Most homeowners in Greater Victoria will see little to no change in their property values for the 2025 assessment year.
The vast majority of residential property owners in Greater Victoria are likely to see very little change in values when the 2025 property assessment notices start finding their way to mailboxes this week. Most homeowners will see either no change or slight drops in the assessed values of their homes, while only the Township of Esquimalt will see an increase in the assessed values of single-family homes this year.
The assessed value of a typical single-family home in Esquimalt increased one per cent to $1.015 million on this year’s roll. Homeowners in all other municipalities in Greater Victoria will either see no change or slight drops of between one and five per cent. The largest decrease was five per cent in North Saanich where it dipped to $1.347 million from $1.421 million last year, while the City of Victoria saw a three per cent slide to $1.113 million. The typical assessed value of strata condominium and townhouse units was down across the board between one and five per cent in Greater Victoria with Central Saanich, Saanich and Oak Bay all seeing a one per cent drop in assessed value, Victoria saw a drop of three per cent and North Saanich condos dropped by five per cent. The generally flat values — a mix of small decreases and one modest increase — could be a reflection of a real estate market affected by high interest rates – the assessment is the estimate of a property’s market value as of July 1 and physical condition as of Oct. 31. The Bank of Canada only started cutting interest rates in June. It reduced its rate five times between June and the end of last year, with the prime lending rate ending the year at 3.25 per cent, its lowest point in two years. Veteran real estate agent Karen Dinnie-Smyth, of Remax Camosun, said the 2024 real estate market was more balanced than slow
PROPERTY VALUES GREATER VICTORIA REAL ESTATE MARKET INTEREST RATES PROPERTY ASSESSMENTS
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