Why Is My BC Assessment Value Different From My Home’s Market Value?

Applies to British Columbia, including Vancouver and the Fraser Valley Last updated: 2025-12-28

Many homeowners look at their BC Assessment notice and wonder why the number feels out of sync with what similar homes are selling for. This question comes up every year across Vancouver, Surrey, Langley, Delta, White Rock, and the wider Fraser Valley.

In most cases, the difference is not an error. It reflects how property assessments are designed versus how the real estate market actually works. Mansour Real Estate Group regularly helps homeowners understand this gap so they can make informed decisions around selling, refinancing, taxes, and long-term planning.

What most homeowners need to know upfront

• Your assessed value reflects an estimate of market value as of a specific past date.
• Market value reflects what buyers are willing to pay under current conditions.
• BC Assessment uses province-wide mass appraisal methods for consistency.
• Renovations, views, layout, and buyer demand can affect sale price without changing assessment.
• An increase in assessed value does not automatically mean higher property taxes.
• Assessment values are a reference point, not a pricing strategy.

Key terms explained simply

Assessed value: An estimate of a property’s market value used for taxation purposes, determined under BC’s legislated assessment framework.

Market value: The price an unencumbered property would typically sell for when given reasonable time to find a purchaser.

Valuation date: The date the assessment is based on, commonly July 1 of the year before the tax year.

Why these two values often don’t match

The assessment looks backward by design. BC Assessment values most properties based on a fixed valuation date. If the market changed after that date, the assessment will not reflect today’s conditions.

Consistency matters more than precision. Assessments are created using mass appraisal systems across large numbers of properties. This promotes fairness, but it cannot capture every detail that buyers respond to.

Buyers behave differently than valuation models. Sale prices are influenced by timing, competition, interest rates, and emotion. Assessment models intentionally remove those factors.

Questions homeowners often ask

Is BC Assessment supposed to match what my home would sell for today? No. It reflects value as of the valuation date, not current market conditions.

Does a higher assessment mean higher taxes? Not necessarily. Property taxes depend on municipal tax rates and how your change compares to others.

In Summary

BC Assessment values and market values serve different purposes. One supports consistent taxation across the province. The other reflects real buyer behaviour today.

About Mansour Real Estate Group

Mansour Real Estate Group, led by Mohamed Mansour, MBA and Associate Broker, supports homeowners across Vancouver, the Fraser Valley, and the Lower Mainland with valuation-driven guidance focused on timing, risk, and equity protection.