Lower Mainland property values see a slide, assessment shows
Last week, BC Assessment, the provincial Crown corporation, released data detailing changes in property values across the province from July 1, 2024, to July 1, 2025.
Lower Mainland sees major changes in value
Every city in the Lower Mainland saw declines in property values. Delta saw the biggest change in total residential property values, with a decline of 6.9 percent. This was followed by Vancouver and then by Surrey, each with a decline of 6.3 percent and 6.1 percent, respectively.
Among neighbourhoods in the city of Vancouver, there were wide swings in property value changes. Regarding single-family dwellings, the area of Cedar Cottage only saw a decline of 2.9 percent. However, four kilometers away, in Shaughnessy, there was a decline of 10.2 percent.
Information courtesy of BC Assessment.
Among Vancouver Strata properties, downtown saw significant changes in value, with Downtown South losing 7.1 percent in value, Downtown proper at seven percent, and Coal Harbour at 6.9 percent. Declines happened throughout the city, with Fraserview seeing the lowest Strata decline at -0.5 percent.
In total, the area that suffered the largest declines in Vancouver was the Musqueam Band Lands near the Southlands, followed by Shaughnessy, Arbutus Ridge, and Marpole.
Information courtesy of BC Assessment.
Vancouver home prices still high, public detachment grows
Vancouver home prices, while on the decline, are still high compared to international standards. According to RBC, a Vancouver household would need to devote 89 percent of its income to cover homeownership costs, far exceeding Toronto, which ranked second at 65 percent.
Public apathy has started to set in among those who want to be homeowners. A new public opinion poll by Canada Pulse Insights found that 84 percent of those in Vancouver who don’t own a home say that they will never be able to. People also seemed to blame federal policies rather than local ones, with about two-thirds saying that immigration was the main reason for these conditions rather than profit seeking from developers and landlords.
