Vancouver Island’s total assessments increased from over $386 billion in 2024 to almost $391 billion this year
VANCOUVER ISLAND – The property assessments for approximately 400,000 properties on Vancouver Island, have now been released.
Overall, Vancouver Island’s total assessments increased from over $386 billion in 2024 to almost $391 billion this year. About $4.89 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
“Most homeowners throughout Vancouver Island can expect minimal change with their 2025 assessment values, generally being in the range of -5% to +5%,” says Deputy Assessor Matthew Butterfield. “Some North Island communities, however, will see larger increases as the recent trends in demand for those real estate markets continues to be strong.”
Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. Estimates are based on current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location as of October 31, 2024.
The total number of BC properties assessed in 2025 is 2,207,009, an almost one percent increase from 2024 and the total value is about $2.83 trillion, an increase of about 1.5 percent from 2024. The amount of non-market change for 2025, including new construction, rezonings and subdivisions is approximately $38.3 billion, a decrease of over 3 percent from 2024’s $39.6 billion.
Vancouver Island’s 2025 Top 100 Valued Homes can be seen here
A property owner may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel if they feel the assessment is inaccurate. Typically, about 2% of property owners contest the assessments and proceed to a formal independent review.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Butterfield. “As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
The Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, the West Coast, Northern and Southern Gulf Islands and Powell River.
BC Assessment’s website at bcassessment.ca includes more details about 2025 assessments, property information and trends such as lists of 2025’s top valued residential properties across the province and an interactive map.
Business Examiner Staff
