Property assessments for 2025, which reflect market value as of July 1, 2024, have been announced for property owners of nearly 400,000 properties throughout the Vancouver Island region, which covers qathet Regional District areas, including City of Powell River.
The updated property values are now available at bcassessment.ca, in addition to 2025 property assessment notices being mailed to each property owner.
“Most homeowners throughout Vancouver Island can expect minimal change with their 2025 assessment values, generally being in the range of minus-5 to plus-5 per cent," stated deputy assessor Matthew Butterfield, in a media release. “Some North Island communities, however, will see larger increases, as the recent trends in demand for those real estate markets continues to be strong."
According to BC Assessment figures, City of Powell River is holding steady, with the typical assessed value in 2024 amounting to $574,000 and typical assessed value in 2025 of $575,000. In qathet Regional District electoral areas, the typical assessment in 2024 was $475,000, climbing three per cent to $490,000, according to BC Assessment figures.
The Catalyst Paper Tis’kwat mill is holding its value. The assessment in 2025 was $86,326,000, compared to $88,620,000 in 2024. Land was assessed at $8,024,000 and buildings were assessed at $80,302,000.
As BC's provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The newly released 2025 property assessment details can be searched and accessed any time at bcassessment.ca.
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 rezoning of properties.
BC Assessment's website 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.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2025 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment account to check a property's 10-year value history, store/access favourites, create comparisons and monitor neighbourhood sales.
“Property owners can find valuable information on our website, including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2024, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," stated Butterfield. “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 January 31, for an independent review by a property assessment review panel.”
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," stated 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."
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