With the start of the new year, homeowners in British Columbia can now see what the government thinks their homes are worth now. This is a yearly exercise for me since becoming a homeowner and it is of great interest to see if my apartment is a dump in the provincial government’s eyes. If you’re interested, you can view assessment’s online here. If you know anyone in British Columbia, this is a great way to snoop on how much their home is worth.
This is only the third assessment my apartment has ever had, so there’s not a lot of data to go on. Between the first and second assessment, my property value went up by $25K. Between the second assessment and this latest one, it went up by another $30K. In just two years, the government thinks my apartment is now worth approx. $55K more. Keep in mind, that’s just what the government thinks it’s worth. The actual value of my apartment and all other homes is usually higher on the real estate market and that’s the number that counts.
The online assessment tool also shows you the sale prices of surrounding properties and when they were sold. This is particularly interesting for apartment owners because they can see how much units with the same floor plan have been sold for. I suppose it’s good news that every unit with my floor plan in my building and the two other buildings in the block have all sold at prices higher than what I bought my apartment for. The units that sold for the lower ranges were all on floors lower than mine. The units on the floors higher than mine have been selling for anywhere between $55K to a whopping $94K more than mine. Of course, there are a lot variables in play here. Some of those apartments might have improvements that I don’t have. I can easily see hardwood floors, an updated bathroom, and new fixtures can add value than I couldn’t offer.
In the end, these numbers are just good to know for now, until I decide to sell my apartment, which at that point, these numbers mean a whole lot more.