The average sale price for residential properties in Ontario rose 17% between 2008 and 2012, says the Municipal Property Assessment Corporation’s first report on residential price trends.
“This report is good news for most Ontario homeowners,” says Larry Hummel, MPAC’s Chief Assessor. “The average sale price of residential properties in most communities has increased since 2008 and the real estate market is strong.”
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He adds, “There’s a vast amount of information on residential sale prices across Ontario, and we wanted to share it with property taxpayers. Also, to underscore the link between home prices—set by the real estate market—and assessed value.”
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The group analyzes the actual sale prices of properties to establish the assessed value of more than four million residential properties across the province. It also assesses more than 800,000 farm, commercial, industrial and other property types across Ontario.
“An increase in assessment doesn’t necessarily mean an increase in property taxes,” says Hummel. “It all depends on a number of factors including the amount of revenue required by your municipality or taxing authority to deliver services.”