Metro Vancouver property assessments showed mostly modest changes in home values as the market remains stable for a second consecutive year.
According to BC Assessment, most homeowners can expect their property values to fluctuate between -5% and +5%, reflecting a relatively balanced housing market.
“Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value for a second consecutive year,” said Bryan Murao, Assessor for BC Assessment. “Most homeowners can expect only modest assessment changes.”
The 2025 Metro Vancouver property assessments, which reflect market values as of July 1, 2024, are now available at bcassessment.ca, with official notices arriving by mail.
How Property Values Have Changed in 2025
The total real estate valuation in the Lower Mainland remains at approximately $2.01 trillion, with $27 billion in new construction, rezoning, and subdivision projects contributing to this year’s numbers.
Homeowners in Greater Vancouver, the Fraser Valley, the Sea-to-Sky region, and the Sunshine Coast will see a mix of slight increases and decreases in assessed values, following the cooling of price growth seen in recent years.
While many property owners may not see a dramatic shift in their home values, changes in assessments can impact property taxes, depending on how a home’s value compares to the overall average in its municipality.
Understanding Metro Vancouver Property Assessments
BC Assessment determines property values using real estate data from the previous year. The 2025 Metro Vancouver property assessments are based on home values as of July 1, 2024, with additional considerations for the physical condition of properties as of October 31, 2024.
Metro Vancouver property assessments consider:
- Comparable sales in the neighbourhood
- The home’s location, size, and age
- Any significant upgrades or renovations
It’s important to note that a change in assessment does not necessarily mean your property taxes will rise—tax rates are set by municipalities based on local budget needs.
What If You Disagree with Your Metro Vancouver Property Assessments?
Homeowners who believe their 2025 property assessment is inaccurate or does not reflect fair market value can request a review. Here’s what to do:
• Compare your assessment online: Check bcassessment.ca to compare your home’s value with similar properties in your neighbourhood.
• Contact BC Assessment: If you notice any discrepancies, reach out to BC Assessment as soon as possible in January to discuss your concerns.
• File an appeal: If you’re still concerned after speaking with an assessor, you can file a formal appeal (Notice of Complaint) by January 31, 2025, for an independent review by a Property Assessment Review Panel.
Each year, less than 2% of homeowners appeal their assessments, but for those who believe their valuation is incorrect, this process ensures fairness and transparency.
What This Means for Metro Vancouver Homeowners
While the 2025 property assessments indicate continued market stability, homeowners should review their valuations carefully — especially those considering selling, refinancing, or disputing their assessments.
For homebuyers, sellers, and investors, understanding these numbers can be crucial in making informed real estate decisions. If you need legal guidance on property transactions, assessments, or disputes, Clark Woods LLP is here to help. Contact us today.
Need Real Estate Legal Expertise?
Navigating Metro Vancouver’s evolving real estate market requires expert guidance. At Clark Woods LLP, our experienced team specializes in real estate and conveyance law, ensuring smooth transactions for buyers and sellers alike.
📞 Call us at 604-227-9153 or visit clarkwoods.ca to learn more.