On October 21, 2026, 2,004 of the 4,723 homes for sale in Vancouver on EstateBlock were listed for less than their BC Assessment value. In Burnaby it was 1,065 of 1,931. That's what happens when an assessment is pinned to July 1, 2025 and the market keeps sliding for more than 15 months.
Your 2026 assessment notice already showed a drop: BC Assessment put the typical Vancouver house at $2,092,000, down 5%. The next notices arrive in early January 2027 and will reflect values on July 1, 2026. The Greater Vancouver detached benchmark fell 6.9% over those 12 months, almost twice the 3.5% it fell over the 12 months the 2026 roll measured. Here's the 2026 roll by municipality, how well the benchmark predicted it, and what it says about the next one.
Sources: BC Assessment, Lower Mainland 2026 Property Assessments Announced (Jan 2, 2026); CREA MLS® HPI data (Greater Vancouver); EstateBlock.com live listings, snapshot taken October 21, 2026 (active listings, asking prices).
The 2026 roll: down almost everywhere in the Lower Mainland
BC Assessment valued about 1,140,000 Lower Mainland properties for 2026. The region's total fell from about $2.01 trillion to about $1.92 trillion, even with almost $24 billion of new construction, subdivisions and rezonings added. Assessor Bryan Murao said most changes would land between −10% and 0%. The numbers below are BC Assessment's own "typical" values, which are medians, for houses and for strata homes (condos and townhouses).
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Source: BC Assessment, Lower Mainland 2026 Property Assessments Announced (Jan 2, 2026).
Show the numbers
| Municipality | Change |
|---|---|
| White Rock | −9% |
| University Endowment Lands | −8% |
| Richmond | −8% |
| Langley (City) | −8% |
| Surrey | −6% |
| Vancouver | −5% |
| Coquitlam | −5% |
| West Vancouver | −5% |
| Abbotsford | −5% |
| Burnaby | −4% |
| Port Coquitlam | −4% |
| Port Moody | −4% |
| Sechelt | −4% |
| Delta | −4% |
| Pitt Meadows | −4% |
| Mission | −4% |
| Belcarra | −3% |
| North Vancouver (District) | −3% |
| North Vancouver (City) | −3% |
| Langley (Township) | −3% |
| Maple Ridge | −3% |
| New Westminster | −2% |
| Gibsons | −2% |
| Lions Bay | −1% |
| Chilliwack | −1% |
| Whistler | 0% |
| Bowen Island | 0% |
| Kent | 0% |
| Hope | 0% |
| Pemberton | +1% |
| Squamish | +2% |
| Harrison Hot Springs | +3% |
| Anmore | +4% |
White Rock (−9%), Richmond and the City of Langley (−8% each) and the University Endowment Lands (−8%) took the biggest single-family cuts. Surrey's typical house dropped 6% to $1,464,000. The only gains were in smaller markets at the edges: Anmore (+4%), Harrison Hot Springs (+3%), Squamish (+2%) and Pemberton (+1%).
| Municipality | 2025 roll (July 1, 2024) | 2026 roll (July 1, 2025) | Change |
|---|---|---|---|
| Surrey | $695,000 | $649,000 | −7% |
| White Rock | $645,000 | $609,000 | −6% |
| Richmond | $784,000 | $735,000 | −6% |
| Port Coquitlam | $680,000 | $648,000 | −5% |
| Port Moody | $841,000 | $797,000 | −5% |
| Delta | $759,000 | $722,000 | −5% |
| Langley (City) | $547,000 | $521,000 | −5% |
| Burnaby | $732,000 | $706,000 | −4% |
| Coquitlam | $727,000 | $699,000 | −4% |
| New Westminster | $644,000 | $617,000 | −4% |
| Vancouver | $798,000 | $772,000 | −3% |
| Langley (Township) | $761,000 | $737,000 | −3% |
| Abbotsford | $487,000 | $470,000 | −3% |
| North Vancouver (City) | $839,000 | $820,000 | −2% |
| North Vancouver (District) | $945,000 | $928,000 | −2% |
| West Vancouver | $1,388,000 | $1,354,000 | −2% |
| Maple Ridge | $650,000 | $635,000 | −2% |
| Whistler | $1,341,000 | $1,328,000 | −1% |
| Squamish | $832,000 | $848,000 | +2% |
Source: BC Assessment, Lower Mainland 2026 Property Assessments Announced (Jan 2, 2026). Typical value = median.
