BC Assessment is now out with the 2023 assessed values for all properties across the province. The valuation date of assessed values is July 1 of the proceeding year. So, the assessed value now available reflects a backward looking valuation date of July 1, 2022. A second important date to bear in mind is Oct. 31 which is the date BC Assessment uses to determine a property's physical condition and permitted use/s.
Confused yet? To summarize, you can look up a property's assessed value which will reflect the Oct. 31,2022 physical condition and permitted use of a property, as though valued on July 1, 2022.
It is obvious to anyone that follows the residential real estate market that today's current market valuations are likely less (in some cases far less) than BC Assessment's backward-looking estimate of assessed value. The housing market has slowed sharply in terms of lower sales and less demand due to deteriorating affordability. Rapidly rising mortgage rates over the course of 2022 swiftly shifted the Fraser Valley housing market from a seller's market to a balanced or buyer's market.
You can search up your own or another property's assessment at the link below: