B.C. property assessments are out firstly of the brand new 12 months and the massive image exhibits that property values within the Decrease Mainland are down, whereas Northern B.C. property values are up.
The common worth of a single-family residence in Vancouver is down 5 per cent, whereas in Surrey, assessments are down a mean of six per cent and a mean of eight to 9 per cent in Richmond and White Rock.
The common worth of condos is down two to 5 per cent throughout the board.
In distinction, values on Vancouver Island and within the Southern Inside fluctuate from drops of 5 per cent to will increase of 5 per cent.
In Northern B.C. and within the Kootenays, some properties elevated for a mean of 15 per cent.
“Pattern-wise smart it’s a little bit of a continuation from what we’ve seen over the previous few years,” Bryan Murao with BC Evaluation mentioned. “The final couple of years, we’ve talked extra about rates of interest. Rates of interest have been excessive.”
Assessments are primarily based on market situations as of July 2025. By then, rates of interest had already began coming down from their peak, however BC Evaluation mentioned that patrons nonetheless had the higher hand in lots of elements of the market.
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“The market has fallen, costs are decrease than they have been a 12 months in the past or two years in the past, and that’s not shocking,” Tom Davidoff with the UBC Sauder College of Enterprise mentioned.
“The 2 massive drivers of worth right here, immigration and rates of interest in the previous couple of years, have moved in a really unfavorable course relative to a particularly constructive for pricing within the earlier 5 years.”
Davidoff predicts gentle worth declines in actual property in 2026, until the federal government will increase immigration ranges and the Financial institution of Canada makes extra cuts to rates of interest.
No matter the place folks reside in B.C., a better or decrease evaluation doesn’t mechanically imply a change to property taxes.
“It’s not about what your evaluation did,” Munro mentioned.
“It’s about what your evaluation did relative to different residential properties. So whether or not you take a look at your discover or go to our website, you’ll be able to see how your property modified, however you can even see how residential properties in your metropolis modified.”
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