Strata values fell less than houses in Vancouver (−3% against −5%) and on the North Shore (−2% in both North Vancouvers), but not everywhere: in Port Moody, Port Coquitlam and New Westminster strata values fell more than houses. Surrey (−7%), Richmond and White Rock (−6% each) took the biggest strata cuts. For the condo side in detail, see my Vancouver condo market update.
Does the MLS® benchmark predict your assessment?
Roughly, yes. BC Assessment values every property at July 1 of the year before the notice. GVR's and FVREB's July 2025 packages report how the detached benchmark moved over the same 12 months, so the two can be set side by side.
| Municipality | BC Assessment 2026 (houses) | HPI detached, 12 mo. to July 2025 | HPI detached, 12 mo. to Sept 2026 |
|---|---|---|---|
| Vancouver | −5% | −5.6% to −3.9% | −8.7% to −7.7% |
| Burnaby | −4% | −4.0% to +0.5% | −10.3% to −6.7% |
| Coquitlam | −5% | −5.1% | −6.6% |
| Port Coquitlam | −4% | −5.4% | −8.5% |
| Port Moody | −4% | −3.2% | −8.4% |
| New Westminster | −2% | +0.3% | −10.4% |
| North Vancouver (District) | −3% | −4.2% | −6.2% |
| West Vancouver | −5% | −4.0% | −9.9% |
| Richmond | −8% | −4.9% | −8.5% |
| Maple Ridge | −3% | −3.3% | −7.7% |
| Pitt Meadows | −4% | −4.1% | −2.8% |
| Squamish | +2% | +11.2% | −0.9% |
| Surrey | −6% | −6.1% to −5.1% | −10.9% to −6.9% |
| White Rock | −9% | −7.2% | −7.4% |
| Langley (Township) | −3% | −2.2% | −6.7% |
| Abbotsford | −5% | −4.4% | −11.1% |
| Mission | −4% | −1.5% | −13.3% |
Sources: BC Assessment, Lower Mainland 2026 Property Assessments Announced (Jan 2, 2026); HPI 1-year changes as published in the GVR July 2025 stats package and FVREB July 2025 package, and the GVR September 2026 stats package and FVREB September 2026 package. BC Assessment reports whole percentages. Where a municipality spans several board areas, the range is shown: Vancouver = Vancouver East and West; Burnaby = Burnaby North, South and East; Surrey = the FVREB Surrey, North Surrey and Cloverdale; White Rock = South Surrey & White Rock; Langley (Township) = FVREB Langley.
In 16 of 17 municipalities the assessment and the benchmark moved in the same direction, and in 15 the assessment change sat within three points of the benchmark (the average, where a city spans several areas). The misses are informative. Squamish's benchmark jumped +11.2% while the assessment rose 2%: likely a small-market effect, where a few sales swing the index. Richmond went the other way, with the assessment (−8%) falling harder than the benchmark (−4.9%).
So the benchmark is a decent early read on direction, not a forecast of your number. BC Assessment values each property from sales of similar homes nearby; the HPI tracks a "typical" home for a whole board area.
What July 2026 values point to for the 2027 notices
The 2027 roll will use July 1, 2026. CREA's MLS® HPI data, which runs as one consistent series, shows how far the benchmark moved over that window compared with the window behind the 2026 roll.
| Benchmark | Greater Vancouver: Jul 2024 to Jul 2025 | Greater Vancouver: Jul 2025 to Jul 2026 | Fraser Valley: Jul 2024 to Jul 2025 | Fraser Valley: Jul 2025 to Jul 2026 |
|---|---|---|---|---|
| Composite | −2.7% | −6.2% | −5.2% | −7.2% |
| Detached | −3.5% | −6.9% | −4.9% | −8.3% |
| Townhouse | −2.3% | −6.0% | −4.0% | −7.1% |
| Apartment | −3.2% | −7.5% | −5.8% | −9.1% |
Source: CREA MLS® Home Price Index data download (Greater Vancouver and Fraser Valley, not seasonally adjusted). Calculated by EstateBlock.
Every benchmark fell more in the second window than in the first. The Greater Vancouver detached benchmark went from $1,964,100 to $1,829,500; the Fraser Valley's from $1,447,700 to $1,327,500. Apartments fell 7.5% in Greater Vancouver and 9.1% in the Fraser Valley, after smaller drops the year before.
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Source: GVR September 2026 stats package and FVREB September 2026 package.
