Property owners across Vancouver Island are receiving their 2026 BC Assessment notices, reflecting market values as of July 1st, 2025. The latest figures indicate a period of stability for the housing market after several years of volatility. Approximately 400,000 properties on the island are included in this year's assessment.
Key Takeaways
- Most homeowners can expect changes in their property assessment values to be within a -5% to +5% range compared to the previous year.
- Provincially, the total assessed value of real estate has seen a slight decrease, indicating a broader cooling trend.
- Vancouver Island's total assessed property values have seen a modest increase, with a significant portion attributed to new construction and development rather than price appreciation alone.
Market Stability Across Vancouver Island
BC Assessment deputy assessor Matthew Butterfield noted that the numbers clearly reflect a calmer housing market. While single-family homes have experienced modest shifts, the values for condos and townhouses show more variation depending on the specific community.
Greater Victoria's Housing Market
In the Greater Victoria area, single-family home assessed values have remained largely consistent. Properties in Victoria, Saanich, Oak Bay, Central Saanich, North Saanich, and Sidney saw increases of approximately 1% to 2%. Conversely, View Royal, Colwood, Metchosin, the Highlands, and Sooke experienced slight declines, while Langford and Esquimalt showed minimal year-over-year change.
Strata properties in this region presented mixed results. Typical condo and townhouse values saw slight dips in Victoria, Esquimalt, and Langford, while Oak Bay, Sidney, View Royal, and Central Saanich recorded modest gains.
Central and North Island Trends
Most communities on the Central Island experienced small increases in single-family home values. Duncan, Lake Cowichan, Parksville, Ucluelet, Courtenay, and Ladysmith generally saw increases between 2% and 4%. Nanaimo, North Cowichan, and Lantzville remained relatively flat, while Port Alberni, Qualicum Beach, and Tofino experienced slight decreases.
On the North Island, overall movement was minimal, with a few exceptions. Alert Bay recorded the highest increase at 7%, followed by Zeballos and Ucluelet at 5%. Port Hardy and Courtenay also saw moderate gains.
Powell River Region
In the Powell River region, both rural areas and the city itself experienced very little change, with typical property values remaining close to last year's levels.
Understanding Property Taxes
BC Assessment emphasizes that a change in assessed value does not automatically equate to higher property taxes. The impact on taxes depends on how a property's value change compares to the average in its local community. Homes that increased less than the local average might see a tax decrease, while those that rose more than average could face higher taxes once municipal budgets are finalized.
Assessment Appeals
Property owners can review their assessments and compare neighborhood values using BC Assessment's online tool. Those who believe their assessment is inaccurate or does not reflect market value as of July 1st, 2025, are encouraged to contact BC Assessment in January. Formal appeals can be filed by February 2nd.
