Home Assessments Are Out — What Do They Really Mean?

If you’ve already opened your BC Assessment notice, you’re not alone if you felt a bit surprised — or even shocked — by the numbers. Many homeowners across the Lower Mainland are seeing noticeable drops in assessed values this year.

Here’s some helpful context to understand what those numbers mean — and just as importantly, what they don’t mean.

What We’re Seeing Locally

Based on BC Assessment data:

• Surrey

  • Detached homes: ⬇️ approximately 6%

  • Townhomes & condos: ⬇️ approximately 5%

• White Rock

  • Detached homes: ⬇️ approximately 9%

  • Townhomes & condos: ⬇️ approximately 6%

These declines reflect the market slowdown we experienced through much of 2024 — but there’s an important timing factor many homeowners don’t realize.

Assessments Are Already Outdated When You Receive Them

BC Assessments are based on property values as of July 1 of the previous year. That means the assessment you receive in the mail is already about six months old by the time you see it.

Markets change — sometimes quickly — and the value of your home today may be very different from what’s reflected on your assessment notice.

How BC Assessments Are Determined

Your assessment is calculated using recent sales of similar homes in your neighbourhood, along with general property characteristics like:

• Lot size

• Age of the home

• Square footage

• Zoning

What assessments do not account for:

• Renovations you’ve completed

• A new kitchen or bathroom

• New roof, windows, or fencing

• Interior upgrades or overall condition

So if you’ve invested money and care into improving your home, that added value often isn’t reflected in your BC Assessment.

Assessment Value vs. Market Value — Not the Same Thing

This is where working with a REALTOR really matters.

A BC Assessment is a mass-produced estimate based on historical data.
A market valuation, on the other hand, is tailored specifically to your home and reflects:

• Current market conditions

• Recent, relevant comparable sales

• Your home’s condition, layout, upgrades, and location

• Buyer demand right now

If you’re considering selling, refinancing, or simply want clarity, a professional market valuation will give you a far more accurate picture of what your home could realistically sell for today.

Thinking of Disputing Your Assessment?

If you believe your assessment is inaccurate, you have the right to appeal — but timing is critical.

📅 The deadline to dispute your 2026 BC Assessment is January 31, 2026.

Before disputing, it’s wise to review comparable sales and understand whether your assessment is truly out of line with similar properties.

Will Lower Assessments Mean Lower Property Taxes?

Not necessarily.

Property taxes are based on mill rates, not just assessed value. Municipalities still need to fund services, infrastructure, and community programs — and those budgets don’t disappear when home values decline.

In many cases, even if your assessed value goes down, your property taxes may stay the same or even increase depending on municipal budget needs and how your home compares to others in your area.

Final Thoughts

Your BC Assessment is a useful reference point — but it’s only one piece of the puzzle. If you want to understand what your home is truly worth in today’s market, or if you’re unsure whether your assessment is accurate, I’m always happy to help.

A clear, current valuation can bring peace of mind — and help you make informed decisions moving forward.

If you’d like a complimentary market valuation or have questions about your assessment, feel free to reach out.