The value of a “typical” single-family home in the Gulf Islands rose marginally last year to $876,000, according to BC Assessment — precisely the same average number as in 2023, despite uneven changes among individual properties and categories.
A modest rise in valuations on Salt Spring Island’s non-waterfront homes — just a half a per cent — was led by strata properties, which were assessed 1.1 per cent higher against a decline in single-family dwellings of -0.2 per cent. The island’s waterfront “neighbourhood” likely saw a similar pattern, with a 0.1 per cent rise curtailed by a -0.2 per cent drop in single family homes. Waterfront strata numbers were hidden, not for privacy reasons, according to the provincial Crown corporation, but because it said there were too few to meaningfully calculate an average change.
As a group, other Gulf Islands saw slightly more pronounced growth in waterfront valuations, 1.3 per cent on average, with non-waterfront properties flat. Small islands saw single-family dwelling assessments climb three per cent.
While not broken down between islands, the Gulf Islands’ rural commercial properties — the “business/other” category delineated by BC Assessment — saw a 6.8 per cent rise in valuation, excepting the “light industry” category which fell -0.9 per cent. Business/other includes retail properties, office buildings and most warehouses, according to BC Assessment, with light industry covering property used or held for extracting, manufacturing or transporting products, or used for ancillary storage.
Most of the province’s top 500 residential properties were again unsurprisingly in and around Vancouver, although a familiar Scott Point home on Salt Spring made the list again, this time ranked 412th with a valuation of $12.6 million — roughly flat from last year, but down off a 2023 high of $13.2 million.
A property encompassing a home and land on the entirety of Samuel Island — between Mayne and Saturna islands — was valued at just over $19.2 million, landing it 94th on the top 500 list and also off a 2023 high of $20.7 million. To the south, Forrest Island was assessed at $13.7 million, putting it in 306th place; nearby Domville Island, once valued at $17.1 million, plummeted to an $8-million assessment, reflecting its new status as managed forest land.
James Island’s $57.1 million valuation once more put it in 3rd place province-wide, even off its 2023 high of $61.2 million.
The province has said a change in assessment value does not necessarily mean property taxes will go up or down by a corresponding amount. Taxes are typically only affected if a specific property rises above — or below — the average value change in its geographical area.
Also, according to Vancouver Island deputy assessor Matthew Butterfield, while these numbers are a snapshot of estimated values in the middle of the summer — and not necessarily a fully accurate picture of the market right now — stability remains the key characteristic in the region.
“The Vancouver Island housing market has been generally quite stable, which is reflected in the 2026 property assessments,” said Butterfield. “Most homeowners can expect minimal assessment value changes in the range of minus-five to plus-five per cent.”
Individual communities again saw a range of average increases, although not as pronounced as in previous years. City of Victoria single-family homes rose in value by a single percentage point, with Highlands and Metchosin districts’ homes falling three and two per cent respectively. A single-family home in Ucluelet rose five per cent in value over last year, with the average in Duncan now up four per cent. Single-family homes in Alert Bay rose the fastest in the Vancouver Island region, up seven per cent.
The largest increases in B.C. came in the village of Lytton, which saw a standout 30 per cent rise in valuations; the largest decrease was in the city of White Rock, which fell by nine per cent. Assessor Bryan Murao characterized the Lower Mainland market as “softening.”
“Many homeowners throughout the Lower Mainland can expect some decreases in assessed value with most changes ranging between -10 per cent to zero per cent,” said Murao. “Vancouver Island and the Southern Interior are generally flatter in value with changes ranging between minus five per cent to plus-five per cent, while the North and the Kootenays are varying more broadly in the minus five per cent to +15 per cent range.”
Province-wide, according to BC Assessment, 2.2 million properties had a combined valuation of $2.75 trillion, with $34.7 million coming from new construction, subdivisions and rezoning.
To see the assessed value of a property, visit the bcassessment.ca website and enter the address or parcel number. Property owners concerned about their assessments can find contact information there as well, if they feel their property valuation or other information noted there is incorrect.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by Feb.2,” said Butterfield, “for an independent review by a Property Assessment Review Panel.”
The Property Assessment Review Panels operated independent of BC Assessment, are appointed annually by the provincial government, and typically meet between mid-February and mid-March 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,” said 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.”
