Housing Assessment Increase

When we moved to our new town in south-eastern BC, we decided to re-enter the housing market. We purchased a smaller house with the amenities that were important to us, a south-facing deck, large kitchen, and level lot. As an assessment of the housing market had been part of the research prior to my job bid and our move, we were able to choose a location that fit our finances, as well meet our other needs. Our area has long been chosen by retirees, due to the climate, and now is seeing more pressure from Vancouver and Calgary citizens who are looking to retire, or own second homes. We have also seen a ripple effect, as folks formerly living in towns closer to the aforementioned large centres took advantage of the increasing interest in, and prices of, their properties, and have moved here. Using the BC Assessment notice with July 2003 as a baseline, our home has increased in value by some 55% in three years! Looking at the value of my former home in northern BC, it has increased only 30% in value since 1993. Now, if I could find a way to capitalize on the value locked in our house.....

For those unfamiliar with BC Assessment, housing is assessed at the price it would be expected to fetch in the marketplace if sold on July 01 of each year.