BC Assessment - 2024 Property Values Victoria Area
Assessment Date: July 1, 2023 (for 2024 tax year)
Victoria Average Increase: 8.2% from previous year
Victoria Average Increase: 8.2% from previous year
Average Assessed Values by Municipality
| Municipality | Single Family Average | Strata Average | % Change |
|---|---|---|---|
| Victoria | $875,000 | $485,000 | +8.2% |
| Saanich | $925,000 | $445,000 | +7.8% |
| Oak Bay | $1,450,000 | $625,000 | +9.1% |
| Esquimalt | $785,000 | $425,000 | +8.7% |
| Langford | $795,000 | $465,000 | +6.9% |
Assessment Process
BC Assessment conducts annual property assessments to determine fair market value as of July 1st for the following tax year. This provincial assessment forms the basis for municipal property taxes.
Victoria Market Factors
- Heritage Properties: Special consideration for heritage designation impact
- Downtown Core: Higher values due to proximity to amenities and employment
- Waterfront Properties: Premium assessments for ocean and harbor views
- Development Potential: Higher density zoning increases land value component
How to Read Your Assessment
- Total Assessment: Land value + improvement (building) value
- Land Value: Based on highest and best use under current zoning
- Improvement Value: Replacement cost less depreciation
- Actual Value: Fair market value as of assessment date