Market Value vs. BC Assessment Value...
What's the Diff??
Your BC Property Assessment is the valuation on which your property taxes are based. You'll receive your local tax notice in June each year. The assessments are mailed out at year end and property owners must realize that annual assessments can only be appealed before January 31st.
Typically, there's a difference between the property value assessment on the assessment notice and the market value determined by a professional REALTOR®. Home owners often want to know what the difference is.
Your assessment notice is BCA’s estimate of a property’s market value as of July 1st of any given year. BCA has a database of 1.8 million properties. When a new property is created through zoning or construction, or an existing property changes, a BCA appraiser visits the site and reviews lot size, structure and other factors including whether the property is on a quiet street with backyard lanes or on a busy boulevard.
BCA appraisers don't visit each existing property annually to update the database. Instead, they use what is called a mass appraisal system, calculating values by evaluating prices for homes sold in each neighbourhood, or of similar units in a strata complex as of July 1st and then applying the information to arrive at an assessed value. BCA analyzes a range of factors for each property including house type, square footage, age, heating, and even outbuildings such as garages, sheds and gazebos, as well as pools and spas.
A REALTOR'S® market value assessment is typically current. In our active local market, six months can mean thousands or even tens of thousands of dollars difference!
I'll determine the value of your property by scrutinizing the most recent comparable data for homes sold in your neighbourhood on the MLS®. I'll also examine the exterior and interior of your property in detail, noting alterations and major renovations, such as new kitchens or bathrooms that affect the value of your home. I'll also take into account view lines, architectural styles and landscaping.
Where every lot and every home on the street are generally the same, both BCA’s value and a professional REALTOR’S® value will be similar, assuming a stable market. Differences will likely occur in neighbourhoods where every lot on every street is different, every home’s architecture is unique and every view is distinct. Differences also occur when property owners make changes such as renovations that BCA does not know about. For more information from BCA, visit
If you're considering selling your home, I'd be happy to give you a current Market Analysis for your property so you can expect the best price in today's real estate market. Call me at (604) 724-4278 to arrange a consultation.


Earlier this month, BC Assessment (BCA) sent property assessment notices
to property owners who reside within Vancouver.
    This annual process is often a confusing one for many commercial and residential property owners. Typically, there is a difference between the property value assessment on the assessment notice and the current market value as determined by a REALTOR®.
    This difference is a result of two factors. The first factor involves BCA’s mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighbourhood or for units in
a strata complex and then applies the information to arrive at an assessed value. The variables BCA uses to calculate this value include house type, square footage, age, heating, property classification or use, and additions or demolitions of features such as garages, sheds, pools and spas.
    The second factor depends on the time at which a property is assessed. Normally, a 2009 assess-ment notice is BCA’s estimate of a property’s market value as of July 1, 2008, whereas a REALTOR®’s market value reflects the current state of the market, not the market six months ago.
Whats New?
Temporary changes to the assessment process by the provincial government makes the 2009 assessment roll somewhat unique.
    For this year only, assessment notices will show the assessed value of a property as of both July 1, 2007 and July 1, 2008. The lower of these two values is the official 2009 property assessment.
    For most properties, this means there will be no change between the 2008 and 2009 assessment. The lower value is the basis upon which 2009 property taxes will be calculated.
    The provincial government believes this measure will help stabilize the provincial economy.

Assessments are Up!

