PROPERTY ASSESSMENTS VS. TRUE MARKET VALUE

A lot of homeowners assume their provincial property assessment represents the real market value of their home — but it absolutely doesn’t. Assessments are created for tax purposes, not for pricing, refinancing, or selling.

Here’s what you really need to know 👇

1️⃣ What a property assessment actually represents

Provincial assessments are based on mass data models and outdated valuation dates. They are:

✔️ calculated months before you receive them

✔️ based on market conditions that may no longer apply

✔️ created for taxation, not for real estate pricing

✔️ not adjusted for upgrades, renovations, or condition

This is why assessment values can be wildly inaccurate — sometimes far higher, sometimes far lower than true market value.

2️⃣ Why you should NOT rely on opinions

In private sales or informal discussions, many people rely on estimates from:

🚫 buyers (who want a deal)

🚫 sellers (who may overvalue the home)

🚫 friends and family (who mean well but guess)

🚫 neighbours (who compare without facts)

These opinions usually aren’t based on actual comparable sales data or current market trends.

3️⃣ What you SHOULD rely on

To determine fair market value today, the best approach is combining **two professional opinions**:

✔️ A licensed appraiser

Provides a detailed, standardized valuation based on comparable sales, property condition, and market adjustments.

✔️ An experienced local Realtor

Provides real-time insight into current buyer activity, neighbourhood trends, and actual selling behaviour — not just theoretical value.

Together, these give you the most accurate and current picture of what your home would sell for **right now**.

4️⃣ Why market value changes constantly

Market value moves with:

✔️ interest rates

✔️ local supply and demand

✔️ economic shifts

✔️ seasonal buying trends

✔️ neighbourhood activity

A provincial assessment cannot keep up with week-to-week market shifts. That’s why lenders, buyers, and Realtors never rely on it when determining a home’s true value.

💬 Final Thought

Use your provincial assessment for one thing only: **property taxes**.

For buying, selling, refinancing, or negotiating — always rely on an appraiser and an active local Realtor.

If you want help getting an up-to-date valuation or understanding what your home could sell for today, reach out to The Frontline Mortgage Group anytime. We can walk you through it.