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Property values spike on Vancouver Island, Sunshine Coast

Property owners might be in for a shock when they get your property assessment in the mail over the coming days.

The BC Assessment Authority says the average increase on the island, and in places like Powell River, is from five to ten percent.

Property assessments on Vancouver Island and the Sunshine Coast show increases in all communities.

In Campbell River, it’s jumped five percent, from $441,000 to $464,000.

In Comox, it’s six percent higher from $526,000 to $555,000.

Courtenay homeowners saw a seven percent jump, from $456,000 to $488,000.

In Cumberland, it’s up six percent, from $493,000 to $524,000

Port Hardy property owners are seeing a 10 percent increase from $195,000 to $214,000

In Powell River, the increase in the regional district is nine percent from $277,000 to $301,000 while in the city, it’s gone from $337,000 to $368,000.

The value of the property as determined by the BC Assessment Authority is used by municipalities to set property taxes.

Tina Ireland of the assessment authority says home values on the island “appreciated this year due to strong demand combined with limited inventory for sale.”

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