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Blog by Patricia Houlihan - Personal Real Estate Corporation

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Vancouver Real Estate Up again! Especially waterfront homes in Vancouver...

Well the BC Assessments are out and, as has been happening for the past many years, the assessed values are up.  The prices for waterfront properties are REALLY up-but fortunately, the assessed values never seem to come close to the real values or there would be a lot more tax to be paid!

Increases in assessed value usually mean that the market values are up, don't assume that.  In the past 2 years, I have had 2 clients call me because they thought their assessments were too high. I evaluated their homes, prepared a report for them and in both cases they successfully appealled their assessments-the assessments were in fact too high! However, in most cases, the assessed values are quite low compared to what the actual selling price would be....so if you are thinking of selling, definitely do not rely on what the property is assessed at! And if you are thinking of buying, definitely don't count on getting the property for its assessed value-at least not if it is in the lower mainland and especially if it is Vancouver area waterfront!

If you have any questions on how the assessment process works or if you would like to know the market value of your home, please contact me by phone or email....