Provincially, property values increased by 1.4 per cent over the 2008 assessment roll, to $953 billion from $940 billion last year. Jason Grant, area assessor for the Vancouver Sea to Sky Region, attributes this increase to new construction, though stresses that the new government regulations ensure that property values remain virtually unchanged over last year.
    “About 94 per cent of property owners in British Columbia will see identical or lower assessed values on their 2009 property assessment notices compared to last year,” Grant explains. 
There is an appeal process for those who think their assessments don’t reflect market value as of July 1, 2008 or July 1, 2007. To appeal your assessed value or correct information on the assessment notice, contact the BCA office indicated on your assessment notice as soon as possible.     
Categories:   2008 vancouver | 2009 Budget | 2009 market | 2009 Real Estate Market | 2010 real estate market | animation | banning | BC Property Assessments | BC Property Transfer Tax | BC; British Columbia | Best Real Estate Agent | book illustrator | Brentwood Park | Brentwood Park, Burnaby North | Brentwood Park, Burnaby North Real Estate | Burnaby East Real Estate | Burnaby North | Burnaby North Real Estate | Burnaby South | Burnaby South Real Estate | buy | buyer | Buyers | buying | canadian real estate market | Capitol Hill BN | Capitol Hill BN, Burnaby North Real Estate | cell phones | Central Pt Coquitlam, Port Coquitlam Real Estate | childrens books | Chilliwack | Class of the Titans | Clayton, Cloverdale | Coal Harbour, Vancouver West Real Estate | Collingwood VE | Collingwood VE, Vancouver East | Collingwood VE, Vancouver East Real Estate | condos | Consumer Savings | Coquitlam West, Coquitlam Real Estate | Deer Lake | Deer Lake Place | Deer Lake Place, Burnaby South | Deer Lake Place, Burnaby South Real Estate | Deer Lake, Burnaby South | Deer Lake, Burnaby South Real Estate | Downtown NW, New Westminster Real Estate | Downtown VE | Downtown VE, Vancouver East | Downtown VE, Vancouver East Real Estate | Downtown VW | Downtown VW, Vancouver West | Downtown VW, Vancouver West Real Estate | Downtown, Vancouver West Real Estate | driving | Dunbar, Vancouver West Real Estate | east side condos | eco-friendly | Edmonds BE | Edmonds BE, Burnaby East Real Estate | electrical | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | FINTRAC | first | First-time buyers | Fraser VE, Vancouver East Real Estate | Fraserview VE | Fraserview VE, Vancouver East | Fraserview VE, Vancouver East Real Estate | Fraserview, Vancouver East Real Estate | free reports | FSBO | George of the Jungle | Georgia Straight | GlenBrooke North, New Westminster Real Estate | Government Road, Burnaby North Real Estate | Grandview VE | Grandview VE, Vancouver East | Grandview VE, Vancouver East Real Estate | Grandview Woodland, Vancouver East Real Estate | grants | green | Hamilton, North Vancouver Real Estate | Hastings | Hastings East | Hastings East, Vancouver East | Hastings East, Vancouver East Real Estate | Hastings Sunrise, Vancouver East Real Estate | Hastings, Vancouver East | Hastings, Vancouver East Real Estate | Highgate, Burnaby South Real Estate | Home Inspections | Home owners | home renovations | Homeowners | houses | Housing | housing costs | housing forecast | HST | insulation | Killarney VE, Vancouver East Real Estate | Kip and Zara | Kitsilano | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Knob and Tube Wiring | Laura Stein | law | listings | Lyn Hart | Macdonald Realty | Macdonald Realty Ltd. | Main Street | Main, Vancouver East Real Estate | mar | market | market value | Meadow Brook, Coquitlam Real Estate | Mercer Report | Metrotown, Burnaby South Real Estate | Montecito, Burnaby North Real Estate | mor | mort | mortgage rates | mortgage rules | Mount Pleasant VE | Mount Pleasant VE, Vancouver East | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW | Mount Pleasant VW, Vancouver West | Mount Pleasant VW, Vancouver West Real Estate | New Listings | New Westminster | New Westminster Real Estate | non resident buying and selling | North Shore Pt Moody, Port Moody Real Estate | Northlands, North Vancouver Real Estate | old houses | Open houses | outlook | Port Moody Centre, Port Moody Real Estate | Property Transfer Tax | public opens | Pucca | quality of living | Quay, New Westminster Real Estate | Queensborough, New Westminster Real Estate | quick sale | real | real estate | Real Estate Fees | real estate investors | real estate market | real estate market predictions | real estate market report | rebates | Renfrew VE | Renfrew VE, Vancouver East Real Estate | reports | Roche Point, North Vancouver Real Estate | sales | Sapperton | Sapperton, New Westminster | sel | sell | seller | sellers | selling your home | selling, home staging, real estate, interior design | Silver Valley, Maple Ridge Real Estate | South Marine, Vancouver East Real Estate | South Slope | South Slope, Burnaby South | South Slope, Burnaby South Real Estate | statistics | Studio B | Tax Credit | telemarketing | telephone soliciting | texting | Uptown NW | Uptown NW, New Westminster | Uptown NW, New Westminster Real Estate | vanc | Vancouver | vancouver condos | Vancouver East | Vancouver East Real Estate | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate blog | Vancouver real estate market | Vancouver West | Vancouver West Real Estate | Victoria VE, Vancouver East Real Estate | West End NW, New Westminster Real Estate | West End VW | West End VW, Vancouver West | West End VW, Vancouver West Real Estate | Whalley, North Surrey Real Estate | Yaletown, Vancouver West Real Estate
Reciprocity Logo 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.