Posted by: Daryl & Wendy Ashby | January 15, 2010

Changes in 2010 Assessments

Overall, the assessed values of properties in Greater Victoria rose by $4 billion for 2010.  Most property owners have seen the value of their real estate assets increase from their 2009 and 2008 assessments, although there were some municipalities that saw decreases in their average assessed values.

Because assessed values normally have little correlation to the actual market value, again I recommend exercising caution when considering this fact of property ownership.  

Assessed values for Greater Victoria suggest that residential homes below $700,000 have seen increases fuelled mostly by the low interest rates and therefore consumer confidence with the economic downturn now a matter of history.  This is best illustrated in the municipality of Esquimalt where the average assessed value increased from $459,100 in 2009 to $473,474 in 2010 for single family homes.

Sales of properties over $700,000, were more stagnant in 2009, although we have seen increased activity in the last three months – in fact, sales over $2 million have been seen increasing in volume over the fall and winter. 

In Oak Bay, where average prices are generally higher than most areas of Greater Victoria, average assessed values decreased from $844,487 to $825,872 between 2009 and 2010.

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