As spring 2025 unfolds across Vancouver Island, the Cowichan Valley finds itself navigating a pivotal moment in housing and community planning. With property values stabilizing, development proposals inching forward, and calls for systemic reform in housing policy growing louder, the region is in the midst of defining its next chapter.
Resilient Market, Cautious Optimism
Despite economic jitters caused by looming international tariffs and inflationary pressure, the Cowichan real estate market has shown surprising stability. According to recent figures from the Vancouver Island Real Estate Board (VIREB), the average price of a single-family home in the Cowichan Valley now sits at $791,200 — a modest 4% increase from last spring. Condominiums and townhomes also saw upward shifts, with respective average prices reaching $407,600 and $548,600.
The strength of the market is largely attributed to continued migration from the Lower Mainland and Victoria, where prices remain significantly higher. However, local experts warn that uncertainty surrounding global trade—particularly U.S. tariff threats on construction materials—could lead to a more cautious market in the second half of the year.
“Builders are already seeing tighter margins, and buyers are beginning to hesitate,” said a representative from a Duncan-based brokerage. “The question is how long this resilience will last.”
Housing Developments: Progress and Stalemates
The Cowichan Valley Regional District (CVRD) is moving forward slowly on several large-scale housing developments, including the proposed Stonebridge project in Mill Bay. If approved, this mixed-use development would bring hundreds of new residential units to the area. The proposal is still under review for Official Community Plan (OCP) amendments, but local leaders are optimistic that Stonebridge could be part of the solution to the region’s long-standing housing shortage.
Meanwhile, community groups like the Cowichan Housing Association (CHA) are sounding the alarm. With only 3% of local housing designated as affordable or social housing, advocates argue the region is failing its essential workers and vulnerable residents.
In response, CHA has proposed transforming itself into a new entity — the Cowichan Housing Corporation — which would act as a dedicated developer of affordable housing. The idea is gaining traction with municipal leaders, especially in light of chronic underfunding from provincial and federal programs.
“We need to take control of our own housing destiny,” said a CHA spokesperson at a recent town hall in North Cowichan. “A regional housing corporation would give us the tools to act rather than wait.”
Property Assessments Show Minor Changes — With Notable Outliers
BC Assessment reports for 2025 indicate little change for most Vancouver Island homeowners. In North Cowichan, Lake Cowichan, and Ladysmith, assessments for single-family homes remained within a narrow range of -5% to +5%, signaling a period of relative calm in property values.
However, there were exceptions. In Crofton, some homeowners saw steep declines in assessed value, prompting questions about future resale potential. And in Youbou, an 80-year-old resident was recently shocked to receive a $1,930 bill from BC Assessment after being classified as a “commercial applicant” during an appeal process — a designation typically reserved for corporations.
The case has drawn attention from local politicians, some of whom are calling for reform in how BC Assessment handles appeals for seniors and fixed-income residents.
North Cowichan’s Economic Strategy: Local First
Amid international uncertainty and concerns about economic sovereignty, North Cowichan has introduced new policies to bolster local resilience. In April, council unanimously approved a ban on municipal staff travel to the U.S. for training or conferences. Additionally, the procurement policy was amended to prioritize local suppliers wherever feasible.
“We’re sending a strong message that our community will support local jobs and products first,” said Mayor Rob Douglas. “In times of economic flux, we need to invest in our backyard.”
While some have criticized the travel ban as symbolic, it underscores a growing sentiment across Cowichan Valley: that the region must become more self-sufficient — not just in food and energy, but in housing, planning, and public spending.
Final Thoughts
As Cowichan Valley continues to grow and evolve, it faces a critical choice: continue with business as usual, or boldly invest in a more equitable and sustainable future. With real estate trends stabilizing, new development proposals under review, and community-led housing initiatives gaining momentum, the stage is set for a transformative year in local policy and planning.
