Ask three websites what your home is worth and you’ll get three numbers. Ask BC Assessment and you’ll get a fourth. None of them has walked through your front door. Here’s what each number really measures, and what a proper valuation adds.
Your BC Assessment value
Your assessment notice is a useful reference, but it isn’t a price. BC Assessment estimates every property’s market value as of a single date, July 1 of the previous year, and its physical condition as of October 31, so that property taxes are shared fairly across a community. By the time the notice arrives, that valuation date is already six months or more in the past, and the market may have moved since. Its appraisers do analyze local sales, but at the scale of every property in the province, not yours in particular.
Online estimates
Automated estimates use statistical models built on public records and past sales. They can be a reasonable starting point for a typical home in a busy neighbourhood. They tend to miss the most for exactly the homes that are common on the North Shore: unusual lots, views, recent renovations, and properties that rarely sell. A model can’t tell that your kitchen is new, that your view is protected, or that the house next door sold with a failing roof.
What a real valuation looks at
A comparative market analysis, done properly, is a judgment backed by evidence. Mine looks at:
- Recent sales nearby: the homes most like yours that have actually sold, and how long ago, adjusted for the market since.
- Your competition today: what’s for sale now, at what price, and how long it has been listed. Buyers will compare your home with these.
- What didn’t sell: listings that expired or were withdrawn often say more about the ceiling than the sales do.
- The house itself: size, layout, condition, age of the major systems, and recent work, with permits.
- The land: lot size and shape, slope, exposure, view, and what zoning allows on it.
- The street and the micro-location: traffic, schools, walkability, and the things that make two homes a block apart sell differently.
The result isn’t one number pulled from a database. It’s a range, with the reasons behind it, and a view on how to price within it given today’s market.
A valuation is not an appraisal
A REALTOR®’s valuation (a comparative market analysis) is an opinion of what your home would sell for in today’s market, to help you decide on price and timing. An appraisal is a formal report prepared by an appraiser, usually ordered by a lender when a buyer arranges financing. They often land close together, but they serve different purposes.
Why it matters before you sell
Price too high and the home sits; buyers start asking what’s wrong with it, and you often end up selling for less than if you’d priced it right from the start. Price too low and you leave money on the table. A grounded valuation gives you the evidence to choose deliberately, and to explain your price to buyers.
Questions people ask
Should my list price match my assessment?
Not necessarily. Your assessment reflects the market on July 1 of the previous year and is prepared for property taxation. The market on the day you list is what matters to buyers.
How long does a valuation take?
Usually a day or two once I have the details, and longer if a visit makes sense, which it usually does for a unique home.
Does asking for one commit me to anything?
No. A valuation is information to help you decide, whenever you’re ready.
Request a private valuation of your home
General information for homeowners in British Columbia, current as of publication.