RECO To Shut Down All 17 iPro Brokerage Locations By Tuesday

Property Assessment

Learn how property assessments work in Canada, how they impact your property taxes, and how to appeal if you believe your assessed value is too high.

Property Assessment

May 22, 2025


What is a Property Assessment?

Property assessment is the process by which a municipal or provincial authority determines the market value of a property for taxation purposes.

Why Does a Property Assessment Matter in Real Estate

In Canada, property assessments are conducted by provincial agencies (such as MPAC in Ontario or BC Assessment in British Columbia) or local municipalities. The assessed value is used to calculate annual property taxes.



Assessments are typically based on:
  • Comparable property sales
  • Property type and size
  • Location and neighbourhood trends
  • Renovations or structural changes


These assessments are updated regularly, often every 1–4 years. Homeowners receive a notice showing their property's assessed value and have the right to challenge it if they believe it's inaccurate.


Understanding your assessment is important because:
  • It directly affects your property tax bill
  • It may differ from market value
  • Errors or overvaluations can be appealed


Accurate property assessments help fund essential local services like schools, roads, and emergency services.

Example of a Property Assessment in Action

A homeowner in Vancouver receives a 2025 property assessment notice showing an assessed value of $1,150,000, which will be used to calculate their annual municipal property tax.

Key Takeaways

  • Determines taxable value of your home.
  • Conducted by local/provincial agencies.
  • Based on market conditions and property features.
  • Affects annual property tax bills.
  • Can be appealed if inaccurate.

Related Terms

Additional Terms

Recourse Loan

A recourse loan is a type of loan where the lender can pursue the borrower’s personal assets, beyond the collateral, in the event of default.. more

Pari Passu

A pari passu clause is a contractual provision ensuring that multiple creditors share equally in repayment priority from the borrower’s assets.. more

Non-Recourse Loan

A non-recourse loan is a type of loan where the lender’s only remedy in case of default is to seize the collateral property; the borrower is not. more

Net Operating Income

Net operating income (NOI) is the total income generated by a property after operating expenses are deducted but before taxes and financing costs.. more

Mechanic's Lien

A mechanic’s lien is a legal claim by a contractor, subcontractor, or supplier for unpaid work or materials provided for a property.. more

Lis Pendens

Lis pendens is a legal notice filed in the land registry indicating that a property is subject to ongoing litigation that may affect its title.. more

More For You

RECO To Shut Down All 17 iPro Brokerage Locations By Tuesday

RECO To Shut Down All 17 iPro Brokerage Locations By Tuesday
iPro Realty Ltd.

iPro Realty Ltd., a Mississauga-based brokerage that operates across 17 branches in southern Ontario and employs around 2,400 agents, is being shut down by the Real Estate Council of Ontario (RECO).

In a press release shared by RECO on Thursday, the regulator tasked with protecting consumers and enforcing the Trust in Real Estate Services Act, 2002 (TRESA) stated that iPro and its branches would all be shuttered no later than August 19, 2025 — in just five days.

Keep ReadingShow less
RECO To Shut Down All 17 iPro Brokerage Locations By Tuesday

Feds Outline Initial Vision For New 'Build Canada Homes' Entity

Prime Minister Mark Carney promised to "get the government back in the business of building" during the election.

Prime Minister Mark Carney promised to "get the government back in the business of building" during the election. / Mark Carney, Facebook

Earlier this week, the Government of Canada quietly launched public engagement on Build Canada Homes (BCH), the new federal housing entity that Mark Carney and the Liberals pledged to create during the election campaign as a way to "get the government back in the business of building."

From what was announced at the time, Build Canada Homes has drawn mixed reactions, with some saying it is long overdue for the feds to get back into homebuilding and others arguing that the federal government should support private developers rather than compete with them.

Keep ReadingShow less

16-Storey Hotel Proposed Near Vancouver General Hospital

​The 16-storey hotel proposed for 888 W 8th Avenue in Vancouver.

