2024 BC Assessment home values are hitting your mailbox this week.
There’s a common misconception that BC Assessment is always less than your home’s selling price. This is true in a rising housing market because BC Assessment data is collected in July and published in January. If the market is going up, it makes sense your home is worth more six months later. In contrast, if the market is going down, it’s the opposite with data from July that is not published until January. Your home will be worth less in six months.
Today, we’re in an unusual place of a balanced housing market. Seeing your 2024 BC Assessment might surprise you because it may not have changed over the last year.
In addition, keep in mind that BC Assessment bases values on neighbourhood and market averages. This system is designed to be fair for calculating property taxes. Quite frankly, BC Assessment doesn’t have the people the power to send a person to look at your specific property, so if you’ve done renovations, top-of-the-line appliances and new hardwood floors, that BC Assessment isisn’tware you could still end up with an assessment value that’s identical to a neighbour who did nothing to their property. This is where I come in. If you’re considering selling your home, I’ll prepare a comprehensive market evaluation and a custom market plan for your property. Ultimately, a property is always worth what a buyer is willing to pay for it, and this is where the selling prices and your 2024 BC assessment value can vastly differ.