New data from BC Assessment reveals a decline in property values across the Lower Mainland compared to the previous year. In Vancouver, the average value of a single family home has dropped by five percent in 2026, from $2.205 million to $2.092 million.
This trend of decreasing property values extends to almost all municipalities in the region, with the University Endowment Lands experiencing the largest decline at eight percent.
According to assessor Bryan Murao, the softening housing market is clearly reflected in this year’s property assessments, with many homeowners in the Lower Mainland likely to see decreases in their assessed values, typically ranging between -10 percent to zero percent.
Overall, total assessments in the Lower Mainland have fallen from around $2.01 trillion in 2025 to $1.92 trillion in the current year. Conversely, areas outside of the Lower Mainland did not experience the same significant drop in property values.
While Vancouver Island and the Southern Interior saw relatively stable property values, the North and the Kootenays displayed more varied changes ranging from minus five percent to plus 15 percent, as highlighted by Murao.
BC Assessment emphasizes that decreases in property values don’t necessarily translate to a corresponding reduction in property taxes. Your property tax obligations are more likely to be influenced by how your assessment changes relative to the average change in your community for your specific property type, as Murao explains.
One notable property on the list of top-valued properties in B.C. is Lululemon founder Chip Wilson’s residence on 3085 Point Grey Road, Vancouver, valued at $73.46 million. This represents a drop of over 10 percent from its previous value of $82.66 million.
The highest-valued properties in B.C. predominantly cluster in Vancouver’s elite Point Grey neighborhood, with six of the top ten properties located there. Ranging from $69.88 million to $11.71 million, these properties reflect the diverse real estate landscape in the region.
Homeowners can easily access their property assessments on bcassessment.ca to stay informed about the latest updates.