Is my BC assessment accurate? What is the purpose of the government's assessed value for homes in Vancouver? How can I I benefit or be hurt from a low or a high assessed value? In this video, Mark Wiens explains that the BC Assessment is an estimate of the value of your home on July 1 the year previous. That means that the very moment it is released, it is already six months outdated. If you are using this assessed value in December, the assessment is approximately a year and a half outdated, of about 548 days. Also, the vast majority of homes are never viewed by a human being and BC Assessment almost certainly does not have any idea about the state of the interior of your home or an accurate count of the number of bedrooms, bathrooms, and other finishing. BC Assessments are NOT a good way of determining objective, timely market valuations. You CAN use assessed value as a reference point when determining value, but only when looking at how comparable properties in the neighbourhood have been trending above or below the assessed value, not the assessed value itself. There are MANY factors that go into the value of your home. Location, layout, condition, redevelopment potential or development going on in your area. Also, many cultural groups or demographics have different tastes, and where your home is located WITHIN a city or neighbourhood could drastically change what a Buyer values. For all of these reasons and more, when you are looking to evaluate a property, make sure that you rely on the counsel of a trusted real estate professional. For all your real estate needs, please feel free to reach out to Mark Wiens at any time, at 778-840-7653. All information, while deemed to be accurate is not guaranteed and should be independently verified. Information in this video should not be taken as real estate advice, rather it may be referenced when speaking to a real estate professional. Watching this video or interacting with Mark Wiens in the comments sections does NOT mean that you are in an agency relationship with Mark Wiens therefore you CANNOT rely on this information. Mark Wiens does business as Mark Wiens Personal Real Estate Corporation. REALTORⓇ is a trademark of the Canadian Real Estate Association.