December, 2022

One of the most frequently asked questions we get asked is "what is an appraisal?"

An appraisal is an independent, formally presented opinion of a property's value. This value is estimated by skilled appraisers who are unbiased and impartial in their judgements.

Estimating the value of a property helps the intended user determine what a home is worth. While appraisals are often done in connection with banks for mortgage financing, appraisals are completed for a variety of reasons such as capital gains, litigation, division of assets, estate planning etc. (Click here to discover for more reasons to get an appraisal!)

WesTech’s professional valuation expertise provides our clients with a personalized service that aids them in making sound real estate decisions. All of our appraisal reports are prepared or reviewed by fully accredited members of the Appraisal Institute of Canada, the Real Estate Institute of British Columbia and the Canadian National Association of Real Estate Appraisers.

WesTech defines residential appraisal as an independent formally presented opinions of a property's value. This value is estimated by skilled appraisers who are unbiased and impartial in their judgements. 

by Emily

Recent headlines in both local and national newspapers

VanCity Buzz BC Assessment

While a majority of assessments may have dropped are you certain that your assessment reflects an accurate drop in market value? Conversely, if you happen to have one of the properties where the assessed value has increased is the increase accurate?

An assessment on your property is done by BC Assessment, who values your property as at July 1st of the previous year (i.e. your 2014 assessment is based on the value of your property on July 1st 2013). If you think your home is over assessed, you can appeal to the PARP on the grounds of unfair market value, or an inequitable assessment. Arguing on the basis of equity means that homes in your neighbourhood are valued either above or below market value, and that your home is valued substantially differently (usually the neighbouring homes are undervalued and your home is valued at or above market value).

Both appeal processes require you to prepare an evidence package which includes an appraisal of your home. This is done by using comparable properties in the neighborhood, and then making appropriate adjustments to come up with your estimate of the market value, which you will later present at court.

Assessments are released on December 31, and all appeal requests must be submitted by January 31 each year. Below is a timeline of the appeal process for any given year.

Some of the most common reasons why appeals are rejected by the court are that there is not enough evidence, the evidence isn’t presented in the correct manner, or there are errors in the evidence. WesTech Appraisal Services Ltd. is one of the largest appraisal companies in the Lower Mainland, and has the experience and knowledge to ensure this doesn’t happen.

We are expecting that there may be more assessment appeals this year given the softened market. Contact us today at 604-986-2722 for a FREE review.

Watch a video from BC Assessment – Property Assessment Review Panel Process here.