
10. 3269 Ross Rd: $3,157,000

10 highest valued non-residential properties in Nanaimo

1. Woodgrove Centre, 6631 Island Hwy N: $231,114,000
2. Harmac Pacific, 1000 Wave Pl: $109,648,800
3. Nanaimo North Town Centre, 4750 Rutherford Rd: $99,780,000
4. Country Club Centre, 3200 Island Hwy N: $77,609,000
5. Port Place Shopping Centre, 650 Terminal Ave: $47,281,000
6. Longwood Station, 5801 Turner Rd: $36,167,000
7. Dickinson Crossing, 6900 Island Hwy N: $35,910,000
8. Brooks Landing, 2000 Island Hwy N: $34,287,000
9. Real Canadian Superstore, 6435 Metral Dr: $33,081,000
10. Departure Bay Ferry Terminal, 680 Trans Canada Hwy: $27,999,000

A property on Burma Rd. in Nanaimo is the city’s highest value residential parcel of land according to 2023 property assessments. (NanaimoNewsNOW Photo)

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