Looking for a mortgage in B.C.? Don’t limit your options to the big banks + MORE Aug 11th

By Craig Wong But before the temptation to splurge on a pricey new car or a luxury vacation takes hold, experts say it’s important to review your financial plan for this next chapter to ensure you’re on track for wherever you want to go. Nancie Taylor, an investment adviser with Meridian Credit Union in Fonthill, …

When it comes to property value, not all appraisals are created equal. Whether you’re planning to sell your home, refinance your mortgage, or settle an estate, understanding the difference between a tax appraisal and a home appraisal can save you thousands of dollars—and prevent some serious tax-time headaches.

Let’s break down the key differences, when each type of appraisal is used, and why one could impact your wallet more than the other.

What is a home appraisal vs. tax assessment?

A tax appraisal—often known as a property assessment—is conducted by your municipality or province to determine your home’s assessed value for taxation purposes. It’s what your local government uses to calculate your property taxes. These assessments are usually done every few years and are based on mass appraisal systems, not individual inspections.

For example, the Municipal Property Assessment Corporation (MPAC) in Ontario uses computer models to estimate property values based on recent sales, location, and general market trends…

MCAN posts Q2 profit growth as loan portfolios expand and new securitization channel launches.

At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rates fall even more?

A little wisdom from those who’ve been there: this is not just a financial transaction—it’s your life. Sooner or later, you’ve got to get on with it. And over the 20 or 30 years it takes to pay off your mortgage, it won’t much matter what the rate was the day you first got approved.

Especially when you look beyond Canada’s Big Five banks, you’ll find attractive rates right now. For example, buyers in B.C. can find great rates at Coast Capital Savings Credit Union. Its five-year high-ratio fixed mortgage has a lower advertised rate than any of the Big Five (as at May 23, 2025), based on independent, external third-party market research.

Plus, for a limited time, you can get a cash bonus when open a new mortgage or switch your existing mortgage to Coast Capital…