Assessing Residential Properties
The City's Assessment Branch determines your home’s or condo's assessed value by comparing your property with other properties using the Sales Comparison Approach to Value. This approach is used in most major Canadian cities.
The Sales Comparison Approach determines property assessments through an analysis of property sales that is reflective of the base year (2015). This analysis determines which residential property characteristics influence value and to what degree they influence value.
The result of this analysis is an unbiased and uniform mass appraisal process that is driven by the sale prices of Regina properties.
Assessed value vs. selling price
In most cases, your assessment will not match your property's selling price today because:
- your assessment was calculated to reflect sale values as of January 1, 2015, as required by the Saskatchewan Assessment Manual. As well, your assessed value assessment is relative to the average value, determined by comparing the sales of properties with similar uses in your valuation neighbourhood that have similar characteristics.
- your property's selling price is the actual price a particular buyer and you would agree to in a particular transaction. What people actually pay for a property can vary for many reasons. What a person would sell a property for at a particular point in time will also vary depending on the circumstances of the individual. Such things as personal preferences, negotiating skills, particular wants and desires of both the seller and the buyer may alter the actual selling price of a property. In some cases this variance may be substantial.
Home repairs and your assessment
Generally, your assessment will not be increased for minor repairs. Assessments may increase if you make changes that increase the value of the property, such as:
- adding rooms, new garages or new decks
- finishing your basement
- extensive remodelling or renovations
Contact Service Regina at 306-777-7000 (Option 2) if you have any questions about repairs or improvements to your property.
Your home's assessed value may go up even if you make no improvement to your property. The reason why is that property values change even if no improvements are made to properties. Many people sell their property for more than they paid for it years earlier. This situation occurs due to fluctuations with general economic conditions like interest rates, inflation rates or supply and demand.