Update: Top Ten Least and Most Expensive Places to Buy a Home on Vancouver Island in 2026
Each year, the team at Auxilium Mortgage scours the BC Assessment’s reports for the most- and least-expensive places to purchase a home on Vancouver Island. These reports look at the typical assessment value for single-family homes in each region and compares them to the previous year, to see which regions are growing and which could be a more affordable place to purchase on the Island.
The Most Expensive Regions on Vancouver Island for 2025
There are no surprises for us on this list — all of these regions kept the same rankings compared to 2024!
#10: Township of Esquimalt – $1,015,000
Esquimalt continues to be the 10th most expensive community on Vancouver Island with the average price to purchase a single-family home at $1.015mil for 2025, an increase of 1% compared to the assessment value in 2024. Just west of Victoria and one of the Island’s core communities, this township is home to the Pacific fleet of the Royal Canadian Navy. Esquimalt is also known for its unique annual events, attended by locals and tourists alike!
#9: District of Central Saanich – $1,082,000
With an average property value of $1.082mil (down 2% from 2024), the 9th most expensive community to purchase a home on Vancouver Island is Central Saanich in Greater Victoria. Located on the Saanich Peninsula in the south-east end of the Island, Central Saanich has been seeing residential, commercial, and industrial growth in recent years, especially in Brentwood Bay and Saanichton.
#8: Town of View Royal – $1,095,000
Next on the list is View Royal with an average assessment price of $1.095mil, bringing it to #8 on the most expensive list for 2025. View Royal is home to many historic sites and parks, and has been seeing steady population growth in recent years.
#7: City of Victoria – $1,113,000
Coming up at number 7 is Victoria, which is also the seventh most densely populated city in Canada. Single family homes in Victoria are valued at an average of $1.113mil for 2025, a decrease of 3% compared to 2024. This region also includes the downtown core, and is perfect for those looking for an urban environment on the island that’s still in close proximity to nature.
#6: District of Saanich – $1,157,000
Saanich ranks at number 6 with an average single family home value of $1.157mil, roughly the same as the value in 2024. Just North of Victoria, Saanich is the largest municipality in Greater Victoria, and is the most populated municipality on Vancouver Island.
#5: District of Metchosin – $1,243,000
The coastal community of Metchosin is ranked the fifth most expensive region to purchase a home on Vancouver Island with an average home value of $1.243mil. Metchosin is bordered by the Strait of Juan de Fuca and is one of the least populated communities on this list, with a population of just over 5000 residents in 2021.
#4: District of Highlands – $1,266,000
The fourth most expensive region to purchase a home on Vancouver Island is the Highlands, which boasts an average purchase price of $1.266mil for a single-family home for 2025. The Highlands is one of the more undeveloped areas of the Greater Victoria region with over ⅓ of the land protected as parks. Highlands residents are committed to preserving the natural landscape and living alongside nature.
#3: District of North Saanich – $1,347,000
Taking the bronze for most expensive regions on Vancouver Island is North Saanich with an average assessment value of $1.347mil. Surrounded by over 20km of ocean shoreline, this district is home to both the ferry terminal and airport. Notably, North Saanich saw the largest decrease in assessment value for Greater Victoria compared to 2024, with home assessment prices dropping 5%.
#2: District of Tofino – $1,512,000
The only region on the list of most expensive regions that’s not located in Greater Victoria, Tofino ranks #2 with an average assessment value of $1.512mil for a single-family home. Similar to North Saanich, Tofino also saw a 5% decrease in home assessment values compared to 2024. A very popular tourist destination, Tofino attracts outdoor enthusiasts for second-to-none hiking, cycling, boating, and surfing.
#1: District of Oak Bay – $1,630,000
Finally, the most expensive region to purchase a home on Vancouver Island in 2025 is Oak Bay with an average price of $1.630mil. Home to the University of Victoria, Oak Bay is just east of Victoria and has over 20 public waterfront access points. For those looking for oceanfront views, you can’t beat Oak Bay! Compared to the tenth most expensive region on Vancouver Island, a single-family home in Oak Bay costs approximately $615,000 more than a similar home in Esquimalt.
