British Columbia

The 5 most valuable properties in the Vancouver Island region

While many Vancouver-area residential properties lost value last year, B.C. Assessment says Vancouver Island was a hot spot for increasing values.

B.C. Assessment says Vancouver Island was a hot spot for increasing residential values last year

This Oak Bay waterfront home is the third most expensive property in the Vancouver Island region. (Engles & Volkers Canada)

While many Metro Vancouver homes decreased in value last year, according to B.C. Assessment, Vancouver Island experienced some of the largest growth. Here are the top 5 most pricey properties in the region, according to recently released B.C. assessment numbers.

1. James Island - $56,757,000

The 312-hectare private island is the most valuable residential property in the Vancouver Island region by a mile and the third most valuable property in all of B.C. Owned by Seattle cellphone billionaire Craig McCaw, James Island was put up for sale in 2012 for $78 million but never sold and appears to no longer be on the market. The Tsawout First Nation filed a civil lawsuit in B.C. Supreme Court last year seeking title to the island. 

James Island is located just north of Victoria. It features a main residence, six guest homes, an 18-hole golf course designed by Jack Nicklaus and a private airstrip. (Google)
The exclusive enclave of James Island is the third most valuable residential property in the province with an assessed value of almost $57 million. (CBC)

2. 3160 Humber Road, Oak Bay —  $16,159,000

The waterfront home occupies most of the peninsula between Loon Bay and Cadboro Bay adjacent to the Victoria yacht club and increased in assessed value by over a million dollars last year. It's the second most valuable residential property in the Vancouver Island region but ranks only 171st in the province.

With an assessed value of just over $16 million, 3160 Humber Rd. in Oak Bay is the second most valuable property in the Vancouver Island region. (Google earth)

3. 3195 Humber Road, Oak Bay — $15,397,000

The waterfront mansion known as Sweet Pea has a colourful history. According to the Victoria Times Colonist, the home was formerly owned by a fraudster businessman who fled the country. It also served as the consulate for tiny St. Kitts and Nevis islands for a time. The property was put up for sale for $28.5 million in 2009. In 2016, it was again listed for $14.9 million although it appears to have never sold. 

The 15,400 square foot home at 3195 Humber Road has a colourful history. (Engles & Volkers Canada)

4. 1365 Dorcas Point Road, Nanoose Bay — $13,577,000 

The only top five property outside of the the Victoria area, this huge home is located north of Nanaimo in Nanoose Bay, on 2.3 hectares of wooded land with an expanse of waterfront. 

The property at 1365 Dorcas Road in Nanoose Bay has been assessed as the fourth most valuable in the Vancouver Island region. (Google Street View)

5. 3150 Rutland Road, Victoria — $12,522,000

The 1914 heritage home and waterfront property in the Uplands neighbourhood of Oak Bay increased in assessed value by almost $1.2 million last year.

This property at 3150 Rutland Rd. increased in value by almost $1.2 million in the last year, according to B.C. Assessment. It's the fifth most expensive property in the Vancouver Island region and ranks 435th in the province. (Google Maps)

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