Three Nanoose Bay properties made the list of top 100 most expensive residential real estate in Vancouver Island.
BC Assessment released its 2018 property assessments and have identified the highest assessed values from all over the Island as of July 1, 2017.
Leading the way in the Parksville Qualicum Beach region is an acreage in the Beachcomber area in Nanoose Bay, on 1365 Dorcas Point Rd., valued at $12,418,000. It is ranked sixth overall behind the highest-ranked valued property in Vancouver Island, James Island, which is worth $53,279,000.
The other Nanoose Bay properties included in the top 100 are 1274 Dorcas Point Road, at $6,722,000, and 1574 Stewart Rd., at $6,331,000.
The only property outside Nanoose Bay that made the top 100 list is a Qualicum Beach waterfront acreage on 821 Eaglecrest Drive carrying a price tag of $6,735,000.
Most of the expensive homes in the Parksville Qualicum Beach region are located in Qualicum Beach, according to BC Assessment.
Here are the top valued homes in the region that didn’t make the top 100: 2247 Island Hwy. W, Qualicum Beach ($5,170,000); 2119 Island Hwy. W, Qualicum Beach ($4,847,000); 460 Judges Row, Qualicum Beach ($3,928,000); 382 Judges Row, Qualicum Beach ($3,841,000); 302 Hall Rd., Qualicum Beach ($3,366,000); 323 Hall Rd., Qualicum Beach ($3,311,000); 864 Gaetjen St., Parksville ($2,630,000); 366 Judges Row, Qualicum Beach ($2,549,000); 900 Seacrest Pl., Qualicum Beach ($2,527,000).
Those wishing to see their 2018 assessments can now do so online at www.bcassessment.ca.
Most owners in Parksville Qualicum Beach can expect an increase in the value of their residential properties according to BC Assessment. Property values in both municipalities will go up 22 per cent, on average. In Parksville, the benchmark assessment has gone from $361,000 to $440,000, and in Qualicum Beach from $449,000 to $546,00. In rural Oceanside, the average assessed value will go up 19 per cent or from $440,000 to $524,000 on average.
While admitting the soaring values may be alarming and concerning to some property owners, BC Assessor Tina Ireland said in a press release that “increases in property assessments do not automatically translate into a corresponding increase in property taxes.
“How your assessment changes relative to the average change in your community is what may affect your property taxes.”
Those interested may visit BC Assessment’s website at www.bcassessment.ca and use the search function to see their own assessments and others in their neighbourhood. Those with questions or concerns are asked to call B.C. Assessment at 1-866-825-8322.