Real estate values in the Lower Mainland have fallen, while the price of a detached home in the North has generally risen, according to latest information from the B.C. Assessment Authority.

Subscribe now to read the latest news in your city and across Canada.

• Unlimited online access to articles from across Canada with one account.
• Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
• Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
• Support local journalists and the next generation of journalists.
• Daily puzzles including the New York Times Crossword.

Subscribe now to read the latest news in your city and across Canada.

• Unlimited online access to articles from across Canada with one account.
• Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
• Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
• Support local journalists and the next generation of journalists.
• Daily puzzles including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

• Access articles from across Canada with one account.
• Share your thoughts and join the conversation in the comments.
• Enjoy additional articles per month.
• Get email updates from your favourite authors.

Create an account or sign in to continue with your reading experience.

• Access articles from across Canada with one account
• Share your thoughts and join the conversation in the comments
• Enjoy additional articles per month
• Get email updates from your favourite authors

Sign In or Create an Account

or View more offers

“Many homeowners throughout the Lower Mainland can expect some decreases in assessed value, with most changes ranging between minus 10 per cent and zero per cent,” said B.C. Assessment assessor Bryan Murao.

B.C. Assessments: Lower Mainland real estate values fall as northern B.C. values rise Back to video

“The softening housing market is being reflected in 2026 property assessments.”

Overall, the value of all Lower Mainland properties fell to $1.92 trillion on July 1, 2025 from $2.01 trillion on July 1, 2024. This means the total value of all properties in B.C. fell by $90 billion. However, the 2025 figure includes $24 billion worth of new builds and subdivisions. The value of properties that existed in 2024 was $114 billion greater than the same properties on July 1, 2025.

The Lower Mainland comprises greater Vancouver, the Fraser Valley, the Sea to Sky area and the Sunshine Coast.

In that region, for a detached home, the biggest drop between July 1, 2024, and July 1, 2025, was nine per cent in White Rock, to an average $1.58 million.

Detached homes in the small and expensive University Endowment Lands enclave, the City of Langley and Richmond all dropped eight per cent on average.

Surrey detached homes fell by six per cent to an average of $1.464 million, while in Vancouver, the drop was five per cent to an average of $2.092 million.

Whistler and Hope reported no change, but Squamish was an outlier, reporting a two per cent jump.

1. Advertisement 1

   Story continues below

   This advertisement has not loaded yet, but your article continues below.

For Lower Mainland condos, Surrey had an average drop of seven per cent, with six per cent drops in Richmond and White Rock. Vancouver condos fell on average three per cent to $772,000.

Greater Vancouver Realtors MLS monthly housing reports show the composite benchmark price for Metro Vancouver properties has cumulatively dropped 3.2 per cent since the latest assessment figures were calculated.

Murao said the value of a detached home in the North Central region, which includes 70 per cent of the province by land mass, rose as high as 15 per cent in some communities.

“The North Central real estate market remains stable, which is being reflected in the 2026 property assessments,” he said.

“Most homeowners can generally expect value changes in the range of minus five per cent to plus 15 per cent, with some exceptions depending on the community.”

The average value of a detached home in Fort St. James rose 14 per cent to $244,000, while in Hazelton, values rose 10 per cent. Prince George had gains of two per cent for a detached home, to $459,000, while Prince Rupert had gains of three per cent.

Vancouver Island and the Southern Interior had changes ranging between minus five per cent and plus five per cent.

On Vancouver Island, the value of a detached home in Victoria rose by one per cent, while Central Island locations such as Ladysmith, Lake Cowichan, Duncan and Parksville all had modest increases of between two and four per cent.

In the Southern Interior, owners of detached homes in the Columbia region had some gains, including six per cent in Fernie and Kimberley, and nine per cent in Sparwood.

Owners of detached homes in Nelson saw on average an increase of three per cent. There was no change in Castlegar.

Murao noted a 30 per cent increase in assessed values of homes in fire-ravaged Lytton.

“Lytton remains an exception as that community continues to rapidly add value through its recovery and rebuilding efforts,” he said.

Real estate commentator and realtor Steve Saretsky said the difference in valuation changes between the Lower Mainland and northern B.C. was likely due to a lag effect.

“The city is always the first to move, either up or down, and the outlying areas will follow,” he said.

Saretsky said that, anecdotally, the condo market in downtown Vancouver has dropped 10 per cent over the past year. He said properties in the traditionally more expensive westside area of Vancouver are also down 10 per cent.

The Remax Greater Vancouver Housing Market Outlook for 2026 predicts house prices will continue to fall this year, noting “real estate investors are almost non existent in Vancouver right now.”

This indicates that the provincial government’s Bill 44 — which overrides municipal powers to allow high-density development on single-family lots — did not lead to increased lot values or great interest from developers.

The Remax report states the market has shifted to the point where potential buyers are able to secure accepted offers subject to the sale of their existing home. Traditionally in Vancouver, the buyer with the fewest conditions usually wins.

“In general, market conditions in 2026 are anticipated to follow trends similar to those seen in 2025,” the report states.

The B.C. Real Estate Association is predicting “limited price growth” in 2026.

Saretsky said that B.C. is in the fourth year of a real estate downturn and that corrections usually last five years.

The latest property assessment details can be accessed at bcassessment.ca, using B.C. Assessment’s assessment search online service.

dcarrigg@postmedia.com