In Jan. 2022, the British Columbia Assessment Authority updated its property value database. This is a helpful tool B.C. homeowners can use to gauge the current market value of their home. The update in January reflects the value of homes effective July 1, 2021.
The estimated value of a home and the percentage it has increased can be accessed by simply entering an address into the property value database. Individuals who own property can access another layer of information by registering for a custom account with BC Assessment. Once an account is created, property owners can:
- Access a 10-year value history for their real estate
- Store “favourites” and create comparisons with similar properties
- Monitor sales in their area
- Access an interactive map
Prospective sellers and buyers should be aware that, since the valuation available in the tool is from July 2021, the number in the tool may be slightly different than the home’s actual value. The Real Estate Board of Greater Vancouver, for example, reported a 3% increase in the average home price in its region between July and November. Similar changes may be felt in other areas, including Kelowna.
Tools like the property value database are extremely helpful for those trying to determine if it’s time to buy or sell a home, as they allow individuals to evaluate critical information. However, when it comes time to actually make a transaction, it is critical to bring professionals in to ensure the sale goes smoothly and is legally sound. Involving a real estate lawyer early on in the transaction can help individuals protect themselves in an increasingly high-value market.