What is a home revaluation, and when does it happen?
Your home gets revalued in three different ways: a lender orders a new appraisal when you refinance, add a HELOC or sometimes switch lenders; your assessor issues a new value on its own cycle (annually in BC, Alberta and Nova Scotia; every two years in Winnipeg; every four in Saskatchewan; still frozen at 2016 in Ontario); and online AVMs update as sales come in. Only the first changes what you can borrow.
Lender revaluation (appraisal)
When you ask to borrow more against your home, the lender needs a current value. OSFI's B-20 asks federally regulated lenders to value property with a risk-based mix of tools and to be more thorough for higher-risk loans. In practice that means an appraisal for most refinances and HELOCs, and sometimes an AVM when the loan-to-value is low. The value sets your limit: 80% of it in total, 65% for a HELOC.
Assessor revaluation (new roll)
Assessors revalue every property on a schedule and mail notices. A new roll changes your share of property tax, not what you can borrow. Each new notice opens an appeal window, so diary the deadline the day it arrives.
Assessment cycles by province
| Province | Valuation date | Cycle |
|---|---|---|
| Ontario | January 1, 2016 — still used for the 2026 tax year | The province postponed the 2020 reassessment and has kept postponing it, so assessments still reflect 2016 values (phased-in changes aside). On March 26, 2026 the province again postponed a province-wide update. |
| British Columbia | July 1 of the year before the assessment (the 2026 assessment reflects July 1, 2025) | Annual. |
| Alberta | July 1 of the year before the tax year (Calgary: market value as of July 1 of the previous year) | Annual. |
| Saskatchewan | Base date of 2023 for the current values (2025 revaluation); the next revaluation is 2029 with a 2027 base date | Revaluations every four years. |
| Manitoba | Winnipeg: April 1, 2025 reference date for the 2027 general assessment | A general reassessment every two years. |
| Quebec | Montréal 2026–2028 roll: July 1, 2024 | Three-year rolls; Montréal's 2026–2027–2028 roll took effect January 1, 2026. |
| New Brunswick | January 1 of the year before the tax year | Annual. For 2026 the province froze the value used for taxation for qualifying properties for one year. |
| Nova Scotia | January 1 of the year before (the 2026 roll reflects January 1, 2025); physical changes up to December 1, 2025 are included | Annual. |
| Prince Edward Island | Not confirmed on a provincial page | Annual notices. |
| Newfoundland and Labrador | St. John's: January 1, 2024 base date for the 2026 and 2027 notices | Multi-year notices (St. John's: 2026–2027 on a 2024 base date). |
Automated revaluation
Online estimates refresh constantly as sales are recorded. They're useful for tracking your rough equity, and a figure you can test in the equity calculator, but a lender's appraiser has the final word.
Frequently asked questions
Does my lender revalue my home at renewal?
Usually not for a simple renewal with the same lender. A new appraisal is common when you refinance, add a HELOC or increase the amount, and some lenders order one when you switch.
Primary sources
- OSFI — Guideline B-20: Residential mortgage underwriting (HELOC 65%, appraisals, AVMs) (effective October 31, 2017). Checked .
- OSFI — Straight switches exempt from the prescribed MQR; portfolio LTI limits (effective November 21, 2024). Checked .
- MPAC — Notices and notifications (2026 valuation date). Checked .
- BC Assessment — Appeal guide. Checked .
- Government of Alberta — Property assessment. Checked .
- SAMA — Revaluations (2023 base date; next 2029/2027). Checked .
- City of Winnipeg — Assessment FAQ (two-year cycle; April 1, 2025 reference date). Checked .
- Ville de Montréal — Dépôt des rôles d'évaluation foncière 2026-2027-2028 (effective September 10, 2025). Checked .
- Service New Brunswick — Property assessment FAQ. Checked .
- PVSC — Assessment cycle. Checked .
- Government of PEI — Property assessment referral and appeal. Checked .
- Municipal Assessment Agency — How to appeal (60 days). Checked .