British Columbia's real estate market is experiencing a significant divergence, with the latest property assessments revealing a notable drop in values across the Lower Mainland while many northern and interior communities are seeing modest to significant gains. This regional split highlights shifting economic pressures and housing demand across the province.
Data from BC Assessment shows that detached homes in Metro Vancouver and the Fraser Valley saw values decline, in some cases by as much as 9%, between July 1, 2024, and July 1, 2025. In stark contrast, some communities in the province's north reported increases of up to 14%, painting a complex picture of the current housing landscape.
Key Takeaways
- Property values in the Lower Mainland have generally decreased, with changes ranging from 0% to -10%.
- Northern B.C. communities have seen property values increase, with some areas rising as much as 15%.
- A detached home in Surrey saw an average value drop of 6%, while a similar home in Prince George increased by 3%.
- The total value of all properties in the Lower Mainland fell by $90 billion over the past year, from $2.01 trillion to $1.92 trillion.
Lower Mainland Market Feels the Chill
Homeowners in Greater Vancouver and the Fraser Valley are seeing their property assessments reflect a cooling market. The data, which captures market values as of July 1, 2025, indicates a widespread, though varied, decline in residential property values.
"Many homeowners throughout the Lower Mainland can expect some decreases in assessed value," said BC Assessment assessor Bryan Murao. He noted that the changes generally fall between a 10% decrease and no change.
"The softening housing market is being reflected in 2026 property assessments." - Bryan Murao, BC Assessment Assessor
Detached Homes Lead the Decline
For detached single-family homes, some of the steepest drops were seen in traditionally high-value areas. White Rock experienced the largest average decrease at 9%, bringing the typical assessed value to $1.58 million. Other significant declines include:
- Richmond, City of Langley, University Endowment Lands: Down 8% on average.
- Surrey: Down 6% to an average of $1.464 million.
- Vancouver: Down 5% to an average of $2.092 million.
Not all areas saw declines. Whistler and Hope reported no change in average values, while Squamish stood out with a 2% increase, bucking the regional trend.
Condo Market Also Softens
The condominium market in the Lower Mainland has not been immune to the downturn. Surrey saw the largest average drop for condos at 7%, while Richmond and White Rock both posted 6% decreases. In the city of Vancouver, the average condo value fell by a more modest 3% to $772,000.
By the Numbers: Lower Mainland's Property Value Shift
The total assessed value of all properties in the Lower Mainland region—which includes Greater Vancouver, the Fraser Valley, Sea to Sky, and the Sunshine Coast—decreased from $2.01 trillion in 2024 to $1.92 trillion in 2025. This $90 billion drop occurred even after accounting for $24 billion in new construction and subdivisions.
Growth and Stability in Northern BC and the Interior
While the Lower Mainland adjusts to a cooler market, other parts of the province are telling a different story. The North Central region, which covers about 70% of B.C.'s land mass, has remained stable and, in many cases, has seen strong growth.
According to Murao, homeowners in this region can generally expect value changes ranging from a 5% decrease to a 15% increase. "The North Central real estate market remains stable, which is being reflected in the 2026 property assessments," he explained.
What's Driving the North?
Market analysts suggest the growth in northern B.C. could be attributed to several factors, including relative housing affordability compared to the coast, ongoing industrial and resource projects, and a potential lag effect where market trends in major urban centers take time to ripple out to more remote regions.
Standout Northern Communities
Several northern communities have seen significant increases in their average assessed values for detached homes:
- Fort St. James: Rose 14% to $244,000.
- Hazelton: Increased by 10%.
- Prince Rupert: Gained 3%.
- Prince George: Saw a 2% increase to $459,000.
This upward trend suggests a resilient market in the north, attracting buyers who may be priced out of the province's more expensive regions.
A Mixed Picture on Vancouver Island and in the Southern Interior
The real estate markets on Vancouver Island and in the Southern Interior present a more mixed and stable picture, with most changes falling within a narrow band of -5% to +5%.
On Vancouver Island, the city of Victoria saw a slight 1% increase in detached home values. Other central island locations like Ladysmith, Duncan, and Parksville all recorded modest gains between 2% and 4%.
In the Southern Interior, the Columbia region saw notable increases. Fernie and Kimberley both reported 6% gains, while Sparwood jumped by 9%. Nelson saw a 3% rise, and Castlegar's values held steady with no change. One significant outlier is Lytton, which saw assessed values surge by 30% as the community continues its rebuilding efforts following the devastating 2021 wildfire.
Market Outlook and Expert Analysis
Real estate experts point to a lag effect to explain the stark regional differences. Steve Saretsky, a realtor and market commentator, suggested that major urban centers like Vancouver are often the first to experience market shifts, with outlying areas following suit later.
"The city is always the first to move, either up or down, and the outlying areas will follow." - Steve Saretsky, Realtor
Saretsky also noted that, anecdotally, the condo market in downtown Vancouver and properties on the city's west side have dropped by about 10% over the past year. This aligns with broader market reports suggesting a continued downturn.
A 2026 market outlook from Remax Greater Vancouver predicts that house prices will continue to fall this year. The report highlights a near absence of real estate investors in the current market and notes a shift in power towards buyers, who are now more able to make offers conditional on the sale of their own homes—a rare practice in Vancouver's typically competitive market.
The B.C. Real Estate Association is forecasting "limited price growth" for 2026, indicating that the province may be in the fourth year of a real estate downturn that typically lasts around five years. Homeowners can review their individual property assessments online at the BC Assessment website.
