Toronto’s Red-Hot Market Sends Property Values Soaring

According to a firm that analyzes the real estate market in the province, Toronto's hot housing market has made residential property values increase by 30 per cent over the last four years.

Starting next week, city homeowners will receive assessment notices from the Municipal Property Assessment Corp, their first one since the year 2012. The assessment will show a 7.5 per cent annual increase in their property values.

The average assessed value for a single family detached home in the Toronto area is $770,000, up approximately $200,000 on average from the last assessment in 2012.

Toronto condo values increased 2.9 per cent on average to $363,000, approximately $35,000 higher than in 2012.

Assessments are connected to property taxes, however, MPAC says homeowners should not worry about a steep rise in taxes.

Greg Martinon, MPAC Director of Valuation and Customer Relations stated that an increase in assessment doesn't necessarily mean it is going to have an impact on taxes.

How much an individual owner pays depends on where their assessment ranks compared to the city average.

Owners of properties that are assessed over the 7.5 per cent average will pay more and those with below-average assessments will pay less. In Toronto, almost every property will be assessed at a higher rate than it was in 2012.

Areas such as Davenport, Scarborough-Rouge River and Scarborough Centre have the highest residential assessments in Toronto with a 12 per cent annual average increase.

Reference: The Toronto Star

https://www.thestar.com/…/torontos-red-hot-market-sends-pro…