3 “Rules of Lending” – What Banks look at when you apply for a Mortgage

What Is BC Assessment? Every January, British Columbia homeowners receive their annual Property Assessment Notice . BC Assessment is a provincial Crown corporation responsible for valuing all real estate in British Columbia for property tax purposes. Each year, BC Assessment provides an estimate of a property’s fair market value as of July 1 of the previous year . 👉 To view the most recent assessment for any property, visit the BC Assessment website and search by address. Important things to understand about BC Assessments Timing matters. Your 2026 assessment reflects an estimated market value as of July 1, 2025, not today. Markets change quickly. In active or volatile markets (like Greater Vancouver and the Fraser Valley), values can shift significantly in a matter of months. Mass appraisal methods are used. BC Assessment relies on algorithms and broad market data rather than a detailed, in-person inspection of your specific home. Because of this, an assessed value can differ — sometimes substantially — from: a lender-ordered mortgage appraisal, or a private real estate appraisal completed for buying or selling. BC real estate context (2026) As we move through 2026, BC housing markets continue to be influenced by: interest-rate expectations and changes by the Bank of Canada, affordability pressures, regional supply constraints, and local economic conditions. This means BC Assessment values should be used only as a starting point , not as a precise indicator of what a property will sell for or what a lender will accept as value. Bottom line: Do not rely on BC Assessment for the exact value of a property you’re planning to sell, purchase or refinance.