Online home-value numbers tend to fall into two camps: a precise-looking figure with no explanation, or a vague range with a request for your phone number. This estimator takes a more transparent route. It starts from something real, the price you paid or your BC Assessment, and moves it forward by exactly how much prices for your type of home in your area have changed since then, using the same MLS® Home Price Index the real estate boards publish. You can see every step, and you can see its limits.
How the estimate works
The MLS® Home Price Index tracks the price of a "benchmark" home, meaning a typical home for its area and type, month by month. It adjusts for differences in size, age and features, so it measures price change rather than changes in what happened to sell that month. That makes it more reliable than average or median sale prices for this purpose.
The estimate is simple arithmetic: what you paid, multiplied by the benchmark today and divided by the benchmark in the month you bought.
The default example is a Greater Vancouver apartment bought in May 2018 for $560,000. The apartment benchmark was $661,000 then and $686,200 in August 2026, a rise of 3.8%. The estimate is about $581,000.
The same index shows the apartment benchmark peaked at $778,200 in April 2024. So the apartment was probably worth around $659,000 at that point, and it's about 12% below that today.
Choosing "My 2026 assessment" instead starts from your BC Assessment value, which reflects the market as of July 1, 2025, and adjusts it to today in the same way.
The range around the estimate widens the longer ago you bought. An index captures the average, and the longer the gap, the more your home's own story can differ from it.
Where BC prices stand in August 2026
The benchmark numbers tell a clear story. Most of the Lower Mainland is below its 2022 peak, while Vancouver Island and the Interior have held up much better.
| All home types (composite) | Benchmark | 1 year | 5 years | 10 years | From peak |
|---|---|---|---|---|---|
| Greater Vancouver | $1,081,900 | −5.6% | −0.5% | +6.6% | −13.6% |
| Fraser Valley | $869,900 | −7.2% | −6.6% | +27.3% | −26.9% |
| Chilliwack and district | $704,600 | −5.2% | −2.7% | +70.9% | −22.6% |
| Victoria | $887,300 | +0.8% | +9.4% | +64.1% | −8.7% |
| Vancouver Island (outside Victoria) | $701,500 | +0.2% | +13.3% | +111.1% | −5.8% |
| BC Interior (Okanagan, Kamloops, Kootenays) | $665,600 | +0.5% | +7.7% | +69.2% | −8.5% |
A few things stand out.
- The Fraser Valley has fallen hardest. Its composite benchmark is about 27% below its March 2022 peak.
- Greater Vancouver is down about 14% from its peak. Detached homes there are roughly flat over five years and up only about 4% over ten.
- Vancouver Island outside Victoria is within 6% of its peak and more than doubled over the decade.
- Apartments behaved differently. Greater Vancouver apartments kept rising until April 2024, so apartment buyers from 2022 and 2023 are closer to break-even than detached buyers.
Your 2026 assessment is probably above market
BC Assessment values for 2026 reflect the market on July 1, 2025. Since then, benchmark prices in most of the Lower Mainland have kept falling:
- about 6% to 8% in Greater Vancouver, depending on type
- about 8% to 10% in the Fraser Valley
A home assessed at $1,000,000 in the Fraser Valley detached market would, on the benchmark alone, be worth roughly $906,000 today.
That matters in two ways.
- Sellers. The assessment isn't a floor for your asking price, and buyers in 2026 know it.
- Everyone. A value set by an earlier market is now a common basis for property tax appeals, and the 2027 notices arrive in January. BC Assessment's appeal window closes at the end of January.
Why your home can be worth more or less than this
An index describes typical homes. Yours is specific. The biggest reasons an actual sale lands away from an index-based estimate are:
- Location within the area. Greater Vancouver includes West Vancouver and Maple Ridge, and the Fraser Valley includes South Surrey and Mission. Neighbourhoods and school catchments diverge more than the regional average suggests.
- The home itself. Lot size and shape, views, orientation, layout, and a suite that's legal or could be made legal all move value.
- Condition and updates. The estimator's condition setting moves the figure by 5% either way. Real renovations can be worth more or less than that.
- For condos, the building. Building age, strata finances, the depreciation report, special levies, rental rules and parking all matter. Two identical units in different buildings can sell $80,000 apart.
