Every January, British Columbia homeowners get a little emotional-support document in the mail.

It looks official because it is. It has a big number on it. It feels like the government has just confirmed your wealth. For a few minutes, a Vancouver owner can stand in the kitchen, look at the assessment notice, and think, “See? We’re still rich.”

Then the market walks in and ruins the mood.

Because here is the first rule of BC Assessment:

Your assessed value is not what your home is worth today.

It is not what a buyer will pay. It is not what a bank will lend against. It is not what your neighbour thinks. It is not what your realtor hopes. It is not what you need to retire. It is not what your divorce settlement should automatically use. It is not what your estate should blindly rely on. It is not a magic floor under the market.

BC Assessment says each January notice gives an assessed value based on what the property would have sold for “on or about” the previous July 1. That means the number on your January notice is already roughly six months old before you even open the envelope. BC Assessment also says it assesses more than two million properties every year to create a stable property-tax base, not to give sellers a live MLS pricing tool.

In a rising market, that lag makes owners feel clever. The assessment looks low, the market is already higher, and everyone says BC Assessment is behind. In a falling market, the same lag becomes dangerous. The assessment can sit above the current saleable value, and suddenly the same owner who once laughed at BC Assessment is now pointing to it like it is a sworn witness.

That is where the trouble begins.

Because buyers do not pay for your assessment.

They pay for today.

BC Assessment is not lying. It is just late by design.

The most important thing to understand is that BC Assessment is doing a specific job. Its job is not to tell you what your house would sell for this weekend. Its job is to create a consistent assessment roll for property taxation across B.C.

That requires fixed dates. The main valuation date is July 1. BC Assessment’s key-date page says a property’s assessment is based on its market value as of July 1, while the physical condition and permitted use of the property are generally reflected as of October 31. Assessment rolls and notices are then mailed around December 31, and property owners who want a Property Assessment Review Panel review usually must file by January 31.

That timing is reasonable for taxation. It is terrible for seller psychology in a fast-moving market.

A 2026 assessment reflects what BC Assessment believed the property was worth around July 1, 2025. If you are using that number in August 2026 to argue with a buyer, you are not using current market value. You are using a tax snapshot from more than a year ago.

That is like using last summer’s weather forecast to decide whether you need an umbrella today.

Maybe it is still useful context. Maybe the weather is similar. But if it is raining sideways, the old forecast is not going to keep you dry.

What BC Assessment actually looks at

BC Assessment does not simply make up a number because someone in an office likes round figures.

Its appraisers may consider present use, location, original cost, replacement cost, revenue or rental value, sale prices of land and improvements, comparable land, improvements, obsolescence, and other circumstances affecting value. They also consider physical factors such as size, age, quality, condition, location, services, shape and topography.

That is a real valuation framework.

But it is still not the same as a current buyer standing in the house with a mortgage pre-approval, a home inspector, a spouse quietly hating the basement, and five other listings saved on their phone.

BC Assessment works at scale. It values millions of properties. It uses mass appraisal methods, market evidence, property data, and common valuation dates. That is very different from what happens when a real buyer asks, “Would I actually pay this much for this exact house today?”

The market has no obligation to respect last July’s estimate. The market cares about what is competing right now.

If three nearby homes cut prices this week, your assessment notice does not update itself. If interest rates change, your assessment notice does not flinch. If a similar house sells $150,000 below expectation, your assessment does not cry quietly in the drawer. The assessment stays what it is: a fixed-date tax value.

The market keeps moving.

The 2026 assessments already admitted the Lower Mainland was softening

BC Assessment did not pretend the market was booming.

For the 2026 roll, BC Assessment said the updated values reflected market value as of July 1, 2025, and assessor Bryan Murao said many Lower Mainland homeowners could expect decreases, mostly ranging from -10% to 0%. The total Lower Mainland assessment base fell from about $2.01 trillion in 2025 to about $1.92 trillion in 2026, even though nearly $24 billion was added through new construction, subdivisions and rezoning.

Some typical 2026 single-family assessment examples show the shift clearly. City of Vancouver single-family values moved from $2,205,000 to $2,092,000, down 5%. West Vancouver moved from $3,054,000 to $2,910,000, down 5%. Richmond moved from $1,890,000 to $1,745,000, down 8%. Surrey moved from $1,563,000 to $1,464,000, down 6%. White Rock moved from $1,732,000 to $1,580,000, down 9%.

