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Property values are down across the Lower Mainland compared with last year, according to new BC Assessment figures released Jan. 2.
In 2026, the average single family home in Vancouver is worth five per cent less than it was a year ago — down from $2.205 million from $2.092 million.
Decreases were seen across almost all municipalities in the region. The biggest drop was seen on the University Endowment Lands, down eight per cent.
“The softening housing market is being reflected in 2026 property assessments,” said assessor Bryan Murao.
“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.”
Overall, total assessments in the Lower Mainland fell from about $2.01 trillion in 2025 to $1.92 trillion this year.
Areas outside of the Lower Mainland did not see the same drop.
“Vancouver Island and the Southern Interior are generally flatter in value, with changes ranging between minus five per cent to plus five percent, while the North and the Kootenays are varying more broadly in the minus five per cent to plus 15 per cent range,” Murao said.
The assessments are the estimate of a property’s market value as of July 1, 2025, and its physical condition as of Oct. 31, 2025.
“This common valuation date ensures there is an equitable property assessment base for property taxation,” the authority said.
BC Assessment says decreases in property values do not automatically mean a corresponding drop in property taxes.
“As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes,” Murao said.
This means if your value change is lower than the average change for your particular property type, your taxes will likely decrease. If the value change higher than average, your taxes will likely increase — even if your property value has gone down year-over-year.
Lululemon founder Chip Wilson’s property once again topped the list of the highest-valued properties in B.C. Located at 3085 Point Grey Road in Vancouver, the house is valued at $73.46 million. This is down more than 10 per cent compared to last year’s value of $82.66 million.
Six of the top 10 highest-valued properties are located in Vancouver’s prestigious Point Grey neighbourhood. Aside from Wilson’s property, the top 500 properties range from $69.88 million down to $11.71 million.
Homeowners can check their property assessments at bcassessment.ca.
