Curious about your home’s current market value? Get a professional, no-obligation home valuation and see how much your property could sell for in today’s BC real estate market. It’s fast, accurate, and completely free!
Would you like to know what your home is worth today? Simply fill in the form below and we will provide a Free Home/ Property Valuation, also known as a Comparative Market Analysis (CMA) for your property. A CMA estimates your home’s value based on the sales of similar properties in your neighbourhood, as well as the current competition (active homes for sale). Armed with the market value of your home, you will be able to confidently set a listing price for your property. Discover your house value!
The on-line automated Home Valuation tools are algorithms that are NOT accurate. The home value estimates you are getting are NOT realistic market home values. They don’t keep into account street appeal, style of the home, the updates of your home, etc.
A Property Valuation (CMA) from a local Real Estate agent is the best way to learn your home’s true market value! We are your local Realtors®, Dana & Amar!
A CMA is a home/ property value estimator. It gives you the market value of your home at a specific time. It helps sellers choose the best listing prices for their properties. The “best” property price is the one that’s not so low it leaves money on the table, and not so high that the home doesn’t sell at all. The “best” home price will depend on market conditions, and the strategy we decide to use for marketing your home. For example, if the market is hot or if inventory is low, the listing price might be slightly higher. Conversely, if there are a lot of similar homes on the market, the listing price might have to come down to be competitive.
For buyers, a CMA (property value estimate) can verify if a home is a good deal and help pinpoint a competitive offer that will be taken seriously—without going overboard.
In other words, a CMA estimates the property/ house value and is important for buyers & sellers.
The CMA (home value estimate) analysis considers the:
Our CMA – home valuation report – will include detail information about all the comparable properties: address, description, square footage of the living space/lot, year built, number of bedrooms/bathrooms, pictures, price they were listed for, sale price, etc.
If you would like to get a more accurate Home Valuation of your home then the CMA estimate we would request an in-person visit to gather more information about your home. We’ll want to see the layout (particularly the feel of the livable space), the curb appeal, the immediate neighbouring homes look and feel, privacy, landscaping, quality of upgrades and finishes, etc. After this we would be able to give you an accurate market value of your home (the price you should list for in today’s market). The Home Valuation CMA may be used to help set a listing price.
The buyer’s lender may want to do an independent appraisal on a property. The lender wants to make sure the property is worth what the buyer is paying for it. Just because other homes nearby have sold for a similar amount, it doesn’t mean a lender will be satisfied the home is worth what the buyer is paying for it. If the buyer were to default on the mortgage and the property were to go into foreclosure, the lender wants to make sure it can recoup the money it has lent on the property. The lender will be more confident in its lending by reviewing an appraisal for the property.
Please note your information will be kept strictly confidential and will only be used to help us provide you with the answer to the question: ‘How much your home is worth?’ Find out how much your investment is worth with this Free-No obligation Property Valuation. Our Free Home value report covers all property types: house, duplex, rowhouse, townhouse, condo & land.
Provide info about your home and start your Real Estate journey with Dana & Amar! We’ll be happy to help, and provide you with the Free Home Valuation.
The BC Assessment Act requires the BC Assessment Authority to annually determine the market value of all 2 million properties in British Columbia as of July 1 of each year. Market value is the price that a property would be expected to sell for on a given date, in a competitive, open market, with a willing buyer and a willing seller. So why go through all this effort? Well, because Canadian taxation is based on progressive taxation, where higher valued properties pay a higher tax bill. It’s generally the fairest system for distributing the property tax burden: those who have the greatest ability to pay, as measured by the value of their house, shoulder a greater part of the burden.
BC Assessment uses a process called mass appraisal to achieve this incredible feat. The Assessment Act is a fairly complex piece of legislation that provides the rules and processes that BC Assessment must follow when creating and delivering property assessments. It is a 3 step process:
Homeowners must file any appeal of their property assessment by January 31 in writing. Generally, the appeals are to lower the property assessment – because that leads to lower property taxes. In some cases, however, homeowners appeal their assessment to request an increase because they believe that will be beneficial to them when they sell their home.
BC Assessment uses a fairly broad collection of information to perform their assessment function, including provincial and city records, site visits and even information from homeowners: building permits, land title records, real estate transactions, property owner initiated updates, evaluation of views provided by downtown Vancouver condos through the use of 3D modelling technology, aerial and street front imagery and site visits in a few cases.
Questions about the accuracy of a comparative Market Analysis versus an Assessment are some of the most common concerns placed in front of Realtors ® and consumers! It’s a great question: why use a CMA (property valuation) instead of the assessed value?
Quite frankly, the answer is that the assessed value often differs widely from the true home market value – the price at which the property will ultimately sell. There are a number of very good reasons for this:
For all of these reasons, a CMA (property value estimator) is a far superior tool if you wish an accurate home valuation of your property!
There are a whole slew of reasons why you might want a valuation of your property, some of which are given below. Or you might just be curious to see what your house value is! After all, your home is probably your most valuable asset, and wanting to know what it’s worth is completely normal. Whatever your reason, we would be delighted to satisfy your curiosity with a free, expert assessment! (In some cases, you might need a formal appraisal – but those are only valid for a short time, so you might still want a home valuation first!