- Land value and redevelopment potential. This has grown as zoning has changed. A detached lot near transit, or one that allows four to six units under BC's small-scale multi-unit housing rules, can be worth more than the index suggests. Our multiplex calculator covers this.
- How and when it's marketed. In a market with plenty of listings, the difference between a well-prepared, well-priced listing and one that sits can be several percent.
How to get an accurate number
There are three tools, and each answers a slightly different question.
- A comparative market analysis (CMA) from an agent. It looks at recent sales of homes like yours nearby, adjusted for differences, plus the competing listings a buyer would see today. This is what sets a list price.
- An appraisal. It's done by a certified appraiser, usually for a lender, and it's what matters for refinancing, a separation or an estate. It typically costs a few hundred dollars.
- BC Assessment. It's a mass valuation for property tax, fixed to July 1 of the previous year. It's useful as a reference point, not as a price.
An index-based estimate like this one sits before all three. It's a quick, honest starting point that tells you whether your mental number is realistic.
If you're thinking of selling in 2026
With prices below the peak in most of the Lower Mainland and more listings to choose from, buyers compare carefully. The homes that sell quickly are priced against current comparable sales, not against the peak or the assessment.
Before you set a price, work out what you'd actually walk away with, after commission, legal fees, the mortgage payout and any penalty. Our net proceeds calculator does that. If you've owned for less than two years, check the flipping tax first.
If your estimate sits below what you paid, you're not alone. Many 2021 and 2022 buyers in the Fraser Valley are in the same place. It's a reason to plan the sale carefully, or to hold if you can, rather than to price on hope.
Mistakes we see with home values
Anchoring on the 2022 peak. In most of the Lower Mainland, buyers are paying 10% to 25% less than they did in early 2022.
Treating the assessment as market value. It's already more than a year old when the notice arrives, and in 2026 it's likely high.
Adding the full cost of renovations to the value. Few improvements return their full cost at sale. Kitchens and bathrooms come closest, and specialized features rarely do.
Using average sale prices to judge your home. Averages move with whatever happened to sell that month. The benchmark doesn't.
Assuming an online estimate is an appraisal. Treat this, and any automated estimate, as a starting point.
Questions people ask us
How accurate is this home value estimate?
It's as accurate as the assumption that your home moved with typical homes of its type in its area. For a typical home bought in the last few years, that's often within a few percent. The longer ago you bought, and the less typical your home, the wider the range. A comparative market analysis or an appraisal will be more precise.
What is the MLS® Home Price Index?
It's an index of home prices maintained by the Canadian Real Estate Association with local boards. It tracks the price of a benchmark home with typical features for each area and property type, month by month, so it measures price change rather than changes in which homes happened to sell.
How much have home prices fallen in Greater Vancouver?
As of August 2026, the Greater Vancouver composite benchmark was $1,081,900. That's about 5.6% lower than a year earlier and about 13.6% below its April 2022 peak. Townhouses are about 10% below peak, and apartments about 12% below their April 2024 peak.
How much have prices fallen in the Fraser Valley?
The Fraser Valley composite benchmark was $869,900 in August 2026. That's about 7.2% lower than a year earlier and about 27% below its March 2022 peak, the largest decline among BC's major markets.
Is my BC Assessment what my home is worth?
Not exactly. Your 2026 assessment reflects market value on July 1, 2025. In Greater Vancouver and the Fraser Valley, benchmark prices have fallen roughly 6% to 10% since then, so many assessments are now above what homes would sell for.
Why does this estimate differ from other online estimates?
Other tools use their own models and data, often based on listing and sale records near your address. This one uses the published benchmark for your area and home type applied to your own starting point, so you can see exactly how it's calculated.
How do I get an exact value for my home?
Ask a local REALTOR® for a comparative market analysis based on recent comparable sales and current competition, or hire a certified appraiser. Our free evaluation gives you a CMA from Dan.
778-918-5990
Want the real number?
Dan will prepare a comparative market analysis for your specific home, using recent sales on your street or in your building and the listings you'd be competing with. There's no obligation. Your estimator inputs come along with the message.
Or go straight to the free home evaluation.
