Owen Bigland blogs about how there are 3 different types of value that are attached to any piece of residential real estate.
Appraised Value: This is done by your bank or lending institution if you are borrowing money via a mortgage to purchase the home. The banks want to make sure that the house you are buying and borrowing money for is actually worth what you are paying. Occasionally deals can collapse when someone buys an overpriced property and the bank appraises it for less than what was paid. As a result they will usually require the borrower to increase their down payment if they want to secure the mortgage and close the deal.

Assessed Value: This is done by the Province (BC Assessment), they estimate the value of most BC homes as of July 1 each year and mail you a statement in early January. BC Assessment calculates this value by analyzing and comparing data from a number of different sources including: Info from the land titles office, building permits and real estate transactions on the MLS;

Market Value: This is simply the price that homes are currently selling for (SOLD PRICE).