By now, you should have received your property assessment for 2016. The property value increases were substantial across the board and many are questioning the accuracy of the assessed price due to the foreign buyer tax which took effect after the property assessments dated July 1, 2016.
While the market has slowed since this past summer, foreign citizens were involved in 4.1* per cent of all homes bought in November in and around Vancouver, more than quadruple the near-zero rate recorded in September 2016.
If you are thinking about listing your home, the 2016 assessed value is still a good starting point for pricing your home. Many homes that have come on the market are pricing near this figure. This should give you a fair starting point without unnecessarily turning away potential buyers.
Source: The Globe and Mail*