Tri-Cities home values soften again in 2026 as BC Assessment reflects prolonged market slowdown

After more than two years of uneven price corrections, property assessments across the Tri-Cities are now firmly reflecting a cooler and more cautious housing market.

According to BC Assessment, typical assessed values for both single-family homes and strata properties declined across Coquitlam, Port Coquitlam, and Port Moody in the 2026 assessment roll, which is based on market conditions as of July 1, 2025.

“The softening housing market is being reflected in 2026 property assessments,” stated assessor Bryan Murao. “Many homeowners throughout the Lower Mainland can expect some decreases in assessed value, with most changes ranging between minus 10 percent to zero.”

Province-wide, the total value of B.C. real estate declined nearly 2.5 per cent to $2.75 trillion, even as the number of assessed properties increased by about one per cent. In the Lower Mainland, total assessments fell from roughly $2.01 trillion in 2025 to $1.92 trillion this year.

For Tri-Cities homeowners, the 2026 roll confirms that the rapid price growth of the pandemic era has largely unwound. While values remain well above pre-2020 levels, the market has now been correcting or flat for more than two years – a trend increasingly reflected not just in sales data, but in assessment notices arriving this month.

Single-family homes: declines continue

In Coquitlam, the typical assessed value of a single-family home fell five per cent, from $1.7 million in 2025 to $1.6 million in 2026. Port Coquitlam saw a four percent drop, from $1.4 million to $1.4 million, while Port Moody declined four percent, from $1.9 million to $1.8 million.

Those year-over-year changes line up closely with BC Assessment’s quarterly market-change data, which shows that single-family prices in all three cities peaked in early 2022, fell sharply through the second half of that year, and have struggled to regain sustained momentum since.

In Port Moody, for example, the data shows quarterly price declines approaching 10 percent in the third quarter of 2022 and more than 11 percent in the fourth quarter. While prices rebounded modestly through 2023, values flattened in early 2024 and then slipped again through late 2024 and 2025, setting the stage for this year’s assessment decrease.

Coquitlam’s single-family market followed a similar trajectory, though with higher sales volumes and greater volatility. After a steep correction in late 2022, prices briefly recovered in early 2024 before turning negative again over the past year.

Port Coquitlam experienced some of the sharpest swings. Single-family values dropped more than eight percent in late 2022, recovered unevenly through 2023, and then softened again in recent quarters.

In Belcarra, typical single-family assessments slipped three percent, while Anmore was the exception in the Tri-Cities, with typical values rising four percent year over year.

Strata market shows persistent slowdown

Strata homes – such condos and townhouses – also posted broad declines across the Tri-Cities.

Typical strata values fell four percent in Coquitlam, five percent in Port Coquitlam, and five percent in Port Moody between the 2025 and 2026 assessment cycles.

BC Assessment’s quarterly data shows that while the strata market stabilized earlier than single-family homes following the 2022 correction, that stability was short-lived. Since mid-2024, most quarters across the Tri-Cities have registered negative price changes, with recent declines accelerating into 2025.

Across the board, positive growth in the strata market values have not been seen since the second quarter of 2024, with multiple quarters of falling values over the past year.

Sales volumes remain subdued

Sales activity across the Tri-Cities has fallen sharply from its early-2022 peak, reinforcing the downward pressure seen in recent assessments – particularly in the single-family sector.

BC Assessment’s quarterly data shows that single-family home sales in Coquitlam, Port Coquitlam and Port Moody are now typically 40 to 60 percent lower than they were at the height of the market in the first half of 2022.

Even during brief rebounds in 2023 and early 2024, sales volumes rarely exceeded 70 to 75 percent of peak levels, before slipping again through 2024 and 2025.

The strata market has followed a similar pattern, with quarterly sales counts generally 30 to 50 percent below early-2022 highs.