By now most British Columbians have received their property assessments from BC Assessment. While most of the Lower Mainland saw a drop in values, Whistler properties held their values and in some cases went up, on average about five per cent.
The changes are not as dramatic as in past years but reflect the realities of the continued strong demand and limited supply in the Whistler market.
“Definitely Whistler has been a little bit different than the rest of the Lower Mainland … about minus five to about plus 10 (per cent) is where the majority of the properties will see changes to their assessment notice for this year,” said Brian Smith, BC Assessment’s deputy assessor for the Lower Mainland.
Assessed Value vs. Market Value – They are NOT the Same!
Every year around this time, I receive calls from people asking what their property assessments mean. This year, because most assessments have jumped up A LOT, I am receiving even more calls than usual. I am more than happy to discuss particular circumstances, however for the benefit of those of you with basic questions this is how your assessment is calculated. There are several factors that go into assessments. They are:
Timing – Property assessments are based on estimates of home / property values by BC Assessment made the previous July. This means that by the time the assessment is received they are already six months out of date. Conversely an assessment by a licensed realtor is done within a few days and provides a more accurate reflection of current value.
Information – In most cases the assessor does not visit the home or property assessed. Instead they look at standard fundamentals such as lot size, square footage, age of building etc. Assessors do not take into consideration other factors that may add or detract to a property’s value such as curb appeal, proximity to amenities etc . A realtor on the other hand will visit the property and look at comparable properties to provide a true value.
It’s important to keep in mind that the true value of your home is shown by comparable properties that have sold recently. For a TRUE value of your property, please contact me and I would be happy to provide you with that information. My role as a real estate advisor is to ensure you are getting the best advice possible. This includes whether or not the timing is right to realize your real estate goals. I am always happy to help and I am only a phone call away.