Canada Day is a time to celebrate and relax. But keep a close eye on home prices in your neighbourhood too!
What a house on or near your block is selling for close to July 1 is a good indication of what to expect on your next property assessment, coming in January, 2019. July 1 is the date that BC Assessment uses to estimate the annual market value of all properties across B.C. – over 2.1 million of them!
You can use BC Assessment's free Assessment Search to check out recent sales activity in your area, and check out our interactive property trend maps!
BC Assessment values your property by looking at items like size, age, condition, view and location, under the "Market Value" system.
What's a Market Value system and why is it used?
Market Value pegs the value of what your property is worth on a specific day (for B.C., it's July 1), according to comparable market sales, assuming a transaction is between a willing buyer and willing seller. Basically, it's what is considered a reasonable sale price for the property.
This system provides simple and understandable valuations, as they are based on comparable property sales. It maintains a sustainable relationship between property values (assessments) and property taxes each year. Property taxes support municipalities' funding of community services such as police, fire and hospitals. For more information on the relationship between property assessments and property taxes, please visit bcassessment.ca/propertytaxes
Using one date each year, across the entire province means that your property's assessment is fair and uniform when compared to other properties in your community and across B.C.
Learn more about how BC Assessment works.