Selling Below Assessed Value? Let's Put That Headline Into Perspective

You may have seen a recent headline reporting that three out of four homes sold in Metro Vancouver and the Fraser Valley this year have sold below their assessed value.

Sounds alarming, doesn't it?

But before drawing conclusions, there's something important to understand.

Those 2026 assessed values were established using market conditions as of July 1, 2025. That's nearly a year and a half ago!

And as we all know, a lot can change in the real estate market in that time.

According to the report, homes sold for an average of 4.6% below their assessed values. Does that mean those properties were sold for less than they were worth? Not necessarily.

It means we're comparing today's selling prices with valuations based on yesterday's market.

Now, there's no question that the market has softened. Buyers are more cautious, inventory is higher, and sellers have had to adjust their expectations. Those are genuine market conditions and we shouldn't ignore them.

But an assessed value is not the same as today's market value.

BC Assessment provides a valuation at a particular point in time, primarily for property taxation purposes. What a buyer is prepared to pay today depends on current comparable sales, competition, property condition, location and demand.

Here on the North Shore, we're seeing just how important those differences can be. Two seemingly similar properties can attract very different levels of interest depending on their pricing, presentation and individual characteristics.

Our takeaway? Don't let a headline tell you what your home is worth.

The real estate market is constantly changing and understanding what's happening right now is far more useful than comparing today's prices to a valuation from 16 months ago.

Whether you're buying, selling or simply keeping an eye on your property's value, context matters. And that's where good local market knowledge makes all the difference.