The BC Assessment Authority has recently released the 2025 property assessments for approximately 400,000 property owners across Vancouver Island. As your trusted real estate professionals, we want to help you understand what these assessments mean and how to ensure you’re receiving all important property-related communications.
Residential Homes by the Ocean. Taken in Vancouver Island, British Columbia, Canada.
2025 Assessment Overview
Vancouver Island’s property landscape continues to show remarkable stability, with total assessments increasing from $386 billion in 2024 to $391 billion in 2025. Approximately $4.89 billion of this increase comes from new construction and rezoning activities, indicating healthy development in our region.
Nanaimo Market Snapshot
The Nanaimo real estate market exemplifies this stability, with average home values holding steady:
- Single-family homes maintained their value at $760,000 (2025) compared to $759,000 (2024)
- Condos and townhouses saw a minor 1% adjustment from $447,000 to $443,000
- Neighboring Lantzville homes showed a modest 1% increase from $931,000 to $943,000
Market Outlook for 2025
The Vancouver Island real estate market is positioned for continued stability with promising growth indicators:
- Property values are projected to increase by approximately 4% across Vancouver Island
- Sales activity is expected to rise by 10%
- Available listings are anticipated to grow by 14%
These balanced market conditions create opportunities for both buyers and sellers, with neither side holding a significant advantage in negotiations.
Residential Homes on the Ocean Shore.
Impact on Property Taxes
It’s important to understand that changes in your property assessment don’t automatically translate to proportional changes in your property taxes. The key factor is how your assessment changes compare to the average change in your community. For example, if your assessment increase is lower than the average in your area, you might actually see a decrease in your property taxes.
Keeping Your Address Current
One crucial aspect of property ownership is ensuring your address information is up to date with all relevant authorities. Here’s what you need to know about updating your address:
When Moving to a New Address
You’ll need to update your information with several organizations:
- BC Assessment
- The Land Title and Survey Authority (LTSA)
- Your local municipality
- Rural Property Tax office (if you own rural property)
How to Update Your Information
BC Assessment Updates You can update your mailing address through BC Assessment’s online Change of Address form. You’ll need your property assessment notice or assessment roll number to complete this process. Note that BC Assessment processes address updates weekly, except during their annual assessment preparation period between November 30 and early January.
LTSA Updates The Land Title and Survey Authority offers free address changes on title. This is crucial as it ensures you receive important documents such as:
- Assessment notices
- Property tax notices
- Speculation tax notices
Vancouver island, British Columbia, Canada
Important Dates and Deadlines
If you have concerns about your assessment, you have until January 31st to submit a Notice of Complaint (Appeal) for an independent review. Property Assessment Review Panels conduct hearings between February 1 and March 15 to address formal complaints.
Need Assistance?
BC Assessment’s customer service team is available to help with any assessment-related questions you might have. As your real estate professionals, we’re also here to help you understand your property assessment and its implications for your real estate decisions.
*For the most current information or assistance with your property assessment, don’t hesitate to reach out to our team at The Shanon Kelley Realty Group.
Phone: 250–758-7653
Email: [email protected]