Show the numbers
| Area | 1-year change |
|---|---|
| Mission | −13.3% |
| Abbotsford | −11.1% |
| North Delta | −11.0% |
| North Surrey | −10.9% |
| New Westminster | −10.4% |
| Burnaby South | −10.3% |
| West Vancouver | −9.9% |
| Burnaby North | −9.2% |
| Surrey | −9.0% |
| Vancouver West | −8.7% |
| Port Coquitlam | −8.5% |
| Richmond | −8.5% |
| Port Moody | −8.4% |
| Maple Ridge | −7.7% |
| Vancouver East | −7.7% |
| South Surrey & White Rock | −7.4% |
| Cloverdale | −6.9% |
| Burnaby East | −6.7% |
| Langley | −6.7% |
| Coquitlam | −6.6% |
| North Vancouver | −6.2% |
| Ladner | −4.2% |
| Pitt Meadows | −2.8% |
| Tsawwassen | −1.7% |
| Squamish | −0.9% |
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Source: GVR September 2026 stats package and FVREB September 2026 package.
Show the numbers
| Area | 1-year change |
|---|---|
| Tsawwassen | −12.2% |
| North Delta | −11.6% |
| Surrey | −11.5% |
| Abbotsford | −11.0% |
| Ladner | −10.5% |
| North Surrey | −10.4% |
| Langley | −9.2% |
| Richmond | −9.1% |
| Port Coquitlam | −9.0% |
| Cloverdale | −8.9% |
| Burnaby South | −8.3% |
| South Surrey & White Rock | −7.7% |
| New Westminster | −7.5% |
| Coquitlam | −7.3% |
| Burnaby North | −6.6% |
| West Vancouver | −5.7% |
| Burnaby East | −5.5% |
| Vancouver East | −5.2% |
| Vancouver West | −5.2% |
| Port Moody | −4.9% |
| Mission | −4.7% |
| North Vancouver | −3.2% |
| Maple Ridge | −2.6% |
| Pitt Meadows | −2.4% |
| Squamish | +0.7% |
By area, the steepest detached drops over the latest 12 months were in Mission (−13.3%), Abbotsford (−11.1%) and North Delta (−11.0%). Squamish was close to flat. These are September-to-September changes, not the July window, but they're the latest numbers each board publishes by area.
How many listings ask less than their assessment
EstateBlock's city pages count how many active listings are priced below the property's BC Assessment value. These are asking prices of active listings, compared with the 2026 assessed value (July 1, 2025), not sale prices.
Source: EstateBlock.com live listings, snapshot taken October 21, 2026 (active listings, asking prices)
Show the numbers
| City | Share below assessment |
|---|---|
| Burnaby | 55% |
| North Vancouver | 55% |
| Surrey | 50% |
| Vancouver | 42% |
| Langley | 40% |
| West Vancouver | 30% |
| Richmond | 20% |
| Coquitlam | 19% |
| City | Listed below assessment | Homes for sale | Share | Browse |
|---|---|---|---|---|
| Burnaby | 1,065 | 1,931 | 55% | Listings |
| North Vancouver | 558 | 1,008 | 55% | Listings |
| Surrey | 2,142 | 4,250 | 50% | Listings |
| Vancouver | 2,004 | 4,723 | 42% | Listings |
| Langley | 572 | 1,422 | 40% | Listings |
| West Vancouver | 177 | 598 | 30% | Listings |
| Richmond | 374 | 1,915 | 20% | Listings |
| Coquitlam | 248 | 1,308 | 19% | Listings |
Source: EstateBlock.com live listings, snapshot taken October 21, 2026 (active listings, asking prices).
Across these eight cities, 7,140 of 17,155 listings (42%) ask less than assessment. Burnaby and North Vancouver lead, both at 55%. Richmond (20%) and Coquitlam (19%) are much lower. Richmond's typical house assessment had already been cut 8% for 2026, among the steepest in the region, which may be part of it.
The chart covers the eight cities with the most listings, not every city EstateBlock tracks; Delta, Port Coquitlam and Squamish, for example, sit at 22%, 21% and 22%. A caveat on the data: the count depends on EstateBlock matching each listing to its assessment record. In New Westminster, Maple Ridge, Abbotsford, White Rock and Chilliwack the counts were tiny next to their neighbours (New Westminster: 10 of 590), which I read as a matching gap rather than a market signal, so I wouldn't read anything into them.
What it tells a buyer: a list price under assessment is not a discount on its own. The assessment values the home as of July 1, 2025. Compare the asking price with recent sales of similar homes, then use the assessment only as a sanity check. Sellers who price off their 2026 notice are pricing off July 2025.