The 16-storey hotel proposed for 888 W 8th Avenue in Vancouver. / Formosis Architecture, Value Property Group

As Vancouver continues to push for more hotels, developers are answering the call. The City continues to receive a steady stream of rezoning applications for new hotels, the latest of which was published this week.

The subject site of the proposal is 888 W 8th Avenue, about midway between Laurel Street and Willow Street, and two blocks north of Vancouver General Hospital. The property is currently occupied by a low-rise office building originally constructed in 1973.

Keep ReadingShow less

CreateTO Project To Intensify Eglinton Ave Parking Lot With 41-Storey Rental

CreateTO Project To Intensify Eglinton Ave Parking Lot With 41-Storey Rental
9 Shortt/CreateTO

In one of its latest affordable housing ventures, CreateTO has filed plans for a 41- and six-storey rental development that would transform a City-owned parking lot in Toronto's Fairbank neighbourhood, at 9 Shortt Street. The project would deliver at-grade commercial space and 458 rental units, including around 140 affordable homes, within walking distance of an Eglinton Crosstown LRT station.

Under CreateTO — City of Toronto's dedicated housing agency — the City aims to deliver over 19,500 rental units and 6,445 affordable units across 39 City-owned sites, with the goal being to increase housing options and affordability amid the housing crisis.

Keep ReadingShow less

Altus Group In “Strategic Review” That Could Result In Sale

Altus Group head office in Toronto, Ontario.
Shutterstock

Less than a week after releasing its second-quarter earnings, which showed that revenues from its appraisals and development advisory services are down, Toronto-based provider of real estate analytics Altus Group has revealed that it is in a period of review that could culminate in a sale.

“Altus Group periodically undertakes a strategic review to maximize stakeholder value. The Company is in the process of a review, which includes but is not limited to acquisitions, divestitures, and a sale or merger of the Company,” a Wednesday morning statement said. “The Company’s board of directors is committed to acting in the best interests of the Company and its stakeholders.”

Keep ReadingShow less
TRENDING: Altus Group In “Strategic Review” That Could Result In Sale

This $12.5M Palmerston Townhome Is A Modern Masterpiece

This $12.5M Palmerston Townhome Is A Modern Masterpiece

SilverHouseHD

From the street, 310 Palmerston Boulevard will pull you in with intrigue. But what waits behind its front doors will leave you awestruck.

There's no question that the address boasts heritage charm, but few would guess that beyond the industrial steel and glass doors lies nearly 9,000 sq. ft of creatively curated living space — it's a home that is, according to its listing, regarded as Toronto’s finest historical restoration.

Keep ReadingShow less

Dream Impact Trust Sells 10% Stake In 49 Ontario To CentreCourt, Eyes Further Asset Sales

​A rendering of the two towers proposed for 49 Ontario Street in Toronto.

A rendering of the two towers proposed for 49 Ontario Street in Toronto. / B+H Architects

The Toronto-based duo of Dream Unlimited (TSX: DRM) and CentreCourt Developments are renewing their long-running relationship, forming a new joint venture to embark on a project that is expected to begin construction as early as this year.

The project is set for 49 Ontario Street, which is currently occupied by a seven-storey office building between Adelaide Street East and Berkeley Street. An application for the site was submitted in 2021 by Dream Impact Trust (TSX: MPCT.UN) through MPCT 49 Ontario Street Toronto Inc. before a new application was submitted earlier this year after adjacent properties along Berkeley Street were acquired and folded in to the project.

Keep ReadingShow less

"Self-Defeating": With DCs Out Of Control, Homeowners Are Paying The Price

"Self-Defeating": With DCs Out Of Control, Homeowners Are Paying The Price
Shutterstock

British statesman Winston Churchill once said, “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”

In many ways, that characterizes what we are doing with development charges (DCs) on new housing. Municipalities are unilaterally imposing the levies on new development to foot the bill for capital costs of infrastructure like roads, water, sewage and power services to support growth.

Keep ReadingShow less
Privacy PolicyAbout UsTerms of UseAdvertise with UsJobsContact UsRSS Feed
2025 © STOREYS Publishing Inc. | All Rights Reserved