VICTORIA – July 1st is Canada Day, a time to celebrate, relax and enjoy the start of summer. And, if you own property in British Columbia, it is a good time to check out what's happening to home prices in your neighbourhood.
"July 1st is the date that BC Assessment uses to estimate the annual market value of all properties in B.C.," says Tina Ireland, Regional Assessor for BC Assessment. "If you want a good sense of what your 2019 property assessment will be, then take note of the current home sales in your neighbourhood."
Is the market sizzling hot for summer or cooling down with a dip in the pool or simply sitting steady with a glass of lemonade? These are questions to consider when pondering what your assessed value may be when you receive your next Property Assessment Notice in January 2019.
"Our highly qualified real estate appraisers review the sales of properties similar to your home," adds Ireland. "They consider the same characteristics as a potential purchaser, such as size, age, quality, view and location, when determining your property's assessed value."
Whether sitting by the lake on your mobile device or staying inside in need of some serious shade, you can check out sales for properties in your neighbourhood at bcassessment.ca. You can search online, compare properties and see current market trends. And, with a new added feature, you can create your own personalized property search page to conveniently track your favourite searches.
"One of the most common questions we get is: 'Why July 1?'", says Ireland. "Using a single common date of July 1st for every property in BC ensures your assessed value for property taxation purposes is fair, equitable and uniform. A single date reflects the same market conditions in all assessed values. It's really that simple."
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