Are assessed values in Vancouver an accurate representation of potential sales values? Current Value Assessment in Ontario is intended to represent what the property will sell for on the open market but because of the way the assessment cycle works they are generally somewhat lower than market price. And particularly so in Toronto.
The entire province is assessed every 4 years with the last assessment in 2016 for the 2016 assessment year, and appearing on 2017 municipal property tax bills. The increase in assessment between 2016 and the previous assessment in 2012 gets phased in over 4 years. So by the time the next cycle rolls around in 2020 the property is generally "behind" in assessed value. This isn't an issue because of the way property tax works within muncipalities, but means that the assessed value isn't necessarily a useful tool to figure out home value - particularly if you are in a municipality with large increases (Toronto).
https://www.mpac.ca/PropertyOwners/F...PhaseinProgram