If you own a home in Burnaby, Coquitlam, Port Coquitlam, or Port Moody, you are living in some of the most established and beautiful communities in the Lower Mainland. Many of these homes, particularly those built between the 1920s and 1970s, were originally heated by oil stored in underground storage tanks (USTs).

While most houses switched to natural gas decades ago, some of those old steel tanks were left behind. Here is what you need to know about managing them responsibly in 2026.

1. Know the Local Rules

Regulations for removing an abandoned oil tank vary depending on where you live.

Burnaby

: You must obtain a permit from the city before removing a tank. As of 2026, the permit fee is approximately $54.00 per tank for residential properties. A final report including photos and disposal receipts must be submitted to the City to close the permit.

Coquitlam

: While the city provides guidelines for removal, they generally do not require a separate permit for residential UST removal. However, you must notify Coquitlam Fire/Rescue in writing and provide a site plan before work begins.

Port Moody & Port Coquitlam: These cities typically do not require a municipal permit for removal, but homeowners must still comply with the BC Fire Code, which mandates that any tank out of service for more than two years be removed.

2. Telltale Signs of a Hidden Tank

If you aren't sure if your property has one, look for these visual clues around your yard and foundation:

• Filler Pipes: Small metal caps (about 3 inches wide) sticking out of the ground.

• Vent Pipes: Narrow pipes (about 2 inches wide) often attached to the side of the house with a "mushroom" cap.

• Feeder Lines: Small copper tubes in the basement or utility room that look pinched off or "crimped".

• Unusual Depressions: Sinking patches in the lawn could indicate a deteriorating tank beneath the surface.

3. Why Take Action?

Dealing with a tank is much more affordable than dealing with a leak.

• Real Estate & Insurance: Most insurance companies in 2026 will not renew a policy if an underground tank is present. Similarly, buyers and banks often require a "clean" scan before a sale can proceed.

• Environmental Protection: Removing a dry tank is a routine job. If a tank begins to leak, it can contaminate soil and even migrate to a neighbor's property, which significantly increases remediation costs.

• Peace of Mind: For about $3,000 to $5,000, most standard residential tanks can be professionally removed and the site certified clean, adding permanent value to your home.

4. Next Steps for Homeowners

If you suspect you have a tank, the best first step is a non-invasive scan. Professional companies use Ground Penetrating Radar (GPR) to find tanks without any digging.

• Consult the Experts: Find a licensed contractor familiar with your specific city’s requirements.

• Check City Websites: For more details, use the City of Burnaby's Permit Portal or Coquitlam’s Fire Prevention Services.

The real estate markets in the Fraser Valley and Vancouver are diverging, presenting distinct opportunities for investors in 2026. While Vancouver offers long-term stability and a potential buyer's market with price corrections, the Fraser Valley is poised for a stronger sales rebound and modest price growth, driven by relative affordability and infrastructure projects like the Surrey-Langley SkyTrain expansion.

For those aiming to purchase their first investment property, 2026 is shaping up to be an opportune year, provided one enters the market with careful financial preparation and a clear strategy. The key lies in leveraging current buyer-friendly conditions and having a long-term investment horizon, as detailed in our guide on Why Timing and Preparation Matter in Real Estate.

Regional Outlook: Vancouver vs. Fraser Valley

Preparation for Your First Investment Property Purchase

Purchasing a non-owner-occupied investment property in Canada requires specific preparation that differs from buying a primary residence.

• Secure Financing Early: Get a mortgage pre-approval 6-12 months in advance. Investment properties require a higher minimum down payment of 20% or more, and mortgage rates may be higher than those for a principal residence. Explore our Financing Tips for Investors.

• Build Capital and Reserves: Save diligently for the larger down payment and budget for closing costs, which typically run 2–5% of the purchase price. Additionally, maintain a separate emergency fund covering 3–6 months of expenses and potential maintenance costs (budget around 1% of the property's value annually).

• Understand Legal & Tax Implications: Be aware of landlord-tenant laws in BC. Consult with a professional to understand eligible deductions like mortgage interest (on the rental portion only), property taxes, and maintenance costs. Our blog post on Tax Implications for Rental Properties offers a starting point.

• Do Your Due Diligence: The current buyer's market conditions mean you have more time to inspect properties carefully. Review strata documents, get a professional home inspection, and ensure the property's value is supported by an appraisal.

Conclusion: Strategy Meets Execution

Ultimately, the decision to invest in 2026 is less about timing the market bottom and more about your personal financial readiness and long-term investment strategy. By understanding the two-speed market and diligently preparing your finances, you can confidently enter the dynamic Fraser Valley and Vancouver real estate landscape. Strategy meets execution to build lasting wealth.