Strata values also softened. City of Vancouver strata values moved from $798,000 to $772,000, Burnaby from $732,000 to $706,000, Richmond from $784,000 to $735,000, Surrey from $695,000 to $649,000, and New Westminster from $644,000 to $617,000.

So BC Assessment was not blind. It captured a weaker market.

But it captured the weaker market as of July 1, 2025.

The market did not politely freeze there and wait for everyone to finish reading their notice.

The current market can move below the assessment before owners accept it

By July 2026, Greater Vancouver’s market was still not behaving like the old “Vancouver always goes up” machine.

Greater Vancouver REALTORS reported July 2026 residential sales of 2,061, down 9.8% from July 2025 and 18.6% below the 10-year seasonal average. Active listings sat at 16,476, which was 26.8% above the 10-year seasonal average. The composite benchmark price was $1,088,800, down 6.2% from July 2025. Detached homes were benchmarked at $1,822,900, down 7% year over year; apartments at $688,000, down 7.5%; and townhouses at $1,030,400, down 6%.

The Fraser Valley was also under pressure. In July 2026, the Fraser Valley Real Estate Board reported a composite benchmark price of $877,600, down 7% year over year. Detached homes were $1,335,200, down 8.3%; townhomes were $757,300, down 7.1%; and apartments were $469,500, down 9.1%. The board’s chair said buyer urgency had been notably absent and buyers knew they did not have to rush because inventory remained high and competition subdued.

That is the environment where assessment anchoring becomes dangerous.

A seller sees an assessment from July 2025. A buyer sees July 2026 inventory, comparable sales, price cuts, financing costs, days on market, and five alternatives that do not require listening to the seller explain why their 2014 renovation is “basically new.”

The seller says, “BC Assessment says $2.1 million.”

The buyer says, “The last comparable sale says $1.9 million.”

The seller says, “But the government says—”

The buyer does not care.

And the buyer is right not to care.

The assessment is a tax value. The sale price is reality.

There are several different numbers in real estate, and Vancouver owners love confusing them when it benefits them.

Assessed value is BC Assessment’s fixed-date value for taxation purposes.

Market value today is what informed buyers would likely pay in the current market.

Appraised value is a professional opinion of value, often ordered by a lender for financing.

List price is the seller’s opening argument, sometimes supported by evidence and sometimes supported by unresolved childhood optimism.

Sale price is the only number that actually closes.

These numbers can be close in a balanced market. In a fast-moving market, they can spread apart. In a falling market, they can start fighting in public.

A seller may think their home is worth $2,100,000 because that is the assessment. A buyer may think it is worth $1,920,000 because recent sales support that. A lender may appraise it at $1,875,000 because lenders are allergic to fantasy. The seller may list at $2,199,000 because emotions are free. The eventual sale may be $1,860,000 because reality showed up wearing steel-toed boots.

That does not mean BC Assessment was fraudulent. It means the assessment was not the current market.

There is a difference.

Fictional equity starts with the assessment notice

Here is the typical Vancouver mistake.

A homeowner gets a BC Assessment notice saying the house is worth $2,000,000. The mortgage is $1,350,000. The owner thinks they have $650,000 of equity.

Maybe.

But only on paper.

Real equity is not:

Assessment minus mortgage.

Real equity is closer to:

Actual sale price today

• minus mortgage payout

• minus realtor commission

• minus GST on commission

• minus legal fees

• minus mortgage penalty

• minus repairs or credits

• minus unpaid property tax

• minus vacancy tax exposure

• minus strata levies, if applicable

• minus moving costs

• minus reality.

Now suppose the home assessed at $2,000,000 would actually sell today for $1,825,000. The paper equity instantly drops from $650,000 to $475,000 before selling costs. If selling costs and adjustments are $70,000, the net equity becomes roughly $405,000. If there is a mortgage penalty, deferred maintenance, tax arrears, or a desperate repair credit after inspection, it falls again.

The owner did not lose that money the day they accepted the offer.

They lost it when the market moved.

The assessment just delayed the funeral.

The assessment can be too high for a sale and still too low for the owner’s ego

This is the strangest part.

In Vancouver, owners often say BC Assessment is too low when they are selling, too high when they are paying taxes, irrelevant when they are renovating, and sacred when a buyer makes a low offer.

That is not valuation. That is selective religion.

