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Property Assessment Values compared to Actual Market Value

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In a recent post, I explained how Market Value really has very little to do with City Property Assessment Value.  That post can be found here.

To further prove the point, here are a couple of very different homes in similar neighbourhoods in East Kildonan.

City Property Assessment value:  $184,000

Home #1: a 940 sq ft bungalow, built in 1955, and having very few upgrades.  Original windows, older furnace and a semi-finished basement.  1 bathroom, original kitchen.   

City Property Assessment value:  $185,000

Home #2: 1060 sq ft bungalow, built in 1959. Upgrades include a newer furnace, windows, exterior, 2 bathrooms, and a fully finished rec room.

Although both homes had Property Assessment values which were nearly equal, they are very different homes.  But don’t just take my word for that:  Both were sold on the open market (thru REALTORS®)  and the results prove my point:  Home #1 sold for $200,000 while Home #2 sold for $225,000.

My Point?  Don’t go by “City Property Assessment Value” when trying to determine the value of a house.  Recently, a home buyer suggested that he could use this value to establish whether or not a home he was thinking of purchasing, was priced fairly.  In order to determine a fair market value for your home (or the home you wish to purchase), you need to compare it to the real estate market….  because that’s all that matters. What are BUYERS willing to pay for this home?

To answer this question and find out just how much your home is worth, call me anytime.  Also, if you’re looking to buy a house or condo, having access to accurate sold-prices is equally important to you as a Buyer.  Property Assessment Values should be used sparingly, as a guide at best.  Do me a favor?  Share this on Facebook.

Bo 333-2202

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