5025 Hinrich View is once again the highest valued residential property within Nanaimo city limits. (File Photo/NanaimoNewsNOW)

By Ian Holmes

stabilized rates

Property assessments in Nanaimo area and province-wide remain flat

Jan 2, 2025 | 4:43 PM

NANAIMO — Little change occurred to most residential property valuation notices province-wide for a second consecutive year.

Newly released 2025 property assessments represent a second consecutive year of stabilized valuations following a significant post COVID-19 surge.

Maurice Primeau, BC Assessment deputy assessor for the north and central Vancouver Island areas said economic and real estate market conditions set the tone for their valuations.

“Most homeowners throughout Vancouver Island can expect very little change with their 2025 assessed values generally being in the range of minus five to plus five per cent,” Primeau told NanaimoNewsNOW.

The average single-family home valuation within the City of Nanaimo was virtually unchanged at $760,000, from $759,000 the year prior.

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Updated single-family home valuations in Parksville averaged $750,00, up one per cent from $743,000, while in Qualicum Beach the average single-family home valuation rose two per cent to $920,000.

Strata residential properties throughout Vancouver Island were also stable valuation-wise, hovering between minus three and plus five per cent compared to 2024 rates.

Primeau said pending factors this year could alter valuations.

“We are aware that there could be some changes in the interest rate, there could be a change in demand in market for specific properties. Each year BC Assessment reviews sales and market conditions to determine what assessed values would be after July 1.”

Property owners have until the end of January to dispute their assessment, with Primeau noting more than 98 per cent of property owners accept their assessment annually.

Data from BC Assessment is as a guide for local government to determine local property taxation rates.

Factors such as local sales data, location, property size, usage and age/condition of buildings are referenced by the Crown corporation to determine valuation rates.

The total value of real estate in the province is about $2.83 trillion, an increase of about 1.5 per cent from 2024, according to BC Assessment.

More information on property valuations, including publicly available valuations of all privately owned properties in B.C. can be viewed here.

BC Assessment data helps determine what local property taxation rates will be. (BC Assessment)

10 highest valued residential properties in Nanaimo:
1. 5025 Hinrich View: $4,911,000
2. 3372 Stephenson Pt Rd: $4,844,000
3. 5512 Hiquebran Rd: $4,654,000
4. 3384 Stephenson Pt. Rd: $4,112,000
5. 5508 Hiquebran Rd: $3,740,000
6. 3432 Stephenson Pt. Rd: $3,360,000
7. 3484 Arrowsmith Rd: $3,315,000
8. 3394 Stephenson Pt. Rd: $3,263,000
9. 5019 Hinrich View: $3,162,000
10. 6470 Ptarmigan Way $3,131,000

10 highest valued non-residential properties in Nanaimo
1. Woodgrove Centre, 6631 Island Hwy N: $216,013,000
2. Harmac Pacific, 1000 Wave Pl: $135,050,300
3. Country Club Centre, 3200 Island Hwy N: $82,271,000
4. Nanaimo North Town Centre, 4750 Rutherford Rd: $78,682,000
5. DLX on Third development, 300 Howard Ave: $50,871,000
6. Port Place Shopping Centre, 650 Terminal Ave: $50,113,000
7. Canadian Tire, 6200 Oliver Rd: $42,495,000
8. Thrifty Foods (Longwood Station), 5801 Turner Rd: $40,444,000
9. Brooks Landing, 2000 Island Hwy N: $37,748,000 10. Real Canadian Superstore, 6435 Metral Dr: $36,122,000

10 highest valued residential properties in Parksville: 1. 511 Soriel Rd: $4,855,000 2. 675 Sanderson Rd: $4,088,000
3. 798 Fairwind Ave: $3,671,000 4. 651 Sanderson Ave: $3,666,000 5. 622 Willow St: $3,368,000 6. 574 Willow St: $3,594,000
7. 864 Gaetjen St: $3,411,000 8. 345 Sutherland Pl: $2,990,000 9. 776 Gaetjen St: $2,898,000
10. 835 Wright Rd: $2,842,000

10 highest valued non-residential properties in Parksville 1. Wembley Mall, 826 Island Hwy W: $40,271,000 2. Thrifty Foods Centre, 182 Corfield St: $24,562,000 3. Quality Foods, 371 Alberni Hwy: $22,875,000
4. Shelly Square, 233 Shelly Rd: $17,005,000 5. Mixed use development, 187 Bagshaw St: $15,901,500 6. Surfside RV Resort, 200 Corfield St: $12,381,000 7. Parks Sands Beach Resort, 105 Island Hwy E: $10,385,000 8. Choices Market, 319 Island Hwy. E: $9,926,000 9. Arbutus Self Storage, 1164 Franklin’s Gull Rd: $9,908,700 10. Parksville Chrysler, 230 Shelly Rd: $9,152,200

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