The Municipal Property Assessment Corporation has released Ottawa’s property assessments and the verdict is in – home values are on the rise. The assessment is based on over five million homes in Ontario and considers factors such as location, size, age, and building quality. As a standalone statement, this sounds promising for Ottawa homeowners. There was a 3.45 per cent rise in home values over the previous four years. Alas, the total increase amounts to a mere .86 per cent annual increase, relative to an average provincial increase of 18%. Moreover, condo values in Ottawa are on a steady decline – falling by approximately five per cent city wide.
What Causes Changes in Property Value?
- Random hikes in property values are common in urban centres.
- The consistent potential for an election in Ottawa influences changes in the property market.
- “Hot” markets contribute to the increase in overall average property values in Ottawa. For example, up and coming neighbourhoods like Hintonburg and Westboro have seen the greatest increases in property value in Ottawa. In fact, the Municipal Property Assessment Corporation quoted a 7.35 per cent increase in the average Kitchissippi ward home from 2012 to 2016.
What Does This Mean For You?
This change is subtle enough over the previous four years that it should not have a drastic influence on either buyers or sellers in the Ottawa housing market. The impact this new assessment has on homeowners’ taxes depends on your homes’ assessment relative to the average. For example, there is potential for a tax increase for properties with assessments surpassing the average of 3.45 per cent, and a tax decrease for properties with assessments lingering below the average.
Do you want to you want to learn more about how these new property assessment results might influence your home in Ottawa, contact our team stay up to date on Ottawa’s real estate market? Are you looking to rent, buy or a sell a home? Contact our team of expert Realtors® or stay connected with us online at Performance Realty for all of the latest news, information and insights about Ottawa’s housing marke
