Prab Dhoot: Best Real Estate Agent in Greater Vancouver Area

Assessed Value vs. Market Value: What Surrey Homeowners Should Know

Wed, 22 Apr 2026 00:00:00 +0000

Prabhu ‘Prab’ Dhoot began his real estate career in 2009. He is focused on providing his clients with the best results and service in the industry with his aggressive negotiating skills.

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If you have ever looked at your property tax bill and wondered why that number doesn’t match what homes are selling for in your area, you are not alone. A lot of homeowners confuse assessed value with market value, but they are not the same. Knowing the difference can help you better understand your taxes, your equity, and what your home could actually sell for.

I recently spoke with a homeowner who thought their home was only worth what the assessment showed. But when we compared it to recent sales, the market told a very different story. That conversation helped them see that the assessed value was only one number, and not the one that buyers would use.

So what is the difference? It comes down to what each number is actually meant to do.

Assessed value is used for property taxes. The assessed value is set by your local tax assessor. Its main purpose is to establish your annual property taxes. It is not meant to reflect what your home would actually sell for on the open market.

Market value is what buyers are willing to pay. Market value is based on today’s conditions, not what a home used to be worth or what someone hopes to get. Things like location, condition, demand, interest rates, and recent comparable sales all influence that number. That’s the number that matters the most when buying or selling a home.

“Your property tax bill and your home's market value are two very different numbers. One is for taxes. The other is what buyers will actually pay.”

These two numbers are usually different. In many cases, the assessed value is lower than the market value because it may be based on older data, set formulas, or limits on annual increases. Property assessments usually happen on a set schedule, whether that’s once a year or every few years depending on the area. Because of that, the assessed value can lag behind what is actually happening in the market right now.

Don’t use your assessed value to price your home. If you’re thinking about selling, relying on your assessed value can lead to the wrong pricing strategy. A proper market analysis based on recent sales and the active competition in your area will give you a much more accurate picture of what your home is worth today.

At the end of the day, assessed value and market value are two very different numbers. One is used by the government for taxes. The other reflects what your home could actually sell for in today’s market. If you mix them up, it can lead to the wrong expectations about your home’s value. That is why it is so important to look at the right number for the right reason.

If you’re wondering what your home is worth in today’s Surrey market, I’d be happy to help. Reach out anytime and we can look at the numbers together so you have a clearer picture of your options. Call me at 604-715-7653, email me at info.prabdhoot@gmail.com, or visit blog.prabdhoot.com to learn more.

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Are Home Prices Finally Coming Down in Surrey in 2026?

Thu, 09 Apr 2026 00:00:00 +0000

By Prab Dhoot

Prabhu ‘Prab’ Dhoot began his real estate career in 2009. He is focused on providing his clients with the best results and service in the industry with his aggressive negotiating skills.

Get the Most from Your Next Move. Start with a casual chat to craft a plan as unique as your story. Book a Call

If home prices in Surrey were really going to drop significantly, wouldn’t we be seeing it clearly by now? Mortgage rates across Canada have been higher for some time. Inventory has improved in parts of the Fraser Valley, and buyers are no longer competing the way they did two or three years ago. Because of that, many people believe 2026 should be the year prices finally fall.

But when you step away from the headlines and look at the actual data, both nationally and here in Surrey, the story is different. Let’s walk through what the numbers are showing and what that means for you as a buyer or seller in today’s market.

What the data is actually showing. The Fraser Valley Real Estate Board reports that benchmark prices across the Fraser Valley have remained relatively stable, with small changes depending on property type.

Detached homes, townhomes, and condos are all moving differently, but overall, there is no widespread price decline. When you combine national and local data, the pattern is clear. The market has slowed and become more balanced, but prices are not falling significantly.

Why does it feel like prices should be falling? Even though prices are holding, it doesn’t always feel that way. Homes are still expensive, and monthly payments remain high due to interest rates influenced by the Bank of Canada. First-time buyers are feeling that pressure the most.

From a buyer’s perspective, it feels like prices should be correcting. But here’s what is actually happening. Higher mortgage rates reduced demand, but they also created a lock-in effect. Many homeowners in Surrey secured low fixed rates a few years ago and are reluctant to sell and take on a higher rate today.

