Salt Spring home values increase by five per cent
Most Salt Spring homes saw a modest increase in value over the past year, according to data released by BC Assessment on Jan. 2.
The annual assessment roll shows that single family homes on the island went up 5.3 per cent in value on average, from $617,284 to $650,075, while the value of waterfront homes increased by 4.3 per cent, going from an average $896,051 to $934,678.
In comparison, the average home on the other major Gulf Islands saw a jump of nearly eight per cent from $351,453 to $378,576. Gulf Islands waterfront homes went up three per cent in value, from an average $667,790 to $686,008.
Salt Spring property owners viewing their home assessments either online or on paper when they arrive by mail in the coming weeks may notice that land and building valuations have shifted considerably from the previous year. Land values have decreased while building values have increased, in some cases by as much as 50 per cent.
Gerry Marolla, deputy assessor for the Vancouver Island region, said this is a direct result of input received from island property owners after the 2019 assessment.
“When looking at your property assessment, it is more important to focus on the total value of the property and not the value of each of the component parts. Although BC Assessment does its best to accurately split the value of improved properties between land and buildings, the total market value is the most accurate,” Marolla wrote in an email to the Driftwood.
“While BC Assessment is required to focus on total value, property owners expressed concerns regarding 2019 land values; consequently, the land values were reviewed and reconsidered,” he added. “This resulted in a shift in the contributory value of land and improvements.”
Current market values are assessed by comparing the sale prices of similar properties in the same neighbourhood as of July 1 the previous year. Salt Spring’s market trend was similar to the southern Vancouver Island area as a whole, which saw residential home values change from -5 per cent to +5 per cent.
One Salt Spring property once again made the list of the 100 highest valued properties in the Vancouver Island: 466 Scott Point was number 32 at $7.8 million.
Members of the public can find B.C. property values by address, plan or PID number at bcassessment.ca.