End of January 2022 Market Update

February 1, 2022

Happy Chinese New Year 2022.

I hope you are doing well.

You know, many of my friends and past clients have no plans to move in the near future. Still, some wonder what their homes would sell for in today’s market. It’s like owning any kind of investment. You don’t necessarily want to part with it, but you still want to know what it’s worth. So, what is up with the recent BC Property assessments? Are you shocked by the increased assessments from this past January? Did your home value go up like many other homes in your area and your curious to know why?

My uncle phoned me the other day saying his home in Shawnigan Lake property’s assessment has skyrocketed 80% from last years assessment. He said if he were able to get a sale price matching the assessed price he would happily move today. The challenge would be finding him a home to purchase in this HOT Seller’s market. However, it is a task I am willing to take on, if he were so inclined to move.

Quite often your home’s market value and the current assessed value can differ significantly and therefore does not necessary reflect what is happening in today’s market regarding recent sales in your area. We know property assessment significantly influences the amount of property taxes you pay and your property is assessed to determine its value, classification and exemptions (if any apply). In most cases, the value is an estimate of your property’s value as of July 1 of the previous year. To determine the value of your property, an assessor compares your property to actual sales in the same area. Some of the characteristics the assessor compares are similar to what I do as your Realtor® when compiling a Comparable and Competitive market analysis with much of the emphasis on your property’s location, size, topography, shape, use and age and condition of buildings. However, with the tax assessor values much of this is done for the previous year values and is not a reflection of today’s current real estate market value.

So, if you’re curious about the current market value of your home and how it compares to the recent property assessments, give me a call. I’d be happy to provide you with that information, which would largely be based on what similar homes in your area have sold for recently.

In fact, please feel free to call or email me with any questions you have regarding real estate.

Always glad to help!

For Your January 2022 Market Update Read Full Report here