It’s BC Assessment Time—What Does That Means?

BC Assessment is a provincial Crown corporation that classifies and values all real property in British Columbia.

You should have received your BC Assessment letters in January, if you haven’t received yours yet and would like to know the assessed value of your home you can search your address on their website.

Please remember- the assessed value of the property will likely be very different from the fair value market of the current housing situation.

Current assessment is based on July 1, 2022 assessment, back when the real estate market was different than it is now.

If you are interested to know the fair market value of your property, please let me know and I will be happy to send you a proper evaluation. Click here

What is Bc Assessment and what characteristics used for calculation to determine the value of your property?

The main purpose of the BC property assessment is to determine how much municipal or provincial tax the government can tax each homeowner. An assessment is an estimate of a property’s market value as of July 1. That’s six months worth of inflation, interest rate changes and other factors that aren’t reflected in the property assessment.

Characteristics used for calculation

• The location of the property;
• The size of the property;
• The size of the lot;
• View from the home;
• The property age;
• Home add-ons such as carports, garages, and decks; and 
• The sales’ prices from similar homes in your area. 

Property assessments are all done electronically. Appraisers don’t walk through every home and therefore they do not take into consideration renovations or interior layouts, etc.

It’s important to note that your BC assessment value doesn’t have a massive impact on your property taxes as it’s more to do with the area as a whole. The neighbourhood requirements such as garbage collection and street cleaning still need to be factored in, so lowering taxes might impact service delivery.

What Is the Market Value of Your Home?

When it comes to calculating your home’s market value, there are quite a few more factors in the assessment. Your market value is what a buyer is willing to pay for it, but there are a few considerations to get to that amount:

• The location of your home and its proximity to various transportation routes and amenities. 
• The age of your property. 
• The lot's size and the lot dimensions could impact future build such as whether it's flat or sloped, in a flood plain, or has many large trees with roots.
• The size of your home’s interior and the number of rooms.
• Your home’s layout and design, such as open-plan living areas. 
• Any additionals such as carports and garages, decks, number of allotted parking spaces, paring for RVs. 
• Any home upgrades will impact the market value, such as renovations, furnaces, appliances, flooring, or hot water furnaces. 
• If regular maintenance has been performed, such as roofing, gutters, re-painting, and more. 
• If this is a strata title property, the appraiser will also consider any special levies, the maintenance fees, reserve funds, and how well-run the building is. 
• The current real estate market trends – whether it’s a buyer's or sellers’ market. 
• Comparable sales in the area within the last three months.  

What is your home worth?

Click here for your home evaluation

Interested to discuss the current market situation, have some questions?

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*, Top 10% of realtors in Greater Vancouver

British Columbia's Top real estate agent, Anna Litvak Joseph PREC,
BC Prime Real Estate Group

Are you planning to add a home office to your home? Or

Your home office needs a refresh?

Whether your home office design will be located in a small bedroom, or just the corner of a room, there are a few essentials you will want to consider when creating a productive workspace at home.

Take note of these design trends:

✨ Soothing colors - soft shades of blue and green are popular in home offices. Warm, comforting hues often boost creativity and productivity and promote serenity and wellness.

✨ Creative use of space - closets, alcoves, dining rooms, and space under stairways are all being transformed into functional home office spaces.

✨ Natural decor - bringing the outdoors inside is in, with woven wall coverings, natural fibers, and a focus on warmth and tranquility. Think wood, rattan, wool, and leather.

✨ Fresh air- pair those natural elements with sheer or no window treatments to bring the outdoors in. If you're lucky enough to have indoor/outdoor space, consider working in your sunroom, screened-in porch, or even outdoors on nice days for an instant mood (and productivity) boost!

✨ Smart tech - add high-speed wireless, wifi boosters, and even extra outlets. Adjustable lighting to help mitigate the effects of extra screen time and wireless sound systems are also trending. Are you working from home? Comment below about your home office space!

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Curious abouot real estate market?

Interested to hear about the molst recent market updates and statistics? 

Please contact us today at
604-442-9422

Anna Litvak Joseph PREC*, Top 10% of realtors in Greater Vancouver

British Columbia's Top real estate agent, Anna Litvak Joseph PREC,
BC Prime Real Estate Group

Home sales below long-term averages as listings remain steady in January.

Last month’s sales were 42.9 per cent below the 10-year January sales average.

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.”

Interventions by the federal and provincial governments were a major story in 2022.  

Many of these were set to begin January 1, like the provincial cooling off period and the federal foreign buyer ban. Others will happen later this year.  

The peak for prices in our market occurred last spring. Over the coming months, year-over-year data comparisons will show larger price declines than we’ve been reporting up to now,” said Lis. “It’s important to understand that year-over-year calculations are backward-looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.”

Here's a summary of the January 2023 housing market statistics:

Fraser Valley

Greater Vanvcouver

Metro Vancouver

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets dicsuss all the avilable options. 

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*, Top 10% of realtors in Greater Vancouver

British Columbia's Top real estate agent, Anna Litvak Joseph PREC,
BC Prime Real Estate Group

Real estate market has seen records in sales and average price during 2022. The housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.

Last year’s sales total was 13.4 per cent below the 10-year sales average.

"The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,"

Andrew Lis, REBGV Director, economics and data analytics

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,384, a 41 per cent increase compared to December 2021 (5,236) and a 19.6 per cent decrease compared to November 2022 (9,179).

Here's a summary of the November 2022 housing market statistics:

Fraser Valley

Greater Vanvcouver

Metro Vancouver

Interested to discuss the current market situation, have some questions?

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*, Top 10% of realtors in Greater Vancouver

British Columbia's Top real estate agent, Anna Litvak Joseph PREC,
BC Prime Real Estate Group

Whether you’re looking to buy or sell real estate, knowledge is the key. Market analysis and statistics, will help identify the best opportunities that are available to you when you make your move.

Last month’s sales were 36.9 percent below the 10-year November sales average according the data from Real Estate Board of Greater Vancouver. 

"With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels. While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 7 rate announcement to be yet another increase, making holiday-season home purchases something people may end up foregoing this year."

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,179, a 28.5 per cent increase compared to November 2021 (7,144) and a 6.8 per cent decrease compared to October 2022 (9,852).

Here's a summary of the November 2022 housing market statistics:

Fraser Valley

Greater Vanvcouver

Metro Vancouver

Interested to discuss the current market situation, have some questions?

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*, Top 10% of realtors in Greater Vancouver

British Columbia's Top real estate agent, Anna Litvak Joseph PREC,
BC Prime Real Estate Group