The latest data on B-C property assessments shows a massive jump in the value of real estate in Port Alberni as people leave urban areas looking for cheaper homes or retirement options.
The figures show market value as of last July was up almost 45% in Port Alberni, higher than any other municipality in the province.
Mayor Sharie Minions says an increased assessment doesn’t necessarily mean increased taxes.
“The common misconception when assessed values go up is that the municipality collects more taxes and that is not the case,” she said. “When assessed values go up we simply adjust our tax rate down and tax just for what we need in our budget. Our budget isn’t complete yet but we will be working on it starting in January.”
Minions said many young people are trying desperately to get into the housing market but are becoming quickly priced out, making home ownership difficult for many, and increasing the cost of rentals.
She predicts the rapid increase in assessed values will continue as this latest assessment doesn’t account for the second half of 2021 when local house prices increased even more.
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