About 33,000 assessment notices have all been sent to Cowichan Valley property owners, who saw an average increase of five per cent over last year’s assessments, according to Bill MacGougan, Vancouver Island regional assessor.
“For the most part we’re not seeing big swings. It’s a pretty stable market. The average change that we’re seeing is less than five per cent,” MacGougan said.
The average increase for Duncan was about three per cent, while North Cowichan only was up three and a half per cent. “These are averages for the residential property class, of course. It’s a stable market. We know that sales volumes are still relatively low compared to historical numbers but the values are holding steady, neither up greatly or down.”
But while the market may be stable, interest in real estate here is quietly increasing, according to MacGougan.
“We have still a fair amount of development going on, relatively speaking. It’s hushed compared to some years but things are still growing and the developers are still in the area. Long term, there’s still going to be a lot of growth,” he said.
New real estate developments in the region include The Gales in Ladysmith, Park Place in Cowichan Bay and Trumpeter Pointe in Maple Bay.
The average single-family dwelling in North Cowichan was assessed at $360,000 in 2011; in Duncan at $275,000; and in Lake Cowichan at $254,000.