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Property values in Waterloo, Kitchener, Cambridge, Guelph grow 3 to 6% since 2012 says MPAC

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Source: http://www.cbc.ca/news/canada/kitchener-waterloo/property-values-in-waterloo-kitchener-cambridge-guelph-grow-3-to-6-since-2012-says-mpac-1.3694458

By: Joe Pavia, CBC News

Assessments based on location, lot size, size, quality and age of property

Property assessments are being mailed out this week to homeowners living in the Region of Waterloo, counties of Dufferin and Wellington and the City of Guelph.

The Municipal Property Assessment Corporation sends out the assessments every four years, as legislated by the Ontario government. Municipal Property Assessments for farms and businesses will be mailed in October.

The amount is calculated based on market real estate trends and provided to municipalities for property tax purposes, said  Karen Russell, director of valuation and customer relations with MPAC.

“The major factors that contribute to the valuation of the property are location, lot size, size of home, quality of the home and the age of the home.”

Russell said though that represents 85 per cent of the property’s valuation there are other elements that factor into the value of the home – including proximity to transit and schools.

Homeowners can contest the property value if they disagree with the assessment, said Russell.

“If they feel that’s not accurate then they can go on [the website]aboutmyproperty[.ca], and they can review the trends for their area, they can review the attributes to their home and look at other properties and make sure they feel their assessment is comparable.”

Guelph sees highest jump

Of the cities in Waterloo region and Wellington county, Guelph saw the biggest increase, at 5.7 per cent, to just under $400,000 for a typical property.

The Municipal Property Assessment Corporation offers the following assessments for residential homes and condominiums in 2017:

Cambridge

  • 4 per cent approximate increase for residential property owners.
  • $333,000 is the assessed value of a typical residential home.
  • $219,000 is the assessed value of a typical condominium.

Guelph

  • 5.7 per cent approximate increase for residential property owners.
  • $399,000 is the assessed value of a typical residential home.
  • $253,000 is the assessed value of a typical condominium.

Kitchener

  • 2.9 per cent approximate increase for residential property owners.
  • $336,000 is the assessed value of a typical residential home.
  • $175,000 is the assessed value of a typical condominium.

North Dumfries Township

  • 3.6 per cent approximate increase for residential property owners.
  • $428,000 is the assessed value of a typical residential home.
  • $190,000 is the assessed value of a typical condominium.

Orangeville

  • 5 per cent approximate increase for residential owners.
  • $396,000 is the assessed value of a typical residential home.
  • $215,000 is the assessed value of a typical condominium.

Stratford

  • 3 per cent approximate increase for residential owners.
  • $277,000 is the assessed value of a typical residential home.
  • $229,000 is the assessed value of a typical condominium.

Waterloo

  • 2.7 per cent approximate increase for residential owners.
  • $407,000 is the assessed value of a typical residential home.
  • $246,000 is the assessed value of a typical condominium.

Wellesley Township

  • 3.3 per cent approximate increase for residential owners.
  • $424,000 is the assessed value of a typical residential home.
  • $249,000 is the assessed value of a typical condominium.

Wilmot Township

  • 3 per cent approximate increase for residential owners.
  • $410,000 is the assessed value of a typical residential home.
  • $361,000 is the assessed value of a typical condominium.

Woolwich Township

  • 4.5 per cent approximate increase for residential owners.
  • $417,000 is the assessed value of a typical residential home.
  • $169,000 is the assessed value of a typical condominium.

Wellington North Township

  • 4.4 per cent approximate increase for residential owners.
  • $247,000 is the assessed value of a typical residential home.
  • $136,000 is the assessed value of a typical condominium.

Centre Wellington

  • 3.6 per cent approximate increase for residential owners.
  • $371,000 is the assessed value of a typical residential home.
  • $242,000 is the assessed value of a typical condominium.
  • $336,000 is the assessed value of waterfront properties