This hesitation limits the number of homes coming onto the market. So, while demand has cooled, supply has not increased enough to push prices down. That balance is what keeps values steady. Buyers are more cautious. Sellers are more realistic. But neither side is under pressure, and markets typically do not drop sharply under those conditions.

“Nationally, 2026 is shaping up to be a year of stabilization, not a housing crash.”

What to expect for the rest of 2026? Looking ahead, most forecasts across Canada remain steady. National projections point to modest price growth or flat conditions rather than a major decline. Local Fraser Valley data supports a similar trend.

With that said, real estate is always local. Certain pockets in Surrey may see a slight softening, especially where inventory is building. Other areas may remain stable or even competitive depending on demand, location, and property type.

But overall, the data does not support a broad housing downturn. What we’re seeing is normalization. The rapid growth from previous years has slowed, and the market is moving at a more sustainable pace.

What this means for you. For buyers, waiting for a major price drop may not be the best strategy based on current data. However, today’s market offers advantages that did not exist a few years ago:

Less competition from other buyers
More inventory to choose from
Greater flexibility to negotiate price and terms

These factors can create opportunities that are just as valuable as a lower purchase price.

For sellers, this is no longer a market where you can simply set any price and expect strong demand. Pricing strategy, preparation, and presentation matter more than ever. Buyers are taking their time and comparing options carefully.

At the same time, values are not collapsing. Well-positioned homes in Surrey are still selling at stable levels. The key is understanding where your property fits in today’s market and pricing it correctly from the start.

Are home prices finally coming down? Nationally, the data says no. We are seeing stabilization instead. The rapid run-up from a few years ago has leveled off, but broad declines aren’t showing up in the national numbers.

Real estate is always local. What is happening across the country might be very different from what is happening in your specific neighborhood.

If you’re wondering what this means for your home’s value or your buying power, let’s take a look at your specific market together. You can call or text me at (604) 518-8490 or send an email to info.prabdhoot@gmail.com.

Buying or selling a house is a huge decision, so make sure you base your move on real local data, not just national headlines.

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Welcome to My Blog!

Mon, 09 Mar 2026 07:00:00 +0000

By Prab Dhoot

Prabhu ‘Prab’ Dhoot began his real estate career in 2009. He is focused on providing his clients with the best results and service in the industry with his aggressive negotiating skills.

Get the Most from Your Next Move. Start with a casual chat to craft a plan as unique as your story. Book a Call

Hello and welcome to my video blog! I’m thrilled to have you here as part of our growing community of homeowners, future homeowners, and real estate enthusiasts. As a dedicated real estate agent, my goal is to provide you with valuable insights, tips, and updates to help you navigate the ever-changing real estate market with confidence and ease.

In this video blog, you can expect to find a variety of content designed to support you at every stage of your real estate journey. Here’s a glimpse of what’s to come:

Home Selling Tips

Thinking about selling your home? I’ve got you covered. Learn the best practices for preparing your home for sale, pricing it right, and attracting potential buyers. My goal is to ensure that you get the best possible return on your investment with minimal stress.

“Being well-informed is key to making strategic moves in real estate.”

Home Buying Tips

Purchasing a home is one of the most significant investments you’ll make in your lifetime. Whether you’re a first-time buyer or looking to upgrade, I’ll share practical advice to help you find the perfect home. From understanding mortgage options to negotiating the best deals, these posts will equip you with the knowledge you need to make informed decisions.

Market Updates

Stay informed with the latest trends and developments in the real estate market. I’ll provide regular updates on market conditions, interest rates, and other factors that can influence your buying or selling decisions. Being well-informed is key to making strategic moves in real estate.

These videos will cover everything from navigating a home sale to expert interviews, giving you a front-row seat to the latest in real estate.

I’m committed to making this blog a valuable resource for you, whether you’re actively buying or selling, or simply interested in learning more about the market. If you have any questions or topics you’d like me to cover, please don’t hesitate to reach out. Your feedback is invaluable in shaping the content to better serve your needs.

Thank you for joining me on this exciting journey. I look forward to helping you achieve your real estate goals!

Get the Most from Your Next Move. Start with a casual chat to craft a plan as unique as your story. Book a Call
Free Home Valuation. Don’t trust an automated home value tool. Get a personalized home valuation directly from Prab Dhoot Real Estate Group. Get Estimate
Free Newsletter. Get our latest Q&A, insights, and market updates to make smarter decisions. Subscribe Now