Property assessments up after strong sales in 2020

The new year brings new assessments for property owners in BC. The real estate sector in Greater Victoria was a bright spot in 2020 and it's not surprising that assessments are up across the region.

A total of 8,947 properties sold last year, up 17.1% from 2019. The increased demand and limited inventory has raised house prices about 5 to 10% in the region.

In response, the province has raised the threshold for eligibility for the Home Owner Grant to $1.625 million. The province has also taken on administration of the grant, which was formerly done by municipalities.

To listen to Chamber CEO Bruce Williams discuss the state of real estate in Greater Victoria, check out our Chamber Chat with the Victoria Real Estate Board.