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Assessed value lower than last year's?

I hope you are doing well and enjoying the start to the New Year!
Did you notice that your assessed value was lower than last year? It may have even been lower than the last few years'.
I spoke with Chris Sturrock, a senior appraiser, with BC Assessment and he mentioned that across the board in the residential sector, house prices are back down to 2008-2010 levels.
Chris eluded to the fact that the housing market has corrected and levelled off and this is reflected in house prices and assessments.
You may have noticed little change in your assessment or slight gain if you were in certain areas where there is continual growth.
It is important to realize that housing is a long term investment and should be treated as such as there will be fluctuations in the market in terms of price.
If you are looking to sell your home you would want to have a higher assessed value. This may sound obvious and is. The same is true for those looking to not sell there homes. Lower assessed value would equate to lower property taxes which everyone loves...
If you have any questions, please call me or email me.


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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.