The assessment can be too low compared with one unique buyer’s willingness to pay. It can be too high compared with today’s resale market. It can be irrelevant to a lender if the lender orders a fresh appraisal. It can still matter for taxes because the tax system uses assessment rolls. All of those things can be true at once.

That is why homeowners get confused.

They want one number to solve every argument. The real estate market refuses.

The assessment is not the house’s soul. It is one administrative value in a larger system.

Why your tax bill may not fall even when your assessment falls

Another popular misunderstanding is that a lower assessment means a lower property tax bill.

Sometimes it helps. Sometimes it does not.

BC Assessment says a common misconception is that a significant assessment change causes a proportionately significant property tax change. The key issue is not simply how much your assessed value changed, but how your assessment changed relative to the average change for your property class in your municipality or taxing jurisdiction. BC Assessment also notes that property owners can appeal assessed value, but once tax rates are set by the taxing authority, they cannot appeal the tax rate itself through BC Assessment.

Normal-person version:

If everyone’s assessment falls by 10% and yours falls by 3%, your share of the tax burden may rise.

If your assessment falls but the city budget rises, your tax bill may still rise.

If your assessment drops but your property drops less than similar properties, you may not get the relief you expect.

This is why a homeowner can say, “My assessment went down. Why did my tax bill go up?”

Because municipal finance is not a sympathy program.

The city still wants money.

The city always wants money.

The city wakes up wanting money.

The assessment still matters because other taxes use it

Even though assessed value may not equal today’s market value, it still matters because the tax system uses it.

This is where the story gets ugly.

Your existing tax-stack notes correctly frame the Speculation and Vacancy Tax as different from ordinary property tax: it is an annual tax tied to residential use and ownership in B.C.’s major urban areas, not just a normal municipal property tax line item. B.C.’s official SVT page says the tax is calculated as a percentage of the property’s assessed value, and the top rate is 3% for foreign owners and untaxed worldwide earners in 2026, rising to 4% for 2027 and later; the tax applies based on ownership as of December 31 each year.

That means a highest-rate owner with a non-exempt property assessed at $5,000,000 can face a 2027 SVT bill of:

$5,000,000 × 4% = $200,000

If the actual market has weakened and the property would only sell for $4,600,000, the owner may feel the assessment is stale and inflated. But the tax calculation may still be tied to the assessed value.

That is the dark comedy of a falling market:

Your home may be too weak to sell at the assessed value, but still strong enough on paper to be taxed like it is.

Vancouver Empty Homes Tax makes the same problem worse inside the city

For properties inside the City of Vancouver, the Empty Homes Tax is another place where assessed value matters.

The City says properties deemed or declared empty in the 2025 reference year are subject to a tax of 3% of the property’s 2025 assessed taxable value. The declaration deadline for the 2025 tax year was February 3, 2026, and the payment due date was April 16, 2026.

So an empty Vancouver home assessed at $4,000,000 can face:

$4,000,000 × 3% = $120,000

If the owner is also in the highest-rate SVT category in 2027 and no exemption applies, the provincial SVT could add:

$4,000,000 × 4% = $160,000

Together, that is $280,000 before regular property tax, insurance, mortgage interest, maintenance, utilities, penalties, or additional school tax.

Again, the market may be telling the owner the house is worth less today. The tax system may be working from the assessment roll.

This is why owners of vacant or under-used high-value properties should not casually dismiss assessments as “just government numbers.” Those numbers can become invoices.

Additional school tax also uses assessed value

High-value residential properties face another layer: B.C.’s additional school tax.

Effective January 1, 2027, B.C. says the additional school tax rate increases to 0.3% on the residential portion assessed between $3 million and $4 million, and 0.6% on the residential portion over $4 million. The tax applies only to the portion over $3 million, not the first $3 million.

So a $5,000,000 assessed residential property would pay:

$3M to $4M portion:
$1,000,000 × 0.3% = $3,000

Over $4M portion:
$1,000,000 × 0.6% = $6,000

Total additional school tax:
$9,000

That number is much smaller than a 4% SVT bill, but it still stacks. In a weakening market, owners may complain that the assessed value is stale. The tax system may still use it.

The house may feel poorer.

The bill may not.

Example: the Vancouver detached owner who thinks assessment is a floor

Suppose a detached house in Vancouver is assessed at $2,092,000, close to the typical 2026 City of Vancouver single-family assessment example reported by BC Assessment.