For expert guidance on navigating the 2026 market and securing financing, you can contact a local professional through the BCREA Find a Realtor tool, or reach out to us directly for a personalized consultation at hiroshikubota.com.

Achieving a premium sale price isn't just about the market conditions; it’s about the cumulative impact of small, deliberate actions. When you combine a Tuesday launch with high-end presentation, you create an irresistible narrative for buyers.

Why Tuesday is a Strategic Listing Day

• Early Buyer Mindset: Serious buyers often start their home search at the beginning of the week to ensure they have enough time to coordinate with their agents for weekend viewings.

• Optimal Lead Time: Listing on Tuesday provides a 3-4 day "runway" for your property to gain traction, collect saves on digital platforms, and be at the forefront of schedules before buyers' weekend calendars fill up.

• Reduced Initial Competition: While many agents default to Thursday or Friday, listing on Tuesday allows your property to stand out before the market becomes inundated with later-week "new alerts".

• Capturing Momentum: Homes listed mid-week generally receive the most attention during their first seven days, making a Tuesday launch ideal for building intensity that peaks during Saturday and Sunday open houses. 

2026 Market Context

• Normalization Trend: The 2026 market is moving toward a "normalized" state with more balanced inventory, making strategic timing essential to avoid a property sitting on the market too long.

• Prime Selling Season: For maximum impact, consider a Tuesday launch during the peak spring months (March to May) or during the high-activity week of February 16, 2026, which is forecasted to be a standout period for sellers looking to beat the spring rush.

• Digital Visibility: In 2026, roughly two-thirds of homes that sell are under contract within 14 days; a Tuesday listing ensures your property is "fresh" and at the top of saved-search notifications when buyer activity spikes midweek. 

Comparison with Other Days

For more personalized advice, visit the Hiroshi Kubota Selling Tips page.

If you own property in British Columbia, you've likely just received your annual BC Assessment notice in the mail. This figure often sparks conversation, confusion, and sometimes frustration among homeowners. Is it what your house is really worth?

The short answer is no. The BC Assessment value and your home's actual market value are often significantly different.

Understanding why these numbers diverge is crucial for both budget planning and real estate decisions. The key distinction lies in their purpose, timing, and methodology.

The Sole Purpose of the BC Assessment

The BC Assessment value is not designed to be a real-time market appraisal of your home. Its sole purpose is to create an equitable, standardized base for calculating your municipal and provincial property taxes.

By ensuring all properties in an area are assessed using the same standardized rules, the system aims for fairness in how the property tax burden is distributed.

5 Key Reasons for the Value Discrepancy

Here is why your assessment notice may differ significantly from the price a buyer might actually pay:

1. The Critical 6-Month Time Lag

The most important factor is timing. The value you receive on your notice (typically in January) is assessed as of July 1 of the previous year.

In a fast-moving real estate market, a six-month lag is substantial. If your local market has been hot since July 1st, your assessment will likely be lower than the current market value. Conversely, if the market has cooled rapidly, your assessment might temporarily feel higher than what buyers are currently offering.

2. Mass Appraisal vs. In-Person Inspection

BC Assessment uses a "mass appraisal" system. They use statistical models and general market data from your neighbourhood (like recent sales of similar properties) to value thousands of homes efficiently.

An actual market value, determined by a professional appraiser during a sale or a potential buyer, involves a specific, in-person evaluation. They walk through every room, check the condition of the roof, examine the furnace age, and note specific flaws or high-end upgrades.

3. Condition and Interior Renovations Often Go Unnoticed

This is a major point of difference. BC Assessment generally does not know about internal factors unless you've pulled a permit.

• Did you renovate your kitchen last year without a permit? That specific high-value improvement might not be fully reflected in your assessment.

• Does your home have deferred maintenance issues (e.g., a leaky basement or ancient carpets)? A buyer would discount their offer significantly for these problems, but the BC Assessment may not account for them due to the lack of interior inspection.

4. It Doesn't Capture "Bidding Wars" or Urgency

The actual sale price of a home can be influenced by emotional factors, bidding wars, or a buyer's urgent need to move. These real-world market dynamics are not, and cannot be, factored into the standardized assessment process.

5. Assessed Value is a "Midpoint"

Assessors aim for a market value estimate, and there is a recognized "acceptable range" for assessments. It’s designed for tax equity, not for setting your listing price.

Ultimately, the BC Assessment is an important civic tool for tax fairness. It's a general snapshot of the market from six months ago.

If you are thinking of selling your home, use the BC Assessment notice as an interesting data point, but rely on a current comparative market analysis from a Realtor like myself to determine what your home is truly worth in today’s market.