While many first-time homebuyers may still find the average price of a single-family dizzyingly high, numbers seem to generally be stagnant in the housing market across the Island.
BC Assessment has released the 2025 property assessments based on nearly 400,000 properties on Vancouver Island, reflecting market values as of July 2024.
"Most homeowners throughout Vancouver Island can expect minimal change with their 2025 assessment values, generally being in the range of -5 to +5 per cent," says deputy assessor Matthew Butterfield in a news release. "Some North Island communities, however, will see larger increases as the recent trends in demand for those real estate markets continue to be strong."
This year, Esquimalt and the Gulf Islands were the only communities in the Capital Regional District (CRD) to see an increase in assessed single-family home values, rising by 1 per cent. Esquimalt's average grew from $1.005 million to $1.015 million while the Gulf Islands saw an increase from $848,000 to $857,000.
The municipalities of Colwood, Saanich, Oak Bay, Sooke and Highlands have experienced little to no fluctuation in their respective market.
All municipalities on the peninsula, along with Langford, Metchosin, and View Royal, have seen a decline in overall real estate values. North Saanich experienced the most significant drop in the CRD, with a 5 per cent decrease, lowering the average home price from $1.421 million to $1.347 million.
The District of Ucluelet and Port McNeill have witnessed the largest declines on the Island, with a 7 per cent drop in property values.
Meanwhile, the Village of Tahsis, a small North Island community nestled at the end of the eponymous sound, has experienced a remarkable 21 per cent increase, pushing the average price of a single-family home from $163,000 to $201,000. This surge tops the Island's list, surpassing the runner-up, Alert Bay, which saw a 10 per cent increase, raising its average price from $272,000 to $300,000.
The Island's most expensive property is James Island, valued at $57.5 million. The most expensive single-family residence on Vancouver Island is located in Oak Bay at 3160 Humber Rd., with an evaluation of $17.3 million.
The most expensive property in B.C. for 2025 is located at 13085 Point Grey Rd., in VancouverB次元官网网址檚 Kitsilano, valued at $82.66 million.
The report concluded that the total value of assessed properties on Vancouver Island rose from $386 billion in 2024 to nearly $391 billion in 2025, with $4.89 billion attributed to new construction, subdivisions, and rezonings.
For more information or a more detailed breakdown of this yearB次元官网网址檚 assessment, visit . You can search.
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