Kim Lee

Home Assessment Does Not Reflect Your Home Value

Home Assessment Does Not Reflect Your Home Value - Kim Lee
Table of Contents

As a property owner, you ought to have received your BC Assessment via mail. Most homeowners are experiencing a decline in their home values ranging from 5% to 15%, contingent on the area.

The assessed value of your home is not a reflection of what is happening in the current market and should not be relied upon for purchase, sale or financing. Assessed values are determined once a year in July and the market has changed since then.

To give you an example, a condo in Vancouver was assessed at $495,400, but was recently sold for $570,000, that’s almost $75,000 more than assessed value. I recently did a market analysis for one of my clients. The condo was assessed at $477,000, but by looking at what similar properties were sold for in the area, I determined the true market value of their home to be approximately $525,000 ($48,000 more than assessed). 

Home Assessment Does Not Reflect Your Home Value

It’s natural to be concerned with this low assessed value, but keep in mind, market value is determined by what comparable properties have recently sold for, what a buyer is willing to pay for a home, and what the seller is willing to accept. 

If you’d like to discuss what this means in terms of potential sale price or want to receive an analysis of what similar properties in a similar neighbourhood are currently valued at, feel free to get in touch with me.  

Kim Lee PREC*
Oakwyn Realty Downtown Ltd. 
P: 778-997-8938
E: hello@kimlee.ca

Author picture
Kim Lee (Vancouver Realtor)

As a Vancouver realtor, Kim Lee combines her love for people with her passion for real estate to provide guidance throughout the process and to building lasting relationships.

Share