Metro Vancouver and Fraser Valley home property values flat to 10% lower in 2026 assessment
In total, 2,233,648 properties were assessed across British Columbia for the 2026 assessment roll, representing an increase of about one per cent from the previous year.
The total assessed value of real estate province-wide exceeded $2.75 trillion, marking a decline of nearly 2.5 per cent compared with 2025. Non-market changes, including new construction, rezonings and subdivisions, added approximately $34.7 billion in value, down about 9.4 per cent from the $38.3 billion recorded last year.
Residential properties continue to dominate the provincial assessment base, with about 91 per cent of all properties classified as having a residential component.
Overall, the total assessed value of property in the Lower Mainland dropped to approximately $1.92 trillion, down about five per cent from about $2.01 trillion in 2025 levels, despite an increase in the number of properties assessed. New construction, rezoning and subdivision activity added roughly $24 billion in value, cushioning some of the broader downturn.
BC Assessment assessor Bryan Murao notes that many homeowners in the Lower Mainland can expect some decreases in assessed value, “with most changes ranging between -10 per cent to zero per cent.”
This downward shift also prompted the provincial government to drop the threshold for the B.C. Home Owner Grant from from $2.175 million in the 2025 tax year to $2.075 million for the 2026 tax year.
Vancouver saw its median single-family detached home assessment fall by about five per cent, from roughly $2.205 million in 2025 to about $2.092 million in 2026. The University Endowment Lands, where some of the region’s highest property values are recorded, experienced an even sharper drop of eight per cent.
Burnaby recorded a four per cent decline in typical detached home values, with assessments shifting from around $2.044 million to about $1.959 million. Coquitlam saw a similar downward adjustment of approximately five per cent, moving from $1.739 million to about $1.649 million. Port Coquitlam and Port Moody both reported decreases of four per cent, reflecting broader pressure on suburban single-family values.
New Westminster’s typical detached home value declined more moderately, down about two per cent. The District of North Vancouver and the City of North Vancouver each saw values dip by roughly three per cent, modest compared with larger urban centres.
Surrey’s median detached home assessment fell by about six per cent from $1.563 million to $1.464 million, whereas White Rock and Richmond experienced declines of five per cent and eight per cent, respectively.
At the same time, rural or smaller jurisdictions like Anmore and Squamish showed increases, suggesting that lifestyle and space-oriented markets continue to attract strong buyer interest even as prices soften elsewhere. These pockets of growth contrast noticeably with the declines observed in larger urban cores, underscoring local variation within the Lower Mainland’s overall downward trend.
Strata condominium and townhouse values likewise trended lower across most of the Lower Mainland’s urban centres. In Vancouver, the median strata assessment eased by around three per cent to $772,000, while Burnaby and Coquitlam both experienced declines of four per cent to $706,000 and $699,000, respectively. Surrey saw its strata values drop by seven per cent to $649,000, one of the steeper declines in the region. Richmond’s condominium and townhouse segment also registered a fall of around six per cent to $735,000.
Some areas demonstrated relative resilience, with smaller declines or even small increases. For example, strata properties in West Vancouver and North Vancouver saw more modest dips of approximately two per cent — less severe than the broader trend in dense urban cores.
While fluctuating assessed values by BC Assessment are one of the factors that determine property tax bills, other determinants for the actual property tax owed are based on how individual property values change relative to community averages and the budget decisions of municipal governments.
The potential impacts on property values in southeast Richmond related to the Supreme Court of B.C.’s decision to grant Aboriginal title to the Cowichan Tribes are not expected to be reflected for another year, when BC Assessment conducts its assessments based on July 2026 market values. The court decision was made in early August 2025, more than a month after the July 1, 2025 assessment date.
However, some major non-residential properties in the disputed area have seen unusually large declines. For example, a 68-acre vacant industrial waterfront property saw its assessed value drop from about $197 million to approximately $133 million, while another 61-acre vacant industrial waterfront property fell from more than $164 million to nearly $111 million. In both cases, the decrease was entirely due to a reduction in land value, not the component of the assessment that comes from building/structural value.
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