BC Assessments have just been released, and it is important for homeowners to understand what these numbers actually represent. A BC Assessment is not the same as an active or achievable sale price in today’s market.
BC Assessment values are created by assessing thousands of homes at once, without ever stepping inside the property. They do not account for renovations, updates, condition, layout, or unique features that can significantly impact a home’s true value. Two homes with the same assessment can sell for very different prices once these factors are considered.
Another key point is timing. BC Assessments are based on market data from July 1 of the previous year. That means the value you see today is already outdated and does not reflect current market conditions, buyer demand, or recent sales trends.
Most importantly, BC Assessments exist for property tax purposes, not for pricing homes for sale. Market value is determined by what a buyer is willing to pay today, based on current inventory, interest rates, location, and the specific details of your home.
If you are curious about what your home could realistically sell for in today’s market, a detailed market analysis based on recent comparable sales is far more accurate than relying on an assessment value.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.