Vancouver Island property owners can generally expect to see their assessments for 2025 change by about five per cent in either direction.
However, according to the latest data released by BC Assessment this week, some small North Island communities will see large spikes in value, thanks to an increasing number of new residents.
North Island
The village of Tahsis saw the largest increases, with values rising by 23 per cent for single-family homes. Values in Alert Bay rose by 10 percent, Zeballos by nine per cent, and Sayward values are up by seven per cent.
On the flip side, values generally decreased in the Tri-Port area, with Port McNeill seeing the largest decline of seven per cent. Port Hardy and Port Alice values declined by one and four per cent, respectively.
Campbell River
Campbell River will not see an increase from last year for single-family home values. However assessed values for strata properties such as condos and townhouses are up by five per cent in Campbell River, the largest such increase on the Island.
Comox Valley
In the Comox Valley, the Town of Comox leads with an increase of two per cent in value for single-family homes. Courtenay and Cumberland will both see a marginal two per cent increase from last year. Assessed values for strata properties in Courtenay such as townhouses and condos will also increase by four per cent.
Powell River
The City of Powell River will not see a significant increase in values for single-family homes, but according to the report, assessments will go from an average of $574,000 to $575,000.
Rural areas around the district will see a three per cent increase from 2024.
Nanaimo-Sechelt
The City of Nanaimo won’t see an increase in single-family home values along with the District of Sechelt, but according to the report, other areas on the Sunshine Coast could see an approximate increase of two per cent.
Strata properties in Nanaimo will see a decrease of one per cent.
Duncan
In the Cowichan Valley, the Town of Lake Cowichan and the District of North Cowichan won’t see an increase in single-home values this year, but the City of Duncan will see an increase of two per cent and the Town of Ladysmith will see a jump by one per cent this year.
Vancouver Island
Overall assessed value on the Island increased by nearly $5 billion, thanks mostly to new construction, subdivisions, and rezonings, says Deputy Assessor Matthew Butterfield.
The community with the highest average assessed value remains Tofino at more than $1.5 million, although the coastal community has also seen a decline of five per cent since last year.
Property assessments are mailed out each January, they can also be checked online at bcassessment.ca