Assessment, property tax and the home owner grant
A lower assessment doesn't mean a lower tax bill. BC Assessment puts it plainly: what matters is how your assessment changes relative to the average change in your community. If every house in your city drops 8% and yours drops 8%, your share of the tax levy is the same, and the bill follows whatever budget council sets. If yours drops 3% while the city average drops 8%, you carry a bigger share. Rates for Vancouver are in my Vancouver property tax breakdown.
The home owner grant is where the assessed value itself matters. The province's grant threshold for 2026 is $2,075,000: at or under it you can claim the full grant on a principal residence, above it the grant shrinks. The typical 2026 house assessment was $2,092,000 in Vancouver, just over that line, $2,056,000 in the District of North Vancouver, just under it, and $2,910,000 in West Vancouver. The province has said the regular grant will be $570 from January 1, 2027.
| Municipality | Typical house, 2026 roll | vs $2,075,000 grant threshold |
|---|---|---|
| University Endowment Lands | $5,090,000 | Above |
| West Vancouver | $2,910,000 | Above |
| Whistler | $2,834,000 | Above |
| Anmore | $2,671,000 | Above |
| Vancouver | $2,092,000 | Above |
| North Vancouver (District) | $2,056,000 | At or under |
| Belcarra | $2,007,000 | At or under |
| Lions Bay | $1,995,000 | At or under |
| Burnaby | $1,959,000 | At or under |
| North Vancouver (City) | $1,937,000 | At or under |
Sources: BC Assessment, Lower Mainland 2026 Property Assessments Announced (Jan 2, 2026); BC Government, home owner grant (threshold for 2026).
Tax rules have edge cases, and the grant depends on more than value. Confirm your own situation with your accountant, lawyer or municipality before relying on it.
Appeals: what counts and what doesn't
You can't appeal because the market dropped after July 1. The question BC Assessment and the review panel ask is whether your assessment reflects market value on the valuation date, plus whether the facts on file (size, age, condition as of October 31) are right. For the 2027 notice, that means comparing your value with sales of similar homes around July 1, 2026.
- Start with the free search. Look up your property and your neighbours' on bcassessment.ca, and check the square footage, bedrooms and lot size on file.
- Call first. BC Assessment asks owners to contact an appraiser before filing; many issues get fixed there.
- File by the deadline. For 2026 notices, the Notice of Complaint (Appeal) deadline was January 31, moved to February 2 because the 31st fell on a weekend. Property Assessment Review Panels typically sit from early February to mid-March.
Most owners never get that far: BC Assessment says over 98% typically accept their assessment without a formal review.
How I'd use the assessment right now
For prices by property type, see my Greater Vancouver market update and the long-run Vancouver home prices chart. City detail: Burnaby, Surrey, Richmond.
FAQ
What date does BC Assessment use to value my property?
July 1 of the year before the notice. The 2026 assessments reflect market value on July 1, 2025 and physical condition on October 31, 2025. The 2027 notices, due in early January 2027, will reflect July 1, 2026.
Did BC Assessment values go down in 2026?
Mostly, yes. In the Lower Mainland most changes ran between -10% and 0%. The typical single-family assessment fell 5% in Vancouver to $2,092,000, 6% in Surrey and 8% in Richmond. Typical strata values fell 3% in Vancouver.
Will my property taxes go down if my assessment drops?
Not automatically. BC Assessment says what matters is how your assessment changes relative to the average change in your community. Your bill also depends on the budget and tax rates your municipality sets.
Should I list my home at its BC Assessment value?
No. The assessment is a mass-appraisal estimate of value on July 1 of the previous year. On October 21, 2026, 42% of Vancouver listings on EstateBlock asked less than their assessed value. Price from recent comparable sales.
When is the deadline to appeal a BC Assessment?
January 31 of the notice year, or the next business day if it falls on a weekend; for 2026 notices it was February 2, 2026. Contact BC Assessment first; many concerns are resolved without a formal appeal.
Sources
- BC Assessment: Lower Mainland 2026 Property Assessments Announced (Jan 2, 2026)
- BC Assessment: Appeals (2026 deadline, July 1 valuation)
- BC Government: Home owner grant (2026 threshold, 2027 regular grant)
- CREA: MLS® Home Price Index tool and data download
- Greater Vancouver REALTORS®: July 2025 stats package
- Greater Vancouver REALTORS®: September 2026 stats package
- Fraser Valley Real Estate Board: July 2025 statistics package
- Fraser Valley Real Estate Board: September 2026 statistics package
- EstateBlock.com: homes for sale by city, incl. listings below BC Assessment (snapshot Oct 21, 2026)
