Why Your BC Assessment Value & Market Value Are Different — And Why a Professional Market Evaluation Matters

By Omeed Ghafori | South Surrey & White Rock Realtor – Century 21 Coastal Realty

What’s the Difference Between BC Assessment & Market Value?

If you're a homeowner in South Surrey, White Rock, or anywhere in BC, you've probably received your BC Assessment notice and wondered:

"Is this what my home is really worth?"

The short answer?
Not exactly.

BC Assessment provides an estimated value for tax purposes — but that number often doesn’t reflect current market value.

Here’s why they differ — and why a personalized Market Evaluation from a local realtor (like me!) gives you a much more accurate picture.

What is BC Assessment Based On?

BC Assessment is a government body that assesses properties across the province every year.

Their valuation is:
→ Calculated as of July 1st of the previous year
→ Based on general factors like:

• Lot size

• Location

• Land use

• Building size

• Sales in the area

But — it doesn’t consider things like:

• Recent renovations

• Upgraded kitchens or bathrooms

• View, condition, or curb appeal

• Current market activity

• Buyer demand in your specific neighbourhood

What is Market Value?

Market Value is what a buyer is willing to pay today for your home, based on current market conditions.

Market Value is influenced by:
✔️ Active listings (your competition)
✔️ Recent sold prices
✔️ Interest rates
✔️ Market trends
✔️ Buyer demand
✔️ Neighbourhood desirability
✔️ Property condition & upgrades

Why Does This Matter?

For homeowners thinking about selling (or just curious about their home’s true value), relying on BC Assessment could give you a false sense of value — either too high or too low.

In some cases:

• BC Assessment is lower than market value (common in hot markets like South Surrey & White Rock)

• In other cases:

• BC Assessment is higher than what buyers will realistically pay

How a Market Evaluation Provides Real Value

A free Comparative Market Evaluation (CMA) from a realtor like me provides:

→ A customized price range for your home
→ Recent comparable sales (apples-to-apples)
→ Active competition in your area
→ Professional advice on pricing strategy
→ Tips to maximize your home’s selling price

Final Thoughts

BC Assessment is a helpful tool — but it’s not the whole story.

If you're curious about what your home is really worth in today's market, I'm happy to offer a complimentary market evaluation with no pressure.

Let’s Chat:

☎️ 778-316-7506
🌐 www.OmeedGhafori.com
South Surrey & White Rock Real Estate Expert — Century 21 Coastal Realty