BCA's Assessment and the market value determined by a REALTOR may be different - why is this?
Both BCA assessors and REALTORS calculate market value by analyzing sale fo comparable homes withi a local market, and look at factors that affect value sucha as size of home, view, location, busy/quiet street, number of bedrooms, construction quality, floor level and garage or parking stalls.
Where every lot and every home on a street are typically the same, both BCA's value and a REALTOR's value will be similar during stable market conditions.
Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changeas that BCA hasn't yet taken into account.
Differences also occur during market instability when prices reise or fall during the six-month period between July 1st and January 1st of the following year.
Information provided by the Real Estate Board of Greater Vancouver