One of the most common questions I get from sellers right now is, "My assessment says one number, so why are buyers offering less?" A Vancouver Sun report from November 1 puts some hard numbers behind that question, and it's worth a look whether you're buying, selling or moving here as a newcomer.
What the data shows
The story uses data from Zealty.ca, a BC real estate data platform that compares each sale price in the Greater Vancouver and Fraser Valley MLS systems with the same property's BC Assessment value. Between January 1 and October 25, 18,168 of the 24,426 homes sold across Metro Vancouver and the Fraser Valley closed below their 2026 assessed value. That's roughly three in four. Zealty.ca president Hamidreza Etebarian told the Sun that since July, "it's more than four-in-five."
A few other numbers from the report:
- On average, homes sold for 4.6% less than their assessed value.
- Richmond and New Westminster were the weakest, each averaging 7.1% below assessed value.
- Whistler (6.2% above) and Squamish (0.6% above) were the exceptions.
- As of October 27, 44% of active listings in BC were priced below assessed value.
- Of homes bought in 2022 and resold in 2026, 78% sold for less than the owner paid.
The article also notes Metro listings are 25% above the 10-year average while sales are 25% below it.
Why your assessment isn't your price
This is the part I'd want every homeowner to understand. Your 2026 assessment reflects market value as of July 1, 2025. It's a snapshot of where the market was, not where it is today. Oakwyn Realtor Gary Serra made the same point in the article, saying the assessments reflect "July 1, 2025, market values, not October 2026 prices."
Buyers don't shop by assessment. They look at what similar homes nearby have actually sold for in the last few weeks and months. Serra put it simply: "The market doesn't care what a seller paid."
The report didn't break out Coquitlam, Port Moody or Port Coquitlam on their own, so I won't guess at Tri-Cities, BC numbers. What I can say is that when I prepare pricing for a home here, I start with recent sales of comparable homes, not the assessment notice.
What this means for you
If you're selling: price from today's comparable sales. Listing at your assessed value because it "feels fair" can mean weeks on the market and price cuts later. If you're selling to buy something else, look at both sides together. A lower sale price can be partly offset when the home you're moving to is also priced lower than it would have been a few years ago. Serra described buying his next home for less than he sold his old one for.
If you're buying: an assessment below or above the asking price is a talking point, not a valuation. Ask for recent comparable sales, check how long a home has been listed and whether the price has already been reduced. With more listings than usual, there's often room to negotiate on price, dates or conditions. My home buyer services page explains how I help buyers in Coquitlam, Port Moody, Port Coquitlam and across Greater Vancouver.
If you're a newcomer: if you're moving here from another province or country, don't use assessed values or older online price estimates to set your budget. Talk with a lender about your numbers first. The Sun also mentioned that the Bank of Canada raised its rate to 2.5% on October 28, which affects what many buyers can borrow. Many newcomers rent first while they get to know the area, and my rental help for tenants and newcomers and my guide to relocating to Greater Vancouver cover that route.
Looking ahead
The article points to a couple of things that could shift buyer confidence: less political uncertainty, and the federal foreign buyers' ban, which is set to expire January 1 with no replacement in place at the time of the report. I'm not going to predict where prices go from here. What I'd focus on is the data for your own street and building, and a plan that works for you whatever the market does next.
Looking for a realtor in Coquitlam or Port Moody to talk through what your home might sell for, or what you could buy? Call or text me at 604-809-1032.