BC Assessment Vs. Market Value

BC ASSESSMENT

BC assessment is used by the government to classify your property value and determine the base for your property tax. The assessment can be based on a few of the following: Location, the view, lot size, age of the home, number of garages or add-ons.

The Value that you received in the mail this year, is actually from the evaluation last year. So BC assessment says your house is worth $935,200? That was it’s worth in 2021, not for 2022. 

These appraisals also do not usually account for any changes or renovations that you’ve invested into the property for however long that you’ve had it. That which would add to the overall value. 

So if you’re excited about the Value of the property BC assessment sent you this year, prepare to get even more excited because that Value is likely worth even More in today’s market. 

MARKET VALUE

The market value is ultimately about supply and demand and decided by how much buyers and sellers are willing to pay and sell a property for. 

It’s why the Real Estate Market in the Fraser Valley also continues to rise. Because of the uneven proportion in buyers and sellers, buyers are willing to pay more and more to secure a property. 

Other factors that contribute to the market value of your property could include the layout of your home, upgrades and renovations, location to transit. Things such as if there are any mortgage helpers, the status of the strata, cleanliness, the recent comparables.

 It’s an important distinction to learn because you might know what your assessed value is but the real estate market in BC is constantly changing. These are the reasons we recommend talking to a real estate professional before you buy and sell your home.

Work with a real estate group that can assess these factors for you and create a buying and listing strategy for your goals. 

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