The owner says, “I am not selling below assessment.”

That sentence feels strong. It is also meaningless if current comparable sales do not support it.

Now imagine similar homes nearby are trading closer to $1,900,000 because buyers have more options, financing costs are still high, and the house needs a roof, windows and a basement moisture conversation nobody wants to have. The seller may think they are being disciplined by holding firm at assessment. Buyers may see them as overpriced by $192,000.

If the house sits, the market starts asking worse questions.

• Why has it not sold?

• What did buyers notice?

• Is the seller unrealistic?

• Is there a hidden issue?

• Will they reduce again?

A stale listing becomes weaker even if the assessment stays the same. The seller uses the assessment as a shield. Buyers use days on market as a weapon.

Usually, the buyers win.

Example: the Richmond owner watching assessed equity disappear

BC Assessment’s 2026 typical Richmond single-family assessment fell from $1,890,000 to $1,745,000, down 8%.

Suppose an owner has a Richmond house assessed at $1,745,000 and owes $1,250,000 on the mortgage.

Paper equity using assessment:

$1,745,000 − $1,250,000 = $495,000

Now suppose today’s market suggests the property may sell for $1,600,000 after current comparable sales and buyer negotiation.

Actual pre-cost equity:

$1,600,000 − $1,250,000 = $350,000

Then subtract realtor commission, GST on commission, legal fees, repairs, moving costs, and possibly a mortgage penalty.

That $495,000 “assessment equity” may become closer to $270,000–$300,000 in real net proceeds, depending on costs.

This is not a small psychological difference. This is a family’s down payment on the next home, a retirement assumption, a divorce settlement issue, or the number an owner was using to pretend everything was fine.

The assessment did not protect the equity.

It simply described the past.

Example: the condo owner who thinks every square foot still deserves 2021 pricing

BC Assessment reported City of Vancouver strata values moving from $798,000 to $772,000 for the 2026 roll, down 3%.

Now compare that with current market pressure. In July 2026, Greater Vancouver REALTORS reported the Metro Vancouver apartment benchmark at $688,000, down 7.5% year over year.

That is not a direct apples-to-apples comparison because one is a City of Vancouver typical strata assessment and the other is a regional apartment benchmark. But the direction is useful: strata owners are operating in a market where condo pricing has been under pressure, and assessment values may not reflect the latest buyer mood.

A condo seller who lists at assessment because “that is what the government says” may be ignoring the three identical units listed in the same building, the assignment nearby, the strata fee increase, the weak investor math, and the buyer who now has time to read the depreciation report.

In a rising market, buyers overlook bad layouts.

In a softer market, buyers start measuring closets.

That is how condo assessments lose their magic.

Why buyers do not care about your assessment

A buyer has no reason to pay your assessment unless current market evidence supports it.

A buyer cares about:

• Recent sold comparables.

• Active competing listings.

• Days on market.

• Price reductions.

• Condition.

• Layout.

• Renovation quality.

• Strata documents.

• Special levies.

• Mortgage affordability.

• Insurance.

• Property tax.

• Vacancy tax exposure.

• Rental yield.

• Inspection findings.

• Neighbourhood.

• Noise.

• Parking.

• Storage.

• Future development.

• Their own alternatives.

Notice what is not on the list:

Your emotional relationship with your BC Assessment notice.

The assessment may be one data point. It may help identify whether a property is unusually assessed compared with neighbours. It may help flag land value, building value, classification or property-detail issues. But it is not a current market commandment.

When a buyer makes an offer below assessment, they are not automatically insulting you. They may simply be pricing the property in today’s market instead of last July’s.

Sellers often call that lowballing.

Buyers call it updating the spreadsheet.

Why banks do not worship BC Assessment either

Lenders do not lend purely because BC Assessment says a property is worth something.

A lender may use automated valuation models, internal risk systems, appraisals, comparable sales, loan-to-value rules, income qualification, debt service ratios, property type, location, condition and market risk. If the lender orders an appraisal, the appraiser is looking at current market evidence, not just your tax notice.

This matters most when people refinance.

A homeowner thinks:

“My house is assessed at $2 million. I owe $1.2 million. I have $800,000 equity.”

Then the lender appraisal comes in at $1.75 million.

Suddenly the borrowing room is smaller. The debt consolidation plan fails. The renovation line of credit shrinks. The private school plan gets awkward. The “we’ll just refinance” strategy starts looking like a motivational poster with bad math.

