Average residential sale prices in Ontario are up 17 per cent since 2008, Municipal Property Assessment Corporation report shows
First MPAC Market Snapshot report shows growth in the average residential sale price trends in Ontario as well as selected communities
PICKERING, ON, July 24, 2012 /CNW/ - The average sale price for residential properties in Ontario has risen by 17 per cent between January 1, 2008 and January 1, 2012, according to the first report on residential sale price trends published by the Municipal Property Assessment Corporation (MPAC).
"This report is good news for most Ontario homeowners. It shows the average sale price of residential properties in most communities has increased since 2008 and that the real estate market continues to be strong," said Larry Hummel, MPAC's Chief Assessor.
MPAC's Market Snapshot tracks residential sale price trends over the past four years in selected Ontario municipalities.
"We have a vast amount of current, detailed information on residential sale prices across Ontario. We wanted to share some of this information with property taxpayers and underscore the link between home prices, set by the real estate market, and assessed value," said Hummel.
MPAC analyzes actual sale prices of similar properties to help establish the assessed value of more than four million residential properties across the province. MPAC also assesses more than 800,000 farm, commercial, industrial and other property types across Ontario.
MPAC will mail Property Assessment Notices to all property owners in Ontario this fall. This year's Assessment Update will be the second in Ontario's new four-year assessment and phase-in cycle.
"Property owners should remember that an increase in assessment does not necessarily mean an increase in property taxes," said Hummel. "It all depends on a number of factors including the amount of revenue required by your municipality or taxing authority to deliver services."
Hummel said Market Snapshot was developed as part of MPAC's commitment to openness by sharing information, about how assessed values are calculated, with property taxpayers.
The full report is available at www.mpac.ca.
MPAC (www.mpac.ca) is a not-for-profit corporation funded by all Ontario municipalities. MPAC is responsible for administering a uniform, province-wide property assessment system based on current values. It provides a range of services, including the preparation of annual assessment rolls for use by municipalities and the Province of Ontario to calculate property taxes and education taxes. Municipal enumerations are also conducted by MPAC in order to prepare a Preliminary List of Electors for each municipality and school board during an election year.
The last province-wide Assessment Update of Ontario's more than 4.8 million properties took place in 2008 and was based on the legislated valuation date of January 1, 2008. The next province-wide Assessment Update will take place in fall 2012 and will be based on the legislated valuation date of January 1, 2012. This year's Assessment Update will be the second in Ontario's new four-year assessment and phase-in cycle.
MPAC has 33 local offices located across Ontario. Its head office is located in Pickering.
SOURCE: Municipal Property Assessment CorporationFor further information:
Cathy Ranieri Sweenie