Salt Spring home values jump by 6.4%
The average Salt Spring home value increased by more than six per cent over the past year, reflecting strong interest from buyers for properties located right across the Vancouver Island region.
Numbers released by BC Assessment on Jan. 4 are linked to market values as of July 1, 2020. The trend shows an uptick in sales over the previous year, when the market had relatively stabilized.
“Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale,” assessor Tina Ireland explained in a news statement. “For most communities, the assessed values of single-family homes are up moderately about five to 10 per cent.”
The average-valued single-family home on Salt Spring is now provisionally set at $681,074, an increase of 6.4 per cent compared to last year’s $640,401 valuation. Waterfront homes on Salt Spring became even more desirable, with values jumping 12.6 per cent from an average $892,497 in 2020 to $1,004,594.
One waterfront Salt Spring property that is normally on the list of the 100 highest valued properties in the Vancouver Island area was well up in the rankings again this year: at $7.99 million, 466 Scott Point Rd. is now the 22nd most valuable property in the island region. Also making the top 100 list is 3015 Southey Point Rd., coming in at number 82 with a valuation of $5.59 million.
The average assessed value of single-family homes on the other southern Gulf Islands increased by eight per cent this year, or from $376,478 to $406,597. Waterfront homes on Galiano, Mayne, Pender and Saturna islands showed a more modest increase in value than on Salt Spring, going from an average assessed value of $644,903 to $693,388.
Homeowners can expect to receive their notice of valuation in the mail as early as this week. They can also use the online tool at bcassessment.ca to see their assessment immediately and compare the valuation with other nearby properties.
“Property owners can find a lot of valuable information on our website, including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2020 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” Ireland said.
If there is still concern after speaking to an appraiser, property owners can submit a notice of complaint up until Feb. 1 to schedule an independent review by a property assessment review panel. Review panels are independent of BC Assessment and are appointed annually by the provincial government. They typically meet between Feb. 1 and March 15 to hear formal complaints.
Property owners are reminded that an increase in assessed value does not automatically translate into an increase in property taxes, however. Only those homes whose value dips or jumps up beyond the average change in the community will see their tax rate change beyond the budget increases that local governments have set.