First MPAC Market Snapshot report shows growth in the average
residential sale price trends in Ontario as well as selected
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
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 Corporation
For further information:
Cathy Ranieri Sweenie