Don’t Look to BC Assessment for Property Value
Homeowners often experience mixed emotions upon receiving their annual property value from BC Assessment, which is suppose to reflect their property's value. However, BC Assessment value lack accuracy in gauging the true CURRENT market value of homes. This gap can be attributed to the use of historical sales data from the previous year, with assessments issued based on July 1 of the previous year. Threfore, the property assessments frequently is not reflective of the
The purpose of BC Assessment is to establish a consistent and reliable foundation for property taxation and municipal financial planning. These assessments aid local governments in determining property tax base and not an accurate way to determine the value of the property you are buying or selling.
To accurately determine a property's value, recent home sales provide the most reliable insight, especially within the same building or neighborhood. While also taking factors into account like renovations, upgrades, views and other unique factor of your property which can influence value and not taken into account by BC Assessment. Homeowners seeking to uncover their property's true value can turn to a Comparative Market Analysis (CMA).
A Comparative Market Analysis (CMA) conducted by a knowledgable and analytical Realtor can provide insights into a property's value based on recent sales and market trends. This option offers a valuable starting point.
Here’s some of the factors the property final sold price is determined:
Buyer's emotions and needs.
Current interior trends.
Market trends.
Proximity to transit.
Age and size.
Parking, upgrades, maintenance.
Lot characteristics.
Recent comparable sales.
Realtor's marketing.
Strata specifics like upcoming capital projects, .
And much more..
If you’re curious about what your home could sell for in the current market or want a recommendation for a listing price, then reach out to me for a FREE, no pressure, no obligation market evaluation of your home. Call or text 778-898-3687 or email david@forwardgroupyvr.ca to start a conversation.
