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Saanich oceanfront among priciest neighbourhoods on Vancouver Island

Three of municipalityBԪַs most-expensive residential properties located on Queenswood Drive
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The single-family residence at 3911 Smugglers Cove Rd. in Saanich is the second most-expensive in the municipality, according to BC Assessment. (Google maps)

SaanichBԪַs oceanfront remains among the priciest places to purchase on Vancouver Island, according to BC AssessmentBԪַs latest figures.

With a staggering 20 properties to make the top-100 list this year, the highest-valued single-family residence in the District of Saanich is 2795 Sea View Rd. at $10,852,000. ItBԪַs also the sixth most-expensive single-family residence on the Island, as well as the IslandBԪַs twenty-third-priciest residential property.

The next three properties to make SaanichBԪַs most-expensive list can all be found on the same street: Queenswood Drive.

Assessed at $10,496,000, 2690 Queenswood Dr. is the municipalityBԪַs second priciest residential property. Third is 2670 Queenswood Dr. at $10,413,000, followed by 2524 Queenswood Dr. at $10,165,000.

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Rounding out fifth is 3911 Smugglers Cove Rd., a single-family residence valued at $9,860,000.

Saanich’s oceanfront remains one of the priciest places on Vancouver Island, with 20 making the top 100 valued residential properties for 2023 as measured by BC Assessment. (Austin Westphal/BԪַ Staff)
SaanichBԪַs oceanfront remains one of the priciest places on Vancouver Island, with 20 making the top 100 valued residential properties for 2023 as measured by BC Assessment. (Austin Westphal/BԪַ Staff)

Overall, the assessed value for a single-family home in Saanich increased 12 per cent over last year for a typical assessed value of $1,187,000.

Strata properties such as condos and townhouses are up 18 per cent for a typical assessed value of $610,000 BԪַ six per cent above the average increase of 12 per cent for Greater Victoria as measured by BC Assessment.

Assessments reflect market values as of July 1, 2022 and physical condition as of Oct. 31.

BԪַWhile 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,BԪַ Vancouver Island deputy assessor Jodie MacLennan said in a news release.

MacLennan added that, depending on the financial needs of municipalities, higher property assessments do not automatically translate into higher property taxes.

If owners see their property values change similar to the average change for that class, taxes wonBԪַt likely change. If the change is above average, however, taxes will likely increase. Conversely, they will likely decrease if the change is below average.

Vancouver IslandBԪַs total assessments increased from about $342 billion in 2022 to almost $386 billion this year. About $4.78 billion of the regionBԪַs updated assessments is from new construction, subdivision and the rezoning of properties.

In determining property values, BC Assessment looks at a homeBԪַs location, size, age, lot size, features that may affect the value and real estate market data.

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Do you have a story tip? Email: austin.westphal@saanichnews.com.

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Austin Westphal

About the Author: Austin Westphal

Austin Westphal is the newest member to join the Saanich BԪַ team.
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