BC Assessment values
BC Assessment values every property in the province once a year, as of July 1 of the year before the roll. The value is split into land and improvements (the buildings).
The assessed value is not an appraisal or a sale price, but it is a consistent yardstick: it shows how a property compares with its neighbours and how its value moved year to year. Property tax is calculated from it.
When most of the value is land, the market is pricing the lot rather than the house: common for older houses on large lots, and a sign that the next owner may rebuild.
General information, not legal or professional advice.