Vancouver 2026 Property Assessments - A New Opportunity

The 2026 BC assessment shows a unique chance for potential homebuyers in Vancouver. Property values have declined throughout the Lower Mainland, giving buyers more power than they've seen in years. These changes have revolutionized Metro Vancouver into a buyer's market. Higher inventory levels now give buyers more choices and better negotiating positions.

Buyers can benefit more by acting now instead of waiting for a future "hot" market. The price difference between selling a current home and buying a new property creates valuable room to negotiate. This lets buyers maximize their mortgage potential without adding extra funds from their sale. The interest rates look attractive compared to long-term averages. Longer-term mortgage rates have dropped below four percent, matching pre-COVID levels. Industry experts say these rates "are probably as low as they're going to go," making 2026 a great time to buy.

Urban areas show declining values overall, yet some areas remain surprisingly strong. Places like Anmore and Squamish have seen their property values increase, suggesting that markets focused on lifestyle and space still draw strong interest despite the broader slowdown. This creates options for buyers with different goals and investment plans.

The luxury market offers compelling options in 2026. Buyers can acquire high-value properties with strong long-term growth potential. The move-up market stays active as townhome owners switch to detached homes. Smart investors might look at areas like Fraserview, Marpole, and Renfrew Collingwood. These neighborhoods offer good balance between price, demand, and future growth potential.

New laws have created more investment possibilities. BC's Bill 44 has changed Vancouver's property landscape by allowing multi-unit housing in areas previously limited to single-family homes. Paul Eviston's team of Vancouver realtors can help find your perfect home with their 70+ years of combined experience. Their knowledge proves valuable when dealing with complex zoning changes that can affect property values greatly.

Experts describe 2026 as "less like a comeback year and more like an opportunity year". Patient, well-informed buyers who do their research will succeed in this market. This applies especially to well-funded buyers, move-up owners, and long-term investors who can take advantage of lower prices and good rates before the market inevitably turns again.

Vancouver property values decline in 2026 assessments

Vancouver's property assessments show a clear downward trend in 2026, based on new data from the BC Assessment Authority. The values reflect market conditions as of July 1, 2025. Real estate prices dropped in the Lower Mainland region, which points to a cooling market.

Detached home values fall by 5% on average

Vancouver's hot detached home market has cooled off. Average values dropped 5% from last year. A typical single-family home's value fell from CAD 3.07 million to CAD 2.91 million. Nearby cities felt the impact too. Burnaby's detached home values dropped 4% to CAD 2.73 million. Coquitlam saw a 5% decrease, with values moving from CAD 2.42 million to CAD 2.30 million. The BC Assessment Authority's analysis showed that all but one of these 33 municipalities and regions had lower benchmark values for single-family homes.

Condo prices drop more sharply in key neighborhoods

Some areas saw condo prices take an even bigger hit. Vancouver's average condo assessment dipped 3% to CAD 1,075,674.08. The surrounding areas faced steeper drops. Surrey's market struggled the most as strata properties fell 7% on average. This was one of the biggest drops in the Lower Mainland. Richmond's condominium and townhouse values decreased by 6%. The trend affected almost every urban center - 18 out of 19 example cities in BC Assessment's report showed lower condo values.

University Endowment Lands see steepest decline

The University Endowment Lands took the hardest hit among Lower Mainland communities. This area, known for luxury properties, saw values drop 8%. Richmond and Langley matched this decline. BC Assessment assessor Bryan Murao explained that "many homeowners throughout the Lower Mainland can expect some decreases in assessed value, with most changes ranging between -10 per cent to zero per cent". The Lower Mainland's total assessed value dropped from CAD 2.80 trillion in 2025 to CAD 2.68 trillion in 2026. This represents a CAD 120 billion decrease in the region's property values.

Northern and Interior BC property values rise amid market shift

BC's property market tells two different stories in 2026. Vancouver faces a downturn while Northern and Interior regions continue to thrive. The BC Assessment Authority's 2026 property assessments reveal that North Central BC's total assessments jumped from CAD 139.06 billion in 2025 to CAD 145.88 billion in 2026. This marks a significant change in the province's housing landscape.

Prince George and Fort St. James lead northern gains

The District of Fort St. James leads the region with an impressive 14% rise in assessed value. A typical single-family home's value climbed from CAD 298,179.08 to CAD 339,979.89. Prince George, the region's largest city, saw a steady 2% growth that pushed average residential values to CAD 639,552.33. The city's strata properties also gained 3% in value, showing healthy growth across all housing types. Hazelton's market grew by 10%, while the District of 100 Mile House's assessments stayed flat.

Vancouver Island sees modest increases in select towns

Vancouver Island's market paints a different picture from Vancouver's declining values. Total assessments rose from CAD 544.80 billion to CAD 555.95 billion, with new construction and development adding CAD 6.56 billion. Central Island's communities showed strength as Duncan, Lake Cowichan, Parksville, and Ladysmith recorded gains between 2% and 4%. Sidney's market performed well with single-family homes up 2% and strata properties rising 3%. Alert Bay topped the region's growth at 7%, with Zeballos following at 5%. These smaller, rural communities now lead the market's growth.