When you buy a property, you might assume that the bank will automatically approve your mortgage based on the purchase price of the property. You would be wrong. Banks approve mortgages based on the appraised value of the home. If the purchase price is significantly higher than the appraised value, you likely won’t receive approval on a loan covering the full purchase price, requiring you to increase your deposit if you wish to continue with the purchase. That’s why getting a house valuation before you decide on the offer price is very important!
You don’t want to sell a home for significantly less than what it’s really worth, do you? Getting an accurate house value and comprehensive market analysis will give you the information to confidently list your property!
Distributing your assets fairly requires you to know the value of those assets – and your real estate assets may be the most valuable of all! We can provide you with an accurate property valuation to help with estate planning. When the executor is actually distributing your estate, the courts may require a formal, paid appraisal, but this is likely overkill when you are writing or updating your will.
Building a wealth management plan for retirement? You’ll need to have an accurate real estate valuation of your assets, whether you are planning to sell, downsize, take a reverse mortgage or just know how much wealth you will be leaving your heirs.
A formal appraisal will likely be an essential requirement by the courts when deciding how to equitably deal with real estate assets following death or divorce.
Every year, the value of your property is re-assessed to determine your fair share of the property tax burden. If the Assessment Authority assigns too high a value, you may be required to pay too much tax. In this case, you have the right to appeal the new assessment – and an accurate house valuation from a Realtor ® can help bolster your appeal. If the assessment is grossly inaccurate (it happens!), we may recommend getting a formal appraisal to make an even stronger case.
If you are renovating your property as a prelude to sale, you REALLY owe it to yourself to talk to us first! The right renovations can pay for themselves many times over when you sell but, if not carefully considered, you may wind up spending money on renovations that do not increase the value of your home.
Conversely, if you own a home that is truly special because of all the money you have spent on it, you may need to get a formal appraisal to show to potential buyers the true value of the home. We can advise you whether this step is necessary before you incur significant expense for an appraisal!
A formal appraisal will help negotiate a fair insurance value in the event of significant damage or the wholesale destruction of your property. Of course, the appraisal has to be up to date – this is where you can complement the appraisals you have with more frequent Realtor ® house valuations so you have an up to date statement of value!
Many people, including Realtors ®, are confused about the difference between a home appraisal and a current market assessment. After all, both involve people with similar training, working with the same data … so why the difference?
Home Appraisals and CMAs have different purposes which require consideration of the time horizon.
A Realtor ® is concerned with how much a property will fetch at this moment in time. The Realtor ® considers the location of the property, the age of the home, the current condition, etc. and how hot the market currently is to evaluate the likely selling price of the home. In a hot market, some buyers will pay a
premium just to acquire the home, hence the need for a Current Market Assessment. Realtors ® typically
provide CMAs at no cost in the hope that their services will subsequently be engaged to buy or sell a
property.
An appraiser, on the other hand, is usually hired by a bank to ensure they won’t lose money on a mortgage.
The appraiser is trained to discount “froth”, the “hotness” of the market, and focus on the physical
attributes of a property: the location, the age, the current condition, etc. Banks hope that the property will
still be worth the appraised amount if the market abruptly cools and buyers are no longer willing to pay
hefty premiums to acquire a property.
There is, consequently, a delicate dance that ensues where the competent Realtor ® attempts to convince the appraiser that the price paid for a property in a hot market is worth the full appraisal amount.
Some people believe that the Appraisal is somehow more accurate than the CMA provided by the Realtor ®.
This is simply not the case ultimately, the accuracy comes down to the competence and judgment of the
professionals involved. (This belief appears to stem from the fact that Appraisers charge $300-400 for
their services, while Realtors ® typically provide CMAs free. As explained above, this is a result of different
business models, not greater qualification.)
Our BC Properties for Sale pages are a great way to get to know different communities. Begin with the photo presentations highlighting each community. Then review detailed information and real estate Market statistics specific to that community.
Our Communities pages are a great way to get to know different communities. Begin with the photo presentations highlighting each community. Then review detailed information and real estate Market statistics specific to that community. Each community page also allows you to quickly access the MLS® Listings in that area, broken out by property type: condominiums for sale; townhouses for sale; duplex/ triplex/fourplex for sale, detached houses for sale and land for sale.
Once you are familiar with the community in which you would prefer to live, you can Search Residential Properties by Map. Here you have the option to set up your own search criteria: property type, price, number of bedrooms, sqft of the home, bylaw restrictions, etc. You also have the option to show both Active Listings and Sold Listings or just pick one.
Learn about the HUGE changes in Real Estate market that are coming in January 2023. Canada Ban on Foreign Buyers, BC Home Buyer Rescission Period, BC End of Rentals and Age Restrictions in Strata Properties.
If you would like to know more about the market, go into more details: see the MLS ® HPI Price, average days a home is on the market before it has an accepted offer, number of homes Sold each month, and the Sales to Active Ratio, check out our Market Statistics pages.
Would you want to keep an eye on the market in your area? Please sign up in our Neighbourhood Market Watch and we’ll email you New Listings in your neighbourhood the moment they hit the market, Price changes and Sold Prices. This way, you’ll be able to figure out your house value!