Property owners across Vancouver Island are starting the year with updated home values in hand.
The 2026 assessment notices were released last week by BC Assessment and reflect market value as of July 1st, 2025, based on a property’s physical condition as of October 31st, 2025.
Roughly 400,000 properties across Vancouver Island are included, with notices now arriving by mail and values available online.
The headline takeaway this year is stability.
BC Assessment says most homeowners can expect changes in the range of -5% to +5% compared to last year, pointing to a market that has largely levelled off after several volatile years.
That trend mirrors what is happening provincially. Across BC, more than 2.23 million properties were assessed for 2026, about a 1% increase from last year.
The total assessed value of real estate provincewide now sits at more than $2.75 trillion, down nearly 2.5% from 2025, reflecting a broader cooling in the market.
On Vancouver Island, total assessed property values increased from about $391 billion last year to nearly $399 billion in 2026. Roughly $4.71 billion of that change came from non-market factors such as new construction, subdivisions and rezoning rather than price growth alone.
BC Assessment deputy assessor Matthew Butterfield says the relatively calm housing market is clearly reflected in the numbers, with most single family homes seeing modest movement and condo and townhouse values varying by community.
“Most homeowners can expect minimal assessment value changes in the range of -5% to +5%,” said Butterfield.
In Greater Victoria, typical assessed values for single family homes were largely unchanged. Properties in Victoria, Saanich, Oak Bay, Central Saanich, North Saanich and Sidney posted increases of roughly 1% to 2%.
View Royal, Colwood, Metchosin, the Highlands and Sooke saw small declines, while Langford and Esquimalt were essentially flat year over year.
Strata properties showed mixed results. Typical condo and townhouse values dipped slightly in Victoria, Esquimalt and Langford, while Oak Bay, Sidney, View Royal and Central Saanich recorded modest increases.
On the Central Island, most communities saw small gains in single family home values. Duncan, Lake Cowichan, Parksville, Ucluelet, Courtenay and Ladysmith recorded increases generally between 2% and 4%.
Nanaimo, North Cowichan and Lantzville were mostly flat, while Port Alberni, Qualicum Beach and Tofino experienced slight declines.
Across the North Island, most communities saw little movement overall, though a few stood out. Alert Bay recorded the largest increase at 7%, followed by Zeballos and Ucluelet at 5%. Port Hardy and Courtenay also posted moderate gains, while other communities remained largely unchanged.
In the Powell River region, both rural areas and the city itself saw minimal change, with typical values remaining close to last year’s levels.
BC Assessment continues to emphasize that a change in assessed value does not automatically mean higher property taxes. What matters is how a property’s value changed relative to the average in its community.
Homes that increased less than the local average may see taxes decrease, while those that rose at a similar pace are more likely to see little change. Properties that increased more than average could face higher taxes once municipalities set their budgets later this spring.
Provincewide, roughly 91% of properties are classified with some residential component, and more than 98% of property owners typically accept their assessment without filing a formal appeal.
Property assessments form the foundation for nearly $12 billion in property tax revenue collected each year across BC, which helps fund local services and the public education system.
Property owners can review their assessment, compare neighbourhood values and explore recent sales using BC Assessment’s free online assessment search tool.
Those who believe their assessment does not reflect market value as of July 1st, 2025 or who notice incorrect information are encouraged to contact BC Assessment as soon as possible in January.
If concerns remain after speaking with an appraiser, homeowners can file a formal appeal by February 2nd. Appeals are reviewed by independent Property Assessment Review Panels, which typically meet from early February through mid March.
Here’s a breakdown of single family homes across Vancouver Island:
| Single Family Homes Changes by Community |
2025 Typical Assessed Value as of July 1, 2024 |
2026 Typical Assessed Value as of July 1, 2025 |
% Change |
| Greater Victoria | |||
| City of Victoria | $1,113,000 | $1,128,000 | +1% |
| District of Saanich | $1,157,000 | $1,164,000 | +1% |
| Township of Esquimalt | $1,015,000 | $1,014,000 | 0% |
| District of Oak Bay | $1,630,000 | $1,647,000 | +1% |
| Town of View Royal | $1,095,000 | $1,089,000 | -1% |
| City of Colwood | $996,000 | $982,000 | -1% |
| City of Langford | $947,000 | $951,000 | 0% |
| District of Metchosin | $1,243,000 | $1,221,000 | -2% |
| District of Highlands | $1,263,000 | $1,231,000 | -3% |
| District of Sooke | $797,000 | $786,000 | -1% |
| District of Central Saanich | $1,082,000 | $1,091,000 | +1% |
| District of North Saanich | $1,346,000 | $1,366,000 | +1% |
| Town of Sidney | $938,000 | $953,000 | +2% |
| Gulf Islands | $856,000 | $867,000 | +1% |
| Central Island | |||
| Town of Ladysmith | $710,000 | $723,000 | +2% |
| Town of Lake Cowichan | $589,000 | $606,000 | +3% |
| City of Duncan | $568,000 | $592,000 | +4% |
| District of North Cowichan | $727,000 | $733,000 | +1% |
| District of Lantzville | $942,000 | $944,000 | 0% |
| City of Nanaimo | $760,000 | $769,000 | +1% |
| Town of Qualicum Beach | $920,000 | $904,000 | -2% |
| City of Parksville | $750,000 | $774,000 | +3% |
| District of Tofino | $1,511,000 | $1,496,000 | -1% |
| District of Ucluelet | $746,000 | $784,000 | +5% |
| City of Port Alberni | $500,000 | $485,000 | -3% |
| North Island | |||
| City of Courtenay | $731,000 | $752,000 | +3% |
| Town of Comox | $830,000 | $838,000 | +1% |
| Village of Cumberland | $804,000 | $808,000 | 0% |
| City of Campbell River | $678,000 | $680,000 | 0% |
| District of Port Hardy | $360,000 | $370,000 | +3% |
| Village of Port Alice | $334,000 | $335,000 | 0% |
| Town of Port McNeill | $442,000 | $434,000 | -2% |
| Village of Gold River | $329,000 | $333,000 | +1% |
| Village of Tahsis | $201,000 | $204,000 | +2% |
| Village of Alert Bay | $300,000 | $320,000 | +7% |
| Village of Sayward | $370,000 | $370,000 | 0% |
| Village of Zeballos | $153,000 | $161,000 | +5% |
| Powell River | |||
| Powell River Rural Areas | $490,000 | $489,000 | 0% |
| City of Powell River | $575,000 | $580,000 | +1% |
Here’s a breakdown of Strata Homes (Condos/Townhouses) across Vancouver Island:
| Strata Homes (Condos/Townhouses) Changes by Community |
2025 Typical Assessed Value as of July 1, 2024 |
2026 Typical Assessed Value as of July 1, 2025 |
% Change |
| Various Urban Areas | |||
| City of Victoria | $561,000 | $551,000 | -2% |
| District of Saanich | $597,000 | $597,000 | 0% |
| Township of Esquimalt | $562,000 | $559,000 | -1% |
| District of Oak Bay | $815,000 | $823,000 | +1% |
| City of Langford | $562,000 | $556,000 | -1% |
| Town of View Royal | $634,000 | $649,000 | +2% |
| City of Colwood | $640,000 | $637,000 | 0% |
| District of Central Saanich | $661,000 | $677,000 | +2% |
| Town of Sidney | $631,000 | $650,000 | +3% |
| City of Nanaimo | $443,000 | $451,000 | +2% |
| City of Courtenay | $450,000 | $448,000 | 0% |
| City of Campbell River | $419,000 | $412,000 | -2% |
Check your property value here.
