By John Ion Bucur | Real Estate Advisor – Nanaimo & Central Vancouver Island

BC Assessment has released the 2026 property assessments, reflecting market value as of July 1, 2025. For homeowners in Nanaimo and across Central Vancouver Island, this year’s assessments confirm what many have felt on the ground: the market has been relatively stable.

According to BC Assessment, most Vancouver Island homeowners saw changes between -5% and +5%. However, an assessment is not the same as market value — and in some cases, disputing your BC Assessment could save you money.

What Changed in the Nanaimo & Central Island Market?

For single-family homes in Nanaimo, the typical assessed value increased about 1%, moving from approximately $760,000 to $769,000. Strata properties (condos and townhomes) in Nanaimo saw a slightly stronger increase of around 2%.

Across Central Vancouver Island, changes varied:

• Duncan: +4%
• Parksville: +3%
• Ladysmith: +2%
• Qualicum Beach: -2%
• Port Alberni: -3%

This tells us that while the broader market is stable, micro-markets matter. Two homes on the same street can have very different true market values.

For a full table with single family and strata properties, click here

Assessment Value vs Market Value: Why It Matters

Your BC Assessment is used primarily to calculate property taxes. It does not automatically reflect what your home would sell for today.

Property taxes are affected by:

• Your assessment change
• The average change in your municipality
• Your home's value compared to similar properties

This is why disputing an assessment isn’t about “lowering value,” but about ensuring fairness and accuracy.

Benefits of Disputing Your BC Assessment

• Potential tax savings if your assessed value is reduced
• Correction of errors such as incorrect square footage or features
• Equity with neighbours by comparing true comparable sales
• Accurate financial planning for refinancing or selling
• Peace of mind knowing you are paying your fair share

How I Can Help You

Before filing a formal appeal, BC Assessment recommends reviewing comparable sales. This is where I can help.

I offer a FREE Comparative Market Analysis (CMA) for Nanaimo and Central Vancouver Island homeowners. This report shows:

• Recent comparable sales near your home
• Market trends specific to your neighborhood
• Whether your assessment appears high, fair, or low

This CMA can be used when speaking with BC Assessment and may support a successful dispute.

Call or text me anytime at 250-961-0001

Helpful Links

• BC Assessment Official Website
• BC Assessment Appeal Information

Frequently Asked Questions (FAQ)

1. Does a higher assessment mean higher taxes?

Not necessarily. Taxes depend on how your change compares to the municipal average.

2. What is the appeal deadline?

February 2, 2026.

3. Should I appeal right away?

Always contact BC Assessment first. Many issues are resolved informally.

4. What evidence helps an appeal?

Comparable sales, property condition issues, and factual errors.

5. Can appealing increase my value?

It’s possible, but uncommon when supported by solid data.

6. Does disputing cost money?

No, the appeal process is free.

7. Can I appeal every year?

Yes, if you believe the value is inaccurate.

8. Is the assessed value the same as the selling price?

No. Market value can differ significantly.

9. Do condos and houses appeal differently?

The process is the same, but comparables differ.

10. Can you help even if I’m not selling?

Absolutely. My CMA is free and obligation-free.

Disclaimer

This article is for general informational purposes only and does not constitute legal, tax, or financial advice. Property owners should verify details with BC Assessment or qualified professionals.