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Current Assessed Values are Confusing the Buyers.

Home > Market News > Nancy’s Blog > Current Assessed Values are Confusing the Buyers.

Local Market Prices can exceed Assessment.

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Dec 29th, 2019 at 8:02 am

Many real estate shoppers from Greater Vancouver area, have noticed their market values are currently below Assessment values in many instances, are confused to see the opposite situation in Qualicum Beach. When considering selling and relocating to Vancouver Island, buyers are surprised and confused when they confront market prices that can exceed Assessment values by as much as $100,000.


There is no current explanation for the difference but one can speculate the Greater Vancouver market prices expanded so fast for a sustained period of time, the Assessment Agency projections naturally did not anticipate or is able to react to the sharp reverse trend in market pricing.


The British Columbia Real Estate Association reports that after a slow start to 2019, MLS® home sales in the province embarked on a sustained upward climb in the spring, returning to trend after adjusting to market shocks caused by federal mortgage rules and provincial tax policies.

These rules and policies hit Greater Vancouver market harder than noticed in British Columbia because of the incredible price growth over the past ten years, compared to the smaller markets.

 

Nancy stated it will take some consumers a bit of time to adjust to Vancouver Island market pricing, as expectations are not in alignment with seller's market in Greater Vancouver. Nancy has experienced a similar perception from Alberta residents wishing to move to Vancouver Island. As was suggested by an Alberta real estate agent; It might be wise to consider a move now, as prices in Alberta remain in a declining market, while Qualicum Beach has experienced a 2-3% annual price increase.

Vancouver Island, in particular Qualicum Beach, with the beautiful and relatively inexpensive waterfront and water view properties, has attracted worldwide attention as the place to invest and move. Demographics of Canadian retirees, the attractiveness of the Canadian lifestyle and investment opportunities for people worldwide, makes Qualicum Beach very desireable.

Put Nancy's knowledge to work for you: phone, text or email her.

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