Southern Interior towns like Fernie and Sparwood show resilience

The Southern Interior's housing market remains strong with total assessments growing from CAD 450.06 billion to CAD 459.81 billion. Sparwood stands out with a 9% increase in typical assessed values, while Fernie follows close behind at 6%. Cranbrook and Nelson both achieved solid 3% gains. The BC Assessment Authority expects Kootenay Columbia homeowners might see changes ranging from -5% to +10%, highlighting the area's unique market dynamics in 2026.

Strata and detached homes show diverging trends

BC Assessment Authority's 2026 figures show dramatic differences between housing types in the Lower Mainland. The market segments reveal clear winners and losers.

Strata properties in Surrey and Richmond hit hardest

Metro Vancouver's condominium and townhouse owners face major value drops this year. Surrey leads with some of the region's biggest declines. Strata properties in Surrey dropped about 7% year-over-year, from CAD 968,385.34 to CAD 904,290.77. Richmond's condo values fell 6% to CAD 1,024,119.75. Vancouver saw a milder 3% decrease. All but one of the 19 municipalities surveyed by BC Assessment Authority showed lower strata values.

Detached homes in Squamish and Anmore defy regional trend

Some communities stood out by going against the downward trend. Squamish was the only Lower Mainland area that showed growth in all housing categories. Both detached and strata properties gained about 2%. Anmore's single-family homes led the region with a 4% rise, jumping from CAD 3,587,902.52 to CAD 3,721,665.10. These exceptions reflect markets that still draw strong buyer interest because of their lifestyle appeal.

Luxury properties like Chip Wilson's home see double-digit drops

The high-end market took an even bigger hit. Lululemon founder Chip Wilson's Point Gray Road mansion, BC's most valuable home, saw an 11% drop from CAD 115,180,727.74 to CAD 102,352,060.36. The gap between Wilson's property and BC's second-most valuable home shrank from CAD 15.33 million to under CAD 5.57 million. This correction in luxury properties outpaces the typical 5% decline seen in most Vancouver detached homes.

Experts explain market softening and future outlook

Market analysts and property experts have a clear picture of the changes we see in BC's 2026 property assessments. Their insights reveal long-term trends that will revolutionize the province's real estate market this year.

BC Assessment Authority attributes changes to market cooling

BC Assessment Authority assessor Bryan Murao talks about the downward change in the Lower Mainland. "The softening housing market is being reflected in 2026 property assessments". Most homeowners in the region can expect their assessed values to drop between -10% and 0%. The total assessed value of all Lower Mainland properties dropped from CAD 2.80 trillion in 2025 to CAD 2.68 trillion in 2026. Murao reminds us that lower property values don't always mean lower property taxes. "How your assessment changes relative to the average change in your community is what may affect your property taxes".

Steve Saretsky discusses investor retreat and lag effect

Real estate expert Steve Saretsky explains why we see different trends between Lower Mainland declines and Northern BC gains. He calls it "likely due to a lag effect". "The city is always the first to move, either up or down, and the outlying areas will follow". Some market segments face bigger challenges than others. Saretsky notes that "real estate investors are almost non-existent in Vancouver right now". This shows that the provincial government's Bill 44—which allows high-density development on single-family lots—didn't spark the developer interest they expected. Use Paul Eviston and his team of Vancouver realtors to help you find the best home in Vancouver for your needs with our 70+ years of combined knowledge. BC has entered the fourth year of what usually becomes a five-year real estate downturn cycle, according to Saretsky.

Remax and BCREA forecast limited growth through 2026

The BC Real Estate Association expects MLS® residential sales to grow by 12.8% to 81,700 units in 2026, after a tough market in 2025. The BCREA sees "balanced" market conditions ahead with modest price growth. They project the average home price in BC will rise by about 4% to CAD 1,387,229.42. Remax Canada sees things differently. They predict national home sales will grow by just 3.4%. This growth comes from "strong demand among potential homebuyers and built up inventory". Their forecast shows average prices will fall 3.7%, suggesting buyers will have the advantage in 2026.

Key Takeaways

Vancouver's 2026 property assessments reveal a significant market shift that creates strategic opportunities for informed buyers and investors.

• Vancouver property values dropped 5% for detached homes and 3% for condos, creating a rare buyer's market with increased negotiating power and inventory choices.

• Northern BC and Interior communities show 2-14% gains, indicating a geographic shift where smaller markets like Fort St. James and Fernie outperform urban centers.

• Luxury properties face steepest declines up to 11%, with high-end segments offering exceptional value opportunities for well-capitalized buyers.

• Interest rates under 4% combined with softer prices create optimal conditions for move-up buyers and long-term investors before the market cycle turns.

• BC's Bill 44 zoning changes allow multi-unit housing on single-family lots, expanding investment possibilities despite current developer hesitation.

This market correction represents "less like a comeback year and more like an opportunity year" for strategic buyers who can leverage current conditions with proper local expertise and timing.