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2h ago

B.C. Releases 2026 Property Assessments as Lower Mainland Slips, Vancouver Island Holds Steady

Shifts reflect a July 2025 snapshot shaped by high borrowing costs, with owners able to challenge notices by Feb. 2.

According to the B.C. Assessment Authority, Vancouver condos fell on average three per cent to $772,000 last year.
Houses and townhouses are seen in an aerial view in Langley, B.C., on Wednesday, May 16, 2018. According to BC Assessment at the start of 2026, property values are down in Vancouver and Surrey, but up in other parts of the province. THE CANADIAN PRESS/Darryl Dyck

Overview

  • BC Assessment tallied 2.23 million properties with a total value of $2.75 trillion, a 2.5% decrease from 2025.
  • Vancouver Island’s roll rose to nearly $399 billion, with about $4.71 billion attributed to new construction, subdivisions and rezoning.
  • Greater Victoria single-family assessments moved roughly -3% to +1%, Central Island -3% to +5%, and North Island -2% to +7%, with Zeballos up 5% and Alert Bay up 7%.
  • Lower Mainland assessments declined, including about -5% in Vancouver, -6% in Surrey and -8% to -9% in Richmond and White Rock, while condos generally fell 2% to 5%.
  • Northern B.C. and the Kootenays saw some of the strongest gains, averaging about 15%, as experts told Global News they expect mild price declines in 2026 unless immigration rises and interest rates fall further.