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:
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.