Assessments bring ‘modest changes’ to Cowichan Valley values

It’s a bit of seesaw for Valley property owners as they look at their assessments for 2015.

BC Assessment announced its annual look at assessment trends around the province as its notices go out in the mail.

This time of year always sees homeowners anxiously opening their notices to find out what’s happened to property values.

What are the area’s priciest properties?

Like last year, the property at 249 Fraser Point Rd. on Thetis Island tops the region’s assessments, valued at $3,172,000, with a site at 450 Meredith Rd. in Cherry Point coming second at $2,672,000.

Next up is Dayman Island, classified as Duncan Rural, with an assessment of $2,665,000, followed by 6439 Lakes Rd. in North Cowichan at $2,641,000.

"Most homes in the Cowichan Valley are remaining stable," said Vancouver Island regional deputy assessor Bill Dawson. "Most home owners in the Cowichan Valley will see modest changes in the minus-10 per cent to plus-10 per cent range."

Overall, Cowichan Valley’s assessment roll decreased from $10,751,961,341 (valued July 1, 2013) to 10,757,489 (valued July 1, 2014). It was $11,006,821,659 as of July 1, 2012, he reported.

This overall 2015 roll value is slightly lower despite an increase of almost $127 million from subdivisions, rezoning and new construction.

In the City of Duncan, the average single family dwelling went down from $262,300 in 2013 to $247,447 in 2014 to $245,100 in 2015.

Average strata condominiums in Duncan went down from $146,200 in 2013 to $139,900 in 2014 to $133,000 in 2015.

In North Cowichan, the average single family dwelling assessed at $325,400 for 2013 went down to $314,700 in 2014 and has now dropped to $312,000 in 2014.

In the Town of Ladysmith, an average single family dwelling in 2013 was valued at $288,500, for 2014 it was $285,100, increasing slightly to $285,400 for 2015.

Average strata condominiums in Ladysmith have dropped from $178,700 in 2013 to $153,300 in 2015.

In the Town of Lake Cowichan, single family dwellings assessed at $219,100 in 2013 dropped in 2014 to $202,700 but bounced part of the way back to $208,100 in 2015.

Under the category of Cowichan Rural, which includes areas like Mill Bay, Shawnigan Lake, and Cobble Hill, "pretty well everywhere south of Duncan," according to Dawson, single family dwellings on under two acres of land went down from $375,200 to $357,000 in 2014 but are now at $362,400 in 2015 and single family dwellings on over two acres went down from $499,600 to $488,000, again dropping in 2015 to $487,600.

Lake Cowichan Rural (which includes Youbou and Honeymoon Bay and a lot of pricey waterfront) bucked a downward trend a little last year but this year that kind of property is dropping in value again.

The average single family dwelling on under two acres there went up a little from an average assessment of $277,926 for 2013 to $291,000 for 2014.

However, this year it’s down again, moving to $285,400.

In Lake Cowichan Rural, single family dwellings on more than two acres were unchanged in 2013-14 at $383,000 but they are now up to $389,700, Dawson said.

According to BC Assessment, in general, commercial property assessments have remained stable in the Cowichan Valley with a taxable commercial assessment roll of $817,960,841.

A total of almost $18 million in new commercial value has been added due to various changes including subdivision, rezoning and new construction.

Dawson has seen values rise and fall, saying that in his decades at BC Assessment he’s even seen some years with considerable swings. But in the last couple of years, it’s been a pretty stable situation all up and down most of the Island.

"Property owners who feel that their property assessment does not reflect market value as of July 1, 2014 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January," said Dawson.

After that, there is a review process available for changes.

Just Posted

Chris Wilkinson
Chris Wilkinson column: This could be the worst thing done to you during the pandemic

As a result, all of us will contend with more ‘scarcity’ thinking and mindset.

The Crofton trailer park home where the bodies of two people were found. (Photo by Don Bodger)
Mom still waiting for answers after daughter and her fiance found dead in Crofton

Pair discovered dead in their Crofton home in May identified as Rachel Gardner and Paul Jenkins

FILE – Perry Bellegarde, National Chief of the Assembly of First Nations, takes part in an event on Parliament Hill in Ottawa on Tuesday, July 7, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Indigenous Peoples Day must be a ‘call to action’, says Assembly of First Nations chief

Discovery of children at Kamloops residential school site must lead to change, Perry Bellegarde says

Robert’s column
Robert Barron column: Looking forward to 39 Days of Summer

I have always been a big fan of live music.

Cowichan seniors have a new resource. (submitted)
Free Cowichan Seniors program offers social prescriptions

Seniors 60 and over who are at higher risk of frailty due… Continue reading

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

A blood drive in support of 1-year-old Rielynn Gormley of Agassiz is scheduled for Monday, June 28 at Tzeachten First Nation Community Hall in Chilliwack. Rielynn lives with type 3 von Willebrand disease, which makes it difficult for her to stop bleeding. (Screenshot/Canadian Blood Services)
Upcoming blood drive in honour of Fraser Valley toddler with rare blood condition

The Gormley family has organized a blood drive in Chilliwack on June 28

One Reconciliation Pole and two Welcome Figures were unveiled during a ceremony in honour of truth and reconciliation on National Peoples Indigenous Day at the Vancouver School District in Vancouver, B.C., on Friday, June 21, 2019. THE CANADIAN PRESS/Chad Hipolito
Horgan marks Indigenous Peoples Day by urging recognition of systemic racism

National Indigenous Peoples Day has been marked in Canada since 1996

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A man makes his way past signage to a mass COVID-19 vaccination centre at the University of Toronto’s Mississauga campus during the COVID-19 pandemic in Mississauga, Ont., on Monday, May 17, 2021. THE CANADIAN PRESS/Nathan Denette
Canadians encouraged to see mRNA shots as interchangeable as more 2nd doses open up

Doctos urge people not to hesitate if offered Moderna after getting Pfizer for their first shot

Chief of Defence Staff Jonathan Vance sits in the front row during a news conference in Ottawa on June 26, 2020. THE CANADIAN PRESS/Adrian Wyld
Defence committee rises without report on Vance allegations

Committee had been investigating the government’s handling of complaints against former defence chief

The Coquihalla Lakes washroom is getting upgrades. (Submitted)
Coquihalla to get upgrades to aging washrooms

The Ministry of Transportation is providing $1 million in funding to upgrade 3 rest areas

The Sacred Hearts church on PIB land burned Monday morning. (Theresa May Jack/Facebook)
Two churches on First Nation land in South Okanagan burn to the ground

Sacred Hearts church on Penticton Indian Band land was reduced to rubble

Tl’etinqox-lead ceremony at the site of the former St. Joseph’s Mission in Williams Lake, B.C., June 18, 2021. (Angie Mindus photo - Williams Lake Tribune)
‘We are all one people’: Honouring residential school victims and survivors

Love, support and curiousity: Canadians urged to learn about residential schools and their impact

Most Read