BC Assessment can make people feel wealthy.

The bank decides whether the wealth is lendable.

Those are not the same thing.

Divorces, estates and family buyouts should not blindly use assessment

BC Assessment is tempting in family situations because it is free, official and easy.

That makes it dangerous.

In a divorce, one spouse may say, “The house is assessed at $1.9 million, so buy me out based on that.” In an estate, siblings may say, “Just use the assessed value.” In a parent-child transfer, everyone may agree that the assessment is “fair enough” because nobody wants to pay for an appraisal.

That shortcut can create winners and losers.

If the assessment is above current market value, the person keeping the property may overpay. If the assessment is below current market value, the person being bought out may be shortchanged. If the market has moved quickly, the assessment may be stale by hundreds of thousands of dollars.

A current appraisal costs money.

So does a family lawsuit.

Choose your invoice.

Assessment lag can turn into a seller trap

Seller anchoring is one of the most expensive habits in real estate.

It starts with one sentence:

“BC Assessment says…”

Then the seller prices high. Showings are weak. Offers are lower than expected. The seller blames buyers. The listing gets stale. The seller reduces. Buyers notice the reduction. The seller reduces again. Buyers wonder what is wrong. The seller finally accepts less than they could have received if they had priced properly in the first place.

This is how assessment anchoring quietly costs money.

The assessment feels like evidence, but in a falling market it can become emotional armor. It lets the seller avoid accepting that the market has changed. It gives them an official-looking excuse to reject reasonable offers.

The problem is that the market charges interest on denial.

It charges through carrying costs, mortgage payments, property tax, insurance, utilities, maintenance, strata fees, vacancy costs, and time.

If the property is in Vancouver and vacant, it may charge through the Empty Homes Tax too.

If the owner is in the highest SVT category, it may charge brutally.

The longer a seller argues with current value, the more expensive the argument gets.

When the assessment is actually too low

This article is about why your house may be worth less than the government says, but the reverse can also happen.

Sometimes BC Assessment is too low compared with current market value. This can happen when the market rises after July 1, when a property has unique appeal, when zoning or development demand changes, when a buyer pays a premium, or when BC Assessment data is missing key property details.

A renovated house with strong design, legal suite income, excellent documentation, a quiet street, usable land, and low future maintenance risk may sell above assessment.

A rare view lot may sell above assessment.

A development site may sell above assessment if builders want it badly enough.

A special condo in a strong building with a great view may outperform the assessed value.

The point is not that BC Assessment is always high.

The point is that BC Assessment is not always current.

It is one piece of evidence, not the verdict.

Zoning and development potential can distort assessment

BC Assessment also considers the impact of official community plans and rezoning when market evidence supports an effect on value. Its own explanation says that if an OCP is adopted or updated, appraisers review comparable market sales to determine any impact on market value. If a property is rezoned, BC Assessment reviews market evidence and permitted use to determine any value impact as of July 1.

This matters because Metro Vancouver is now drowning in zoning reform, transit-oriented development changes, multiplex potential, laneway opportunities and “future development potential” listing language.

A property may be assessed partly because of land value and potential, even if the existing house is tired. A buyer may not want to pay the full theoretical development premium if the project does not pencil. A homeowner may assume upzoning automatically makes their lot worth more. A builder may look at construction costs, financing, fees and resale values and disagree violently.

Potential is not cash.

Density is not profit.

Zoning is not a buyer.

Assessment may capture some market evidence around potential, but real development value still depends on whether someone can actually build something and make money.

In Vancouver, that is the part many landowners skip.

They hear “potential” and add $300,000.

Developers hear “potential” and open a spreadsheet.

What you can actually appeal

If you think your assessment is wrong, you can appeal the assessment.

• You cannot appeal the market because you dislike it.

• You cannot appeal your mortgage payment.

• You cannot appeal your neighbour’s sale.

• You cannot appeal the fact that buyers are no longer acting like hostages.

• You appeal the assessed value, classification, exemptions or property details.

BC Assessment’s key-date page says the Property Assessment Review Panel complaint deadline is January 31, PARPs sit from February 1 to March 15, and a PAAB appeal must be filed by April 30 if a person wants to appeal further.

The province’s Property Assessment Review Panel guidance says complaints must be filed with BC Assessment by January 31, and it emphasizes that assessments are based on market value and market evidence; year-to-year percentage change arguments are not considered valid evidence of assessment value.

