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City Assessment Value vs. Market Value
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Every now and then, and usually in the busy spring market, I will meet with home and condo buyers who make reference to “City Assessment Value” of homes. These folks were placing a lot of weight on the City of Winnipeg Assessment Value of the homes the either own, or wish to purchase, and were questioning whether the “Listing Price” of a certain house was realistic, or whether it was too high.
Now, anyone who has ever read any of my blog, or spoken to me directly, knows that in my opinion, “Listing Prices” in Winnipeg are most often set unrealistically LOW…. so having people suggest that the listing price was too high was something new….:-)
I explained that City Assessment has, in actuality, very little to do with real Market Value. There are several reasons for this, including:
1) City Assessment does not know about recent improvements to the home, such as New Furnace, New Windows, Fully Finished Basements, etc
2) City Assessment does not take into consideration any additions to the home, such as sunrooms, family rooms, swimming pools
3) City Assessment is unable to keep up with fast changing market increases in Winnipeg.
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I went thru this exercise a couple of years ago, but I am confident that the results would be no different today. In 2010 I checked a dozen different, random sales.
Neighbourhood Style List $ Sold $ City Assessment
River Heights Bng 219,900 219,900 196,000
River Heights 2-St. 279,900 295,200 251,000
Charleswood Bng 249,900 249,900 226,000
Charleswood 2-St 289,900 282,000 231,000
LindenWoods 2-St 289,900 297,000 276,000
River Park South Bng 199,900 232,500 179,000
River Park South Bng 249,900 285,700 237,000
River Park South 2-St 299,900 280,200 223,000
Island Lakes Bng 239,000 245,000 196,000
St.James/Assin. 2-St 279,900 279,000 242,000
St.James/Assin. Bng 249,000 280,500 211,000
W/Kildonan Bng 209,900 217,000 188,000
Garden Grove Bng 239,900 239,000 204,000
Some astute folks will no doubt point out that some homes actually sold for less-than-asking, but that’s the subject for a different blog post altogether.
If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime. I’d love to help!
Related articles
- Expired Listing? House did not sell? What is the next step? (bokauffmann.com)
- Top 6 Winnipeg Real Estate Blog posts of 2011 (bokauffmann.com)
- Winnipeg spring 2012: A great time to sell real estate? (bokauffmann.com)
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