Home Values up 18% in Ontario Since 2008
A recent report released by Ontario’s Municipal Property Assessment Corp has found that property values in Ontario has risen 18% since its last assessment in 2008.
A recent report released by Ontario’s Municipal Property Assessment Corp has found that property values in Ontario has risen 18% since its last assessment in 2008. This means that homeowners in the province will see their determined home values increase by 4.5% every year, for the next 4 years as it slowly phases in the increases.
This good news for many homeowners in the province is tempered somewhat by a concern of property taxes rising because of the steady increase in home values. This coupled with rumours of a potential increase in interest rates in the coming year, is leaving many budget-minded homeowners concerned that this combination could leave many people cash-strapped in the foreseeable future.
This, however, is not necessarily the case, as an increase in property taxes is not as strictly tied to home values as many people believe. In fact, if your home’s value has risen by the same amount as other homes in your municipality, including Oakville real estate, then you are unlikely to see any kind of increase in your property taxes at all!
An initial report from back in June estimated that home values had increased nearly 17% since 2008 and most of the growth was seen in Northern Ontario and the Ottawa region.
For those of you who would are eager to view your homes new assessment are in luck; The Ontario Municipality Property Assessment Corp will be mailing all of the nearly 5 million property owners in Ontario between September and November. Homeowners can also check the assessment accuracy by visiting www.aboutmyproperty.ca , where homeowners can compare values of their homes, with others in their neighbourhood.
The Goodale Miller Team, based in Oakville, Ontario is Canada’s #1 Century 21 team for 8 years running specializing in Oakville Luxury homes for sale.
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