I bought my house 7 years ago at $120,000 in rural Eastern Ontario. My neighbor just sold a 2 bed, 2 bath for $379,000 (mine is 3 bed, 2 bath). Over the last year, I'm noticing in our town that houses we almost bought instead of the one we did (all around $120-150 at the time) have been selling in the last year for no less than $300,000.

I guess what I'm wondering is, is there anything I should be doing or preparing for if my property has gone up in value as well? Coworkers are pressuring me to sell and enjoy a nice profit, but if I'm not mistaken, if everything has gone up in value in real estate am I really gaining anything? And then the pain in the butt of trying to find something and following up with all of the bidding wars sounds like a nightmare.

On the other end, I'm wondering is there any frequency with which my house might get reappraised and I'm looking at higher taxes or higher insurance since I may have a more valuable piece of real estate?

I bought this home 7 years ago after saving up for a while and I live a very modest life with a salary at $52K. I'm not looking to upgrade or have more, but I'd like to better understand my options.