Homeowners in the Comox Valley can expect to see an increase in their property value. Black Press file photo

Cumberland again sees largest property value increase

With 2020 assessment notices posted, homeowners in the Comox Valley can expect to see an increase in their property value.

“The market has stabilized in most areas of Vancouver Island this year,” Vancouver Island Assessor Tina Ireland said in a news release. “In the south part of Vancouver Island, the majority of residential property values are moving minus-five per cent to plus-five per cent, while up island the value increases are a little higher. The commercial and industrial markets are generally showing increases over last year’s assessments.”

BC Assessment collects, monitors and analyzes property data throughout the year.

The 2020 typical assessed value on a single-family home in Courtenay is $456,000, as of July 1, 2019 — a two per cent hike from 2019 when the value was $449,000. Last year, the average increase was about 17 per cent.

Comox also experienced a two per cent increase. The average home is worth $526,000, compared to $517,000 in the 2019 assessment.

Cumberland has again seen the largest increase in average assessment values, up seven per cent from 2019. The average home is valued at $493,000. In 2019, it was $459,000. In 2018, the average home in Cumberland was worth $360,000.

Strata property values in Courtenay have increased about eight per cent, from $283,000 to $307,000.

Visit bcassessment.ca for more details about 2020 assessments, property information and trends across the province.

Property owners can contact BC Assessment at 1-866-valueBC (1-866-825-8322) or at bcassessment.ca.

During January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.

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