That last point matters.

Saying “my assessment went up too much” is weak.

Saying “these three comparable properties sold near the valuation date for less, and my property has worse condition, smaller usable area, no legal suite and inferior location” is stronger.

The appeal system likes evidence.

It does not care that you are irritated.

The evidence that actually matters in an assessment appeal

A good assessment challenge starts with facts, not rage.

Useful evidence can include comparable sales around the July 1 valuation date, property-detail errors, wrong square footage, wrong building age, wrong classification, incorrect lot details, condition issues, major damage, zoning or permitted-use errors, comparable assessments, renovation assumptions that are wrong, or market evidence that similar properties were selling lower as of the valuation date.

Weak evidence includes “my taxes are too high,” “my neighbour pays less,” “the market is bad now,” “I could never sell for that,” “the city wastes money,” “my mortgage is huge,” and “I am a senior and this feels unfair.”

Some of those may be politically or emotionally valid. They are not necessarily assessment evidence.

The most important phrase is as of July 1.

If your property value fell sharply after July 1, that may matter for today’s sale, but it may not win your assessment appeal for that tax year. The appeal is about the assessment date, not your current feelings.

That is the trap.

The assessment can be stale and still legally correct.

How sellers should use BC Assessment

Sellers should treat the assessment as background information.

Not a price.

Not a floor.

Not a marketing strategy.

A serious seller should look at the assessment and then ask:

• What sold in the last 30 to 90 days?

• What sold near the same property type, lot size, condition and location?

• What is currently active?

• What has expired or been cancelled?

• How many similar properties are sitting?

• How many have reduced?

• How does my property compare on condition?

• How does my property compare on layout?

• How does my property compare on parking, suite legality, view, noise, zoning, school catchment and maintenance?

• What would an inspector criticize?

• What would a lender appraise?

• What would a buyer choose instead?

That is pricing.

“BC Assessment says $2.1 million” is not pricing.

That is a sentence.

How buyers should use BC Assessment

Buyers should use BC Assessment, but not worship it.

A buyer can use it to check land value, improvement value, assessment history, lot size, building age, prior sales, neighbouring assessments and whether the property is unusual compared with similar homes. It can also help identify whether a seller is anchored to an old number or whether a property may be under-assessed relative to its current market appeal.

But buyers should never stop there.

Current sold comparables matter more.

Inspection matters more.

Strata documents matter more.

Financing matters more.

Rental math matters more.

The building’s actual condition matters more.

If a seller says, “But BC Assessment is higher,” the buyer can politely answer:

“Then sell it to BC Assessment.”

They will not buy it.

But it may be emotionally satisfying.

How homeowners should use BC Assessment for planning

Homeowners should use BC Assessment as a prompt to review their property, not as a final wealth statement.

When the notice arrives, check the details. Confirm land size, building size, property class, year built, assessed land value, assessed improvement value, physical condition assumptions, and comparable assessments. If something is wrong, contact BC Assessment early in January. Waiting until the tax bill arrives is often too late.

Then separate three numbers:

• Tax assessment

• Current market value

• Net equity after selling costs

Most owners only think about the first one. That is why they get surprised.

A homeowner who knows all three numbers makes better decisions. They know whether refinancing is realistic. They know whether selling makes sense. They know whether a divorce buyout is fair. They know whether the estate should get an appraisal. They know whether a listing price is fantasy. They know whether a tax appeal is worth pursuing.

The assessment notice should not make you feel rich.

It should make you do homework.

The market does not care what the government said last summer

This is the whole article in one sentence.

BC Assessment is useful. It is important. It supports the property tax system. It gives owners and governments a common valuation base. It provides public data. It helps compare properties.

But it is not today’s market value.

• It is not an offer.

• It is not a lender commitment.

• It is not net equity.

• It is not a guaranteed sale price.

• It is not a reason to ignore current comparables.

And in a falling market, it can become the most dangerous number in the house because it lets owners keep believing in equity that buyers, lenders and appraisers may no longer recognize.

A Vancouver homeowner who says, “My house is assessed at $2 million,” is not wrong.

They are just incomplete.

The better question is:

What would it sell for today, after current competition, financing conditions, inspection risk, buyer psychology, tax exposure and selling costs?

That is the number that matters.

Not the number in the envelope.

The envelope is old.

The market is alive.

And the market is much less polite.