Assessed Value vs. Market Value



Assessed Values:

How does BC Assessment Determine Property Values?

  • The location of the home
  • The size of the home
  • The size of the lot
  • The age of the home
  • Miscellaneous features that can affect the home's value
  • Comparable sales prices and other real estate market information

Information is collected through a comprehensive approach from a variety of sources for accuracy such as: building permits, land titles office, real estate transactions, property owner initiated updates, request sent to property owners, visits to properties, aerial and street front imagery.

The value of your property may have changed if you have:

  • Renovated recently ie. replaced kitchen cabinets
  • Added any…

623 Views, 0 Comments

Read Full Post

Prohibition on the Purchase of Residential Property by Non-Canadians (Foreign Buyers Ban)

Last week, the federal government released the supporting regulations for the 'Prohibition on the Purchase of Residential Property by Non-Canadians Act' (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.   

The measures were part of Bill C-19 – the Budget Implementation Act – which received royal assent on June 23, 2022 as the federal government looked to cool the hot housing market. 

Read more from Finance Minister Chrystia Freeland : Bill C-19 - The Budget Implementation Act (Immigration.ca)

Parliament passed the 'Prohibition on the Purchase of Residential…

721 Views, 0 Comments

Read Full Post

Victoria Market Report


The 2022 Victoria Real Estate Market Year in Review


January 3, 2023  A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold.

A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014's sales year when 6,698 properties were sold.

"We began the year with record low inventory, and with higher than average sales," says…

460 Views, 0 Comments

Read Full Post