The short version: probate requires a fair market value estimate as of the date of death, used to calculate probate fees and for tax purposes. That number is not the same thing as what a realtor would actually list and sell the home for months later — markets move, and the two valuations serve entirely different purposes.
Why probate needs a valuation at all
BC probate fees are calculated as a percentage of the gross value of the estate's assets, including real property. The executor must report the fair market value of the home as of the date of death on the probate application — not an arbitrary number, and not simply the assessed value from a BC Assessment notice, which often differs meaningfully from true market value.
How probate value is typically established
Executors commonly use one of a few approaches: a formal appraisal from a certified real property appraiser, a detailed opinion of value from an experienced realtor (sometimes accepted, depending on the estate's complexity and the lawyer's preference), or in straightforward cases, BC Assessment's value as a starting reference point — though this is often adjusted, since assessed values can lag real market conditions by a year or more.
How market listing value is different
Once the estate is ready to actually sell the property, the question changes entirely: not "what was this worth on the date of death," but "what will this actually sell for today, in current market conditions, given this specific property's condition." Mark Jontz provides estate executors with a grounded comparative market analysis (CMA) based on recent, comparable sales — not an automated online estimate, which frequently misses condition, lot specifics, and local nuance that matters in the Okanagan market.
Why the two numbers can matter together
If a home has appreciated meaningfully between the date of death and the actual sale, that difference can have real tax implications for the estate (see our guide on probate in BC for how this connects to the broader process). Keeping clear documentation of both the date-of-death valuation and the eventual sale price matters for the estate's final accounting — worth discussing with the estate's lawyer or accountant early, not after the sale closes.
This page provides general information only and is not legal, financial, or tax advice. Please consult a lawyer, notary, or accountant about your specific situation.