BC Assessment has officially released its annual property value updates, providing property owners across British Columbia with insights into their home’s market worth.
The 2025 property assessments, which help determine annual property taxes, reflect market values as of July 1st, 2024.
These figures will soon arrive in mailboxes across the province and are also available online at BC Assessment, where owners can search for their property assessment using the “Find Your Property Assessment” tool.
For the over 400,000 property owners on Vancouver Island, this year’s assessments reveal relatively stable values.
“Most homeowners throughout Vancouver Island can expect minimal change with their 2025 assessment values, generally being in the range of -5% to +5%. Some North Island communities, however, will see larger increases as the recent trends in demand for those real estate markets continues to be strong,” said Deputy Assessor Matthew Butterfield.
Key data for Vancouver Island highlights significant growth in property assessments, with total assessments increasing from over $386 billion in 2024 to nearly $391 billion in 2025.
Approximately $4.89 billion of this growth is attributed to new construction, subdivisions, and rezoning. The Vancouver Island region encompasses diverse areas, including Greater Victoria, South Island, Central Island, North Island, the West Coast, Northern and Southern Gulf Islands, and Powell River.
Across British Columbia, a total of 2,207,009 properties were assessed in 2025, representing a nearly 1% increase from 2024.
The total value of real estate in the province rose by 1.5%, reaching $2.83 trillion. Non-market changes, including new construction and rezonings, amounted to $38.3 billion, slightly down from 2024’s $39.6 billion. Approximately 88.5% of all properties in the province include a residential component.
BC Assessment’s appraisers base evaluations on current real estate sales, factoring in property characteristics like size, age, condition, and location.
Nearly 98% of property owners typically accepting their assessments without formal reviews, according to BC Assessment.
In Victoria, single-family home assessments dropped by 3% over the past year, while condo assessments also saw a 3% decrease.
Meanwhile, assessments dropped by 2% in Langford, 5% in North Saanich, and 4% in Sooke while the District of Saanich saw no change for single-family homes.
Esquimalt was the only Greater Victoria muniplatiy that saw a plus in assesed value, increasing by 1%; which translates to an increase to $1,015,000 up from $1,005,000.
Here’s a breakdown of single family homes across Vancouver Island:
| Single Family Homes Changes by Community | 2024 Typical Assessed Value
as of July 1, 2023 |
2025 Typical Assessed Value
as of July 1, 2024
|
%
Change |
| Greater Victoria | |||
| City of Colwood | $994,000 | $996,000 | 0% |
| City of Victoria | $1,142,000 | $1,113,000 | -3% |
| District of Central Saanich | $1,101,000 | $1,082,000 | -2% |
| Township of Esquimalt | $1,005,000 | $1,015,000 | +1% |
| District of Saanich | $1,161,000 | $1,157,000 | 0% |
| District of Oak Bay | $1,637,000 | $1,630,000 | 0% |
| City of Langford | $963,000 | $947,000 | -2% |
| District of North Saanich | $1,421,000 | $1,347,000 | -5% |
| District of Metchosin | $1,259,000 | $1,243,000 | -1% |
| District of Sooke | $799,000 | $798,000 | -4% |
| District of Highlands | $1,267,000 | $1,266,000 | 0% |
| Town of View Royal | $1,113,000 | $1,095,000 | -2% |
| Town of Sidney | $949,000 | $937,000 | -1% |
| Gulf Islands | $848,000 | $857,000 | +1% |
| Central Island | |||
| Town of Ladysmith | $705,000 | $711,000 | +1% |
| Town of Lake Cowichan | $588,000 | $589,000 | 0% |
| City of Duncan | $557,000 | $568,000 | +2% |
| District of North Cowichan | $727,000 | $727,000 | 0% |
| District of Lantzville | $931,000 | $943,000 | +1% |
| City of Nanaimo | $759,000 | $760,000 | 0% |
| Town of Qualicum Beach | $898,000 | $920,000 | +2% |
| City of Parksville | $743,000 | $750,000 | +1% |
| District of Tofino | $1,598,000 | $1,512,000 | -5% |
| District of Ucluelet | $804,000 | $750,000 | -7% |
| City of Port Alberni | $498,000 | $500,000 | 0% |
| North Island | |||
| City of Courtenay | $719,000 | $731,000 | +2% |
| Town of Comox | $788,000 | $830,000 | +5% |
| Village of Cumberland | $787,000 | $805,000 | +2% |
| City of Campbell River | $678,000 | $678,000 | 0% |
| District of Port Hardy | $364,000 | $360,000 | -1% |
| Village of Port Alice | $348,000 | $334,000 | -4% |
| Town of Port McNeil | $474,000 | $442,000 | -7% |
| Village of Gold River | $321,000 | $329,000 | +2% |
| Village of Tahsis | $163,000 | $201,000 | +23% |
| Village of Alert Bay | $272,000 | $300,000 | +10% |
| Village of Sayward | $348,000 | $373,000 | +7% |
| Village of Zeballos | $140,000 | $153,000 | +9% |
| Powell River | |||
| City of Powell River | $574,000 | $575,000 | 0% |
| Powell River Regional District – Rural Areas | $475,000 | $490,000 | +3% |
Here’s a breakdown of Strata Homes (Condos/Townhouses) across Vancouver Island:
|
Strata Homes
(Condos/Townhouses) Changes by Community |
2024 Typical
Assessed Value as of July 1, 2023 |
2025 Typical
Assessed Value as of July 1, 2024 |
%
Change |
| Various Urban Areas: | |||
| City of Victoria | $579,000 | $561,000 | -3% |
| City of Colwood | $650,000 | $639,000 | -2% |
| District of Central Saanich | $665,000 | $661,000 | -1% |
| Township of Esquimalt | $578,000 | $562,000 | -3% |
| District of Saanich | $602,000 | $594,000 | -1% |
| District of Oak Bay | $824,000 | $815,000 | -1% |
| City of Langford | $576,000 | $562,000 | -2% |
| Town of View Royal | $659,000 | $634,000 | -4% |
| Town of Sidney | $649,000 | $631,000 | -3% |
| City of Nanaimo | $447,000 | $443,000 | -1% |
| City of Courtenay | $433,000 | $450,000 | +4% |
| City of Campbell River | $401,000 | $419,000 | +5% |
Check your property value here.
