Condos and townhouses have also steadily risen in price, roughly between five and 30 percent.
The highest valued property on or near Vancouver Island is James Island, owned by Seattle billionaire Craig McCaw.
The private island, located just off the east coast of the Saanich Peninsula near Island View Beach, is assessed at $53 million and comes with its own golf course.
James Island had previously been put up for sale two years ago with an asking price of $75 million.
The area that saw the largest average increase in the capital region was Oak Bay with a 31 per cent increase.
It’s no surprise that aside from James Island, Oak Bay is home to four of the top 10 highest valued properties.
Other communities making the top 10 list includes Saanich, Nanoose Bay, North Saanich, Central Saanich, and the Gulf Islands. More information on Vancouver Island Assessmentscan be found here.
Vancouver Island Top Valued Residential Properties (2017):
1.) James Island, $ 53,279,000
2.) 3195 Humber Road, Oak Bay, $ 14,310,00
3.) 3160 Humber Road, Oak Bay, $ 11,282,00
4.) 8408 Lawrence Road, Central Saanich, $10,807,000
5.) 9344 Ardmore Drive, North Saanich, $ 10,807,000
6.) 1365 Dorcas Point Road, Nanoose Bay $ 10,411,000
7.) 3155 Beach Drive, Oak Bay $ 9,551,000
8.) Domville Island, $ 9,430,000
9.) Forest Island, $ 9,360,000
10.) 3125 Beach Drive, Oak Bay, $9,289,000