Assessed Value Vs. Market Value

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Assessed Value Vs. Market Value: What's The Difference?

2023 BC Property Assessments are in, click HERE to find the updated assessed value of your home.

With the recent release of BC Assessment’s new assessed values, it may be unclear to many homeowners what the value of their home actually is. Many are asking, “What’s the difference between the assessed value and the market value?”

The answer to this question requires a bit of an explanation. The assessed value is the figure regularly used to calculate your property taxes. It is based on a variety of factors including neighbourhood averages, depreciation rates and building costs and one important factor is the timing of the assessment, with a value date of July 1st of the previous year, meaning, when the assessed values come out in January its' value is already six months old. This number may not line up perfectly with the actual market value of your home, but is dependent on what the real estate market has done in the last 6 months.

The market value of your home, on the other hand, is an estimate of your home’s value based on the current market conditions. This value is the amount a buyer is willing to pay for the home. It will take into account factors such as local sales data, market trends, views, condition and any improvements that have been made to the home. Of course, we cannot predict how much a buyer is willing to pay, however, we can estimate the number, depending on the seller's timing. As real estate agents this is the value we will give you. The market value is likely to be higher than the assessed value and more indicative of what you can sell for or if your buying what the true value of that home likely is.

Curious on the market value of your home ? Click here to get a free, no obligation home evaluation or just call 250-801-0361.

What did the assessed values do this past year?

Overall in the Thompson Okanagan there was a 15% increase in values from 2022

The Trends Seeing what the market has done in each area of the market and the trends of the assessed values over time. The charts below are a good example of how values have changed overtime and even what the market had done in Q3 of 2022 after the assessed value was determined. (click each image for larger view on the BC Assessment site)

Kelowna Single Family Residential