What Type of House Does $1,000,000 Buy on Vancouver Island in mid-2026?

July 1 marks the effective valuation date for the next BC Assessment cycle, while July 2 was property tax deadline across much of British Columbia. That timing makes this an ideal moment to ask two important questions:

What does $1,000,000 buy in today’s VIREB residential market?

How close are 2026 Assessment Roll values to actual market sales?

At Jackson & Associates, we reviewed 27 single-family transactions from across the VIREB region that sold (or are pending 'unconditional') in the past 60 days, each clustered near the $1 million mark.

The results were revealing.

Across the sample, the median sale price was $999,000, while the median Assessment-to-Sale Ratio (ASR) was 94.7%. In simple terms, most homes sold slightly above their 2026 assessed values.

But that’s only part of the story.

Only 13 of the 27 sales fell within 10% of assessment. Eight sold more than 10% above their assessed value, while four sold below assessment. That’s a meaningful spread and a reminder that assessments are a useful benchmark, but not a substitute for market evidence. The 2026 Assessment Roll numbers are now 12 months out-of-date.

Some of the biggest gaps appeared in high-demand coastal markets.

In Departure Bay (Nanaimo), one home sold for $990,000 against a $673,000 assessment, producing an ASR of just 68%. A quick review indicates a major renovation completed prior to sale, so the new owners can probably count on a 2027 Assessment value near the sale price of $990,000 and should budget accordingly for 2027 property taxes.

In French Creek, a property sold for $1,040,000 with a $796,000 assessment (77% ASR).

In Qualicum Beach, a sale at $999,000 compared to an $850,000 assessment (85% ASR).

These markets continue to show strong lifestyle-driven demand, where waterfront proximity, retirement appeal, and limited supply can push values well beyond assessed levels.

On the flip side, several rural and recreational markets sold below assessment.

In Youbou, a property sold at $1,010,000 against a $1,175,000 assessment (116% ASR).

Similar trends appeared in Nanoose Bay and parts of Port Alberni, where last year's assessed values were ahead of market.

What’s perhaps most interesting is how different the product was for the same budget.

In Comox, $1 million bought a roughly 1,630 sq.ft. 3-bedroom rancher originally built in 1976 on 0.26 acres of land that backs onto a golf course.

In Cumberland, it bought an over 2,100 sq.ft. 4-bedroom originally built in 1974 on 0.24-acres in the Village.

In Port Alberni, it stretched to 5-acres with a 2005-built, 2.323- square 4-bedroom house with a detached barn / shop.

And in Port Hardy, that same budget bought 99 acres - but only an 816 sq.ft. cottage with 1-bedroom built in 2019.

Similar price. Completely different value proposition. That’s the reality of Vancouver Island real estate. Assessment is a mass appraisal tool and the values used to determine your 2026 Property Taxes were based on the market as at July 1, 2025 (a full year ago). Market value is property-specific.

And in a market as diverse as Vancouver Island, understanding that distinction matters.

At Jackson & Associates Ltd., that’s where appraisal expertise makes the difference.