The Least Expensive Regions on Vancouver Island for 2025
We saw very similar rankings to our findings last year, with the only notable changes being Sayward and Port Hardy switching places based on Sayward’s 7% increase in average home values compared to Port Hardy’s 1% decrease. While these primarily northern communities may not suit everyone, they present excellent opportunities for those seeking remote work or entrepreneurial ventures aligned with the area.
#10: City of Duncan – $568,000
Going in the opposite direction, the City of Duncan ranked number 10 for the least expensive single-family homes in 2025 on Vancouver Island, at $568k. In the heart of the Cowichan Valley, Duncan is home to many wineries and fantastic restaurants. Duncan is the smallest city by area in Canada and saw home values increase by 2% compared to 2024.
#9: City of Port Alberni – $500,000
Next on the list is Port Alberni. A single-family home in Port Alberni is valued at $500k for 2025, and it’s a great region that combines urban and rural views. Along with Duncan, these are the only two cities on the list of the least expensive regions on the island that are in the Central Island, the rest are in the North Island.
#8: Town of Port McNeil – $442,000
Up next is Port McNeil, where single family homes have an average value of $442k, 7% lower than their average value in 2024. Port McNeil is a gateway to the local wilderness, offers the only access to Alert Bay and Sointula via ferry, and is the central hub for all North Vancouver Island.
#7: Village of Sayward – $373,000
With a population of less than 400 in 2021, Sayward ranks as the seventh least expensive region on Vancouver Island. A single-family home in Sayward is valued at $373k in 2025, 7% higher than in 2024. (Sayward was ranked 6th last year.) Sayward is a small community with roots in the forestry industry, brimming with opportunities to explore the natural wildlife like exploring caves, watching whales, and paddling down the White and Salmon Rivers.
#6: District of Port Hardy – $360,000
Port Hardy ranks as the sixth least expensive region to purchase a home in 2025 with an average value of $360k for a single-family home. Home to Cape Scott Provincial Park and the BC Marine Trail, home values in Port Hardy have decreased 1% compared to 2024. (Port Hardy was ranked 7th last year.) Port Hardy has an abundance of nature, from sandy beaches and rocky shores to rugged trails perfect for hiking.
#5: Village of Port Alice – $334,000
Another Port on the list of least expensive regions and coming in at #5, homes in Port Alice have an average value of $334k. Notably a francophone community in BC, Port Alice had a population of just over 700 residents in 2021. This region offers prime opportunities for outdoor recreation on the water including saltwater fishing, kayaking, and diving in the Neroutsos Inlet.
#4: Village of Gold River – $329,000
Although geographically near the west coast of the island, Gold River is considered part of the North Island. Single family homes in Gold River were valued at $329k on average for 2025, similar in price to 2024. With a rich history, Gold River sits on the edge of Gold Muchalat Provincial Park and is dedicated to keeping its small town appeal.
#3: Village of Alert Bay – $300,000
Located on Cormorant Island and near #8 on the list (Port McNeil), Alert Bay ranks third on the least expensive regions to purchase a home on the Island. Homes had an average value of $300k for 2025, a 10% increase compared to 2024 and the second-highest increase on the list just behind Tahsis. Coastal living is easy in Alert Bay, as the village is full of boardwalks, fishing docks, and marinas.
#2: Village of Tahsis – $201,000
Tahsis comes in as the second least expensive region to purchase a home on Vancouver Island in 2025 with an average home value of $201k. Notably, home values increased 23% compared to 2024, where homes were valued at $163k. In its prime, Tahsis had a population of over 2500 residents but is now home to only around 400 today.
#1: Village of Zeballos – $153,000
Finally, Zeballos is the least expensive region to purchase a home on the Island, where single family homes are valued at $153k (less than 10% of the average value of the most expensive region on the Island!). Zeballos is on the northwest coast of the Island, and known for ecotourism, sport fishing, and kayaking. While this community isn’t for everyone, it’s affordability certainly can’t be argued!
Purchasing a home on Vancouver Island? Let Auxilium Mortgage help!
Whether you’re planning on moving into a home in bustling Victoria or quaint Port Hardy, Auxilium Mortgage is ready to help you find the perfect mortgage for your situation. Contact us today!
2 Comments
How does Nanaimo rate? Should be somewhere on some list.
Hi Natalia, Nanaimo rates 19th most expensive out of the 39 municipalities on the Island this year.