Here's how much home assessments rose on Vancouver Island this year

The organization's official 2023 assessment notices have been sent to about 384,000 property owners in the region and are expected to arrive by mail in the next several days."While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher," said, Jodie MacLennan, Vancouver Island deputy assessor, in a release Tuesday.

In Highlands, average assessment values also rose 16 per cent, from $1,146,000 to $1,326,000, according to BC Assessments. In Ucluelet, average assessment values rose 21 per cent, from $704,000 to $850,000, while Tofino saw average assessment values increase 20 per cent, from $1,347,000 last year to $1,616,000 for a typical single-family home.More extreme swings were seen in northern Vancouver Island, where some communities saw assessment values soar for single-family homes, while other communities saw their values fall.

In View Royal, average assessment values for condos rose 20 per cent, from $551,000 in last year's assessment to $663,000 this year, marking the largest proportional increase in the region.

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