Archive for July, 2016

June 2016 Market Stats: Infographic & Report

June 2016 Market Stats: Infographic & Report Photo

Following is TREB’s market report for June 2016:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB’s MLS® System in June 2016.

This result was 7.5 per cent higher than the 11,905 sales reported in June 2015.

In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.

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Understanding Your 2016 Property Assessment Notice From MPAC

Understanding Your 2016 Property Value Assessment From MPAC Photo

Back in April, MPAC started mailing out their 2016 property assessment notices to property owners across the province of Ontario. If you don’t have yours yet – keep checking the mail; they should all be out by the fall.

I’ve spoken to a number of clients recently about their assessments, and most are asking the same two questions:

  1. The assessed value is significantly less than what we know our property is worth. Is this normal?
  2. The assessed value has increased since the previous assessment. Does the municipality increase my property taxes by the same rate?

These are both excellent questions! Below are my answers.

The market value of your property is very likely going to be higher than MPAC’s assessed value.

While some assessments in the City of Toronto do come-in fairly close to market value, MPAC’s numbers are usually quite a bit lower than what the property would sell for on the open market. Sometimes the difference is quite significant!

It’s not uncommon to see MPAC’s assessed value be hundreds-of-thousands-of-dollars less than the current market value (depending of course on price point, location, etc.).

MPAC relies on a number of factors when doing their assessments, but apparently recent comparable sale prices don’t weigh heavily in the process!

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