To attract buyers and ensure you receive a price that works best for you, your Realtor will help establish your home’s current market value. "Market value" (given sufficient market exposure) is what you could expect to  pay for a property of that kind.

Realtors have access to information from various sources to help establish your home's market value. When retained to advise on pricing questions, Realtors can:

• review the stated value on your current BC Assessment (BCA) Property Notice 
• review recent sales and current listings history for properties like yours 
• do on-site inspections, examine the exterior and interior of your property in detail, note new features that could affect the property’s value 
• provide information about the current economy and how it may affect the value of your property e.g. an improving economy may mean rising prices, while a declining economy may mean falling prices

Based on this information, your Realtor can provide an estimate of the value of your property and together, you can establish an appropriate asking price.

A Realtor determines the value of a property by:

• examining the most recent comparable market data for homes sold in a neighbourhood using the MLS®
• physically examining the exterior and the interior of a property, architectural styles, renovations, views, landscaping, and neighbourhood zoning

The BCA is the provincial government agency responsible for classifying and assessing all BC properties. It  determines the assessed value that appears on your municipal property tax notice.

BCA appraisers analyze property sales to understand the property market as of July 1 each year. This new market information is used to set the new assessments. Rarely do in-person property inspections take place.

Where every lot and every home on a street is generally the same, both the BCA’s estimate of value and a Realtor's estimate of value will be similar. Differences occur depending on the time of year, whether the home is unique, and if there are features such as views.