These are the most expensive homes on Vancouver Island

Downtown Victoria is shown. (CTV News)

BC Assessment has just released its property assessments for the 2023 year, and it has interesting tidbits on the most expensive homes in the Vancouver Island region.

The assessments are based on the market value of properties as of July 1, 2022.

Across the board, homes on Vancouver Island had their property assessments rise an average of 10 to 20 per cent compared to the same period the year before.

"While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher," said, Jodie MacLennan, Vancouver Island deputy assessor, in a release Tuesday.

The most expensive residential property on Vancouver Island is located in Nanoose Bay, north of Naniamo, B.C.

The property, classified as an acreage, is located at 1365 Dorcas Point Rd. and was valued at $27.2 million in this year's assessment.

The second most expensive property on the island is located in Oak Bay at 3160 Humber Rd. BC Assessment valued the property at $16.8 million this year.

The third most expensive home on the island is located in North Saanich near the Swartz Bay ferry terminal. The acreage property is located at 1850 Lands End Rd. and was valued at $15.4 million in this year's assessment.

The fourth most expensive property on Vancouver Island is also located in Nanoose Bay at 1374 Dorcas Point Rd. It was valued at $13.6 million in this year's assessment.

Rounding out the list we return to Oak Bay, where the fifth most expensive home on the island is located at 963 Beach Dr. The single-family residence was valued at a little more than $13 million, according to BC Assessment.

The five most expensive properties on Vancouver Island, according to BC Assessment's 2023 list, can be found below:

1. 1365 Dorcas Point Rd., Nanoose Bay – $27,200,000
2. 3160 Humber Rd., Oak Bay – $16,828,000
3. 1850 Lands End Rd., North Saanich – $15,409,000
4. 1374 Dorcas Point Rd., Nanoose Bay – $ 13,665,000
5. 963 Beach Dr., Oak Bay – $13,062,000

Several private Gulf Islands just off the coast of Vancouver Island were also considered some of the most expensive properties in B.C. in this year's assessments.

James Island, just off the coast of Central Saanich, was valued at more than $61 million.

Meanwhile, Domville Island and Forrest Island, both located just east of Sidney, B.C., were valued at $17 million and $15.3 million, respectively.

More information can be found on the BC Assessment website.