If you own a home in the Lower Mainland, chances are the value of your home right now is within five per cent of the value BC Assessment gave it in July 2007.
So says Landcor Data. Corp., after its proprietary computer software generated current market values for almost 466,000 residential properties in 14 Lower Mainland municipalities.
The company's electronic valuations, similar to appraisals, are used widely by lenders.
Landcor created the "variance" numbers reproduced here to answer a question on the minds of many B.C. property-owners, are they well or poorly served by the B.C. government's decision to "cap" assessments at the lesser of two values, the July, 2008 value from BC Assessment or the July 2007 value.
"If the government intended to ensure British Columbians were taxed as closely to the current market value as possible, the answer is yes," observes Rudy Nielsen, Landcor's founder and president. "The assessment cap was the right move, for the most part."
There are exceptions to the five-per-cent finding. District of North Vancouver town- and rowhouse values, for example, slipped 5.9 per cent from their assessed values. Vancouver town- and rowhouse values advanced 6.6 per cent. Delta apartments surged nine per cent.
"What will we see in February?" asks Nielsen.
"Only time will tell what next month has in store, of course, but with real estate professionals and experts reporting slowing sales and slumping prices month over month, I do not expect the five-per-cent assessment-to-market value- variance to hold."
Nielsen promises to provide a February update for Vancouver Sun readers.