Every January, homeowners across British Columbia receive their BC Assessment notice. And almost without fail, the same question follows:
“Is this what my home is actually worth?”
Short answer: usually not.
Long answer: let’s unpack it...
What BC Assessment Is Actually For
BC Assessment determines property values for taxation purposes, not for pricing your home for sale.
Their job is to:
That last point matters more than most people realize.
Why BC Assessment Rarely Matches Market Value
Here’s where the disconnect happens.
1. The valuation date is old news
Your 2026 assessment is based on July 1, 2025 data. In markets like Vancouver, six months can mean everything: interest rate shifts, buyer sentiment, inventory changes, or sudden demand in specific buildings.
“Is this what my home is actually worth?”
Short answer: usually not.
Long answer: let’s unpack it...
What BC Assessment Is Actually For
BC Assessment determines property values for taxation purposes, not for pricing your home for sale.
Their job is to:
- Assign a value to every property in the province
- Create a consistent baseline so municipalities can calculate property taxes
- Assess properties as of July 1 of the previous year, based on market conditions at that time
That last point matters more than most people realize.
Why BC Assessment Rarely Matches Market Value
Here’s where the disconnect happens.
1. The valuation date is old news
Your 2026 assessment is based on July 1, 2025 data. In markets like Vancouver, six months can mean everything: interest rate shifts, buyer sentiment, inventory changes, or sudden demand in specific buildings.
2. It doesn’t capture nuance
BC Assessment uses mass appraisal models. Therefore, they can’t fully account for things such as:
3. It averages neighbourhoods, not realities
This is especially true in the West End. One side of the street, one floor difference, or one well-run strata can dramatically affect value. Assessments smooth those details out.
4. Emotional and lifestyle value isn’t included
Buyers don’t purchase spreadsheets. They buy light, flow, feeling, and location. None of that shows up on an assessment notice.
When BC Assessment Is Useful
To be fair, it does have its place.
What Does Reflect True Market Value?
Market value is determined by:
My Advice as a Local Vancouver & West End Realtor
If you’re curious about your home’s value, use your BC Assessment as a conversation starter, not a conclusion.
- Renovation quality
- View exposure
- Floor height
- Natural light
- Layout efficiency
- Building reputation or upcoming levies
3. It averages neighbourhoods, not realities
This is especially true in the West End. One side of the street, one floor difference, or one well-run strata can dramatically affect value. Assessments smooth those details out.
4. Emotional and lifestyle value isn’t included
Buyers don’t purchase spreadsheets. They buy light, flow, feeling, and location. None of that shows up on an assessment notice.
When BC Assessment Is Useful
To be fair, it does have its place.
- Tracking long-term trends
- Comparing relative values within a building
- Identifying major outliers worth questioning
What Does Reflect True Market Value?
Market value is determined by:
- Recent comparable sales
- Current buyer demand
- Active competition
- Presentation and condition
- Timing and strategy
My Advice as a Local Vancouver & West End Realtor
If you’re curious about your home’s value, use your BC Assessment as a conversation starter, not a conclusion.
A proper valuation looks at:
If you’d like a realistic snapshot of where your home sits in today’s market, I’m always happy to walk you through it.
- What has sold recently in your building
- What buyers are responding to right now
- How your specific unit compares, not just on paper, but in real life
If you’d like a realistic snapshot of where your home sits in today’s market, I’m always happy to walk you through it.
Bottom line...
Sometimes the most valuable number isn’t on the assessment notice at all. It’s the one buyers are actually willing to pay.
