Ron Matin
According to the latest data from BC Assessment, property values in the Lower Mainland, including North Vancouver and West Vancouver, are exhibiting a downward trend. As of July 1, 2025, the median price for a single-family home in West Vancouver has decreased to $2,910,000, representing a 5% drop from the previous year. Similarly, the median valuation for detached homes in North Vancouver stands at $2,056,000, marking a 3% decrease from 2024, while in the City of North Vancouver, homes are valued at $1,937,000, also down by 3%.
Strata homes, which include condos and townhouses, have likewise seen a decline. In North Vancouver, the median price is $820,000, while prices in West Vancouver and the District of North Vancouver are $1,354,000 and $928,000, respectively—both reflecting a 2% drop.
The overall value of British Columbia’s real estate market now exceeds $2.75 trillion, down 2.5% from last year. As BC Assessment’s Bryan Murao stated, homeowners can expect to see decreases in their assessed values, generally ranging from -10% to 0% in light of the ongoing soft housing market.
Municipalities utilize these assessments to determine tax rates for upcoming budgets, which means any increase in an individual property’s assessment compared to the community average could trigger a higher tax bill. For context, the Ministry of Finance has set a maximum threshold of $2,075,000 for homeowners to qualify for B.C.’s homeowner grant.
Industry observers note that the declining market is closely related to a slow sales environment over the past couple of years. Even with decreasing interest rates, market activity has not shown a significant uptick, leading to continued uncertainty among potential buyers.
There are also broader concerns influencing buyer sentiment. Recent court rulings regarding Indigenous title on certain private lands have introduced additional complexities that could impact future real estate decisions. Furthermore, December has traditionally been slow in real estate transactions, with West Vancouver recording only three single-family home sales last month—the lowest in decades.
While the short-term outlook remains cautious, some industry professionals believe there are still positive aspects to the market. The appeal of living in the North Shore continues, but ongoing economic and legal challenges could prolong the time before any significant price recovery occurs.
If you’re looking for up-to-date market insights or interested in property notifications for new listings, sales activity, and price changes, consider reaching out. To explore options for buying a home in this shifting market, check out our buyer resources. If you’re considering selling, visit our seller services to get started on maximizing your investment.