Once again, the privately owned James Island topped the list of highest assessed properties in the Vancouver Island region, according to data from BC Assessment, reflecting market value as of July 1, 2021.
James Island led the way with an assessed value of $54.7 million, followed by the acreage at 1365 Dorcas Point Rd.
Jodie MacLennan, deputy assessor for Vancouver Island, said in a release that the real estate market has increased in value across all property types over the past year in explaining the higher assessments, reflecting market values as of July 1, 2021.
In fact, no mid-Island community recorded an increase of less than 34 per cent with Nanaimo and Parksville both recording that figure.
In Tofino, the recorded typical assessed value for a single-family home is $1.35 million, up from $956,000 in 2021.
Saanich, Vancouver Island’s largest municipality, recorded an increase of 25 per cent, while the second-largest municipality in the region, Victoria, recorded an increase of 24 per cent.
Comparing sub-regions within Greater Victoria, assessments on the West Shore outpaced other parts, as evident by the figure for Metchosin, as well as other municipalities.
But the western communities are also home to the most affordable community in Greater Victoria, as measured by assessments.