Open the car door, climb into that comfort zone known as the driver's seat. Kinda fits your bum nice, doesn't it? All the mirrors are set up at just the right spot, the peddles are in that spot you know they should be. Sure is comfortable. Take someone you know for a drive around the block. While you are driving it handles how you know it will. Everything is right in the world.
NOW STOP!
Get out and get in the back seat (passenger side) ask your friend to drive the same route. You are still in the same car on the same roads but it is not the same feeling. You are not in your comfort zone. When you get back to your drive way nothing was different except your perspective.
Just because you were not doing it the way you always do it does not mean the same results could not be attained.
Sometimes you need to step outside your comfort zone to see the world in a different light. The excuse of "But I've always done it that way" or even worse "My parents did it that way" does not cut it. The world is changing and we can't settle into the same old thing.
Let me ask, have you booked a plane fair through a travel agent lately? What about taking film to the drugstore to get photos developed? Did you ask for the Beta section at Blockbuster last time you were there?
Bob Dylan talked about how things were changing over 40 years ago.
Heck, now we can watch him perform it live in 1976 or the Peter, Paul and Mary version with a click of a mouse.
Things are moving at an astounding pace. I had seen this video before, as most of you have, but a recent post on a friend's blog had me think about just how quickly things are moving.
When you decided to buy a house did your mom or dad say "Call Joe Schmoe, that's who we used 15 years ago." Did you call or did you turn on your computer?
Times they are a changin'
Real Estate Done Different
That sounds an awful lot like a sales pitch.
The fact is that things are changing at lightening speed. By the time I am done writing this blog thousands of people will think of thousands of new ways to do things. In the day and time before the www phenomenon it would not impact the world so much. Today ideas are transferring between minds quicker than Brainy Smurf could get thrown out of the village.
Information Super Highway has turned into Super Speedway NASCAR style. Facebook, Youtube, Google, Twitter, and Linkedin are today's coffee shops. Rumours and opinions are delivered on the fly with mobile technology. The kids of today do not pass notes, they text and tweet. Blackberry and iPhone are the typewriter of today's roving reporter. They are not searching out the news. Life is center stage.
When a movie debuts in New York and is pulled from the theaters in Los Angeles because word has travelled faster than the time zones you know things have changed.
Technology will be the key to getting your home viral. Post your listing on your blog. Update your status on Facebook to include your link. Tweet about your house for sale and where people can find it. Heck go "Old School" and email it out to everyone in your address book and ask them to pass it on.
When you are thinking of selling your house remember that people are thinking of buying one. Would you pay someone $15,000 to pass a note?
That's Fair, Right?
When it comes to your finances you need to ask this in many areas. I recently heard reports that "many economists felt that a .25% drop in interest rates would not suffice, that a .5% would be needed from the Bank of Canada to assure the public during these times". In this CBC article it states that 6 out of 10 wanted the .5% drop. Here is the funny part. It seems that a lot of these economists are employees of the banks. Take the economist quoted in this article, Dawn Desjardins, assistant chief economist at Royal Bank.
Why would the banks want the overnight rate dropped? Didn't they just take away all of their discounts on the variable rate mortgages? Now that they are prime plus they want prime dropped.
Here is what I know. Someone looking to buy a home that was looking at prime -1% was sitting in and around 3.75% to 4.25% on a variable rate mortgage. Now they are prime +1% and they are looking at 5% and higher even with the drop in the BOC rates at most institutions.
As a home buyer, today more than ever, you need to get shopping on your mortgage. You should always shop around. A mortgage broker is a great tool to keep the banks honest (trust me, they need it). So when hunting for that new house, call your bank, but also call a mortgage broker. Make sure that you are not required to pay the broker. They get paid from the lender.
That's fair, right?
M
Why would the banks want the overnight rate dropped? Didn't they just take away all of their discounts on the variable rate mortgages? Now that they are prime plus they want prime dropped.
Here is what I know. Someone looking to buy a home that was looking at prime -1% was sitting in and around 3.75% to 4.25% on a variable rate mortgage. Now they are prime +1% and they are looking at 5% and higher even with the drop in the BOC rates at most institutions.
As a home buyer, today more than ever, you need to get shopping on your mortgage. You should always shop around. A mortgage broker is a great tool to keep the banks honest (trust me, they need it). So when hunting for that new house, call your bank, but also call a mortgage broker. Make sure that you are not required to pay the broker. They get paid from the lender.
That's fair, right?
M
There's No Crying In Baseball!
Tom Hanks immortal line from 1992's "A League Of Their Own". There is something about the emotions of this scene that I never quite got until I watched it for this post. Poor Evelyn reacted to this situation with an emotional letdown known as crying. She was only REACTING to the true emotional outburst we saw.
Emotions are powerful. If you are not careful you could end up getting thrown out of the game.
Buying and selling your home is an emotional time for most. An upheaval of your family, maybe a stretch of the family budget. Internal battles between getting the home that you want versus the sale of the one you have can turn even the sharpest negotiator into a bowl of slightly melted cherry jello.
I was once told that when you have made the decision to sell your house, once that sign goes on the lawn, it is no longer your house. You're just holding it for the new owner, whoever that might be. THAT is how we must think when selling our home. When you are planning on selling your home do your math. What do I need to net out of the transaction after closing costs? What are houses in my neighbourhood worth? Can I be realistic in my asking price and get what I want?
Once you have your costs figured out you will need one VERY important number. Your bottom line. What is the absolulte bottom line you will accept for your home? Once you have that then you are ready to enter into the world of emotionless decision making. Offers are either above or below the line. No grey area.
Emotions are powerful. If you are not careful you could end up getting thrown out of the game.
Buying and selling your home is an emotional time for most. An upheaval of your family, maybe a stretch of the family budget. Internal battles between getting the home that you want versus the sale of the one you have can turn even the sharpest negotiator into a bowl of slightly melted cherry jello.
I was once told that when you have made the decision to sell your house, once that sign goes on the lawn, it is no longer your house. You're just holding it for the new owner, whoever that might be. THAT is how we must think when selling our home. When you are planning on selling your home do your math. What do I need to net out of the transaction after closing costs? What are houses in my neighbourhood worth? Can I be realistic in my asking price and get what I want?
Once you have your costs figured out you will need one VERY important number. Your bottom line. What is the absolulte bottom line you will accept for your home? Once you have that then you are ready to enter into the world of emotionless decision making. Offers are either above or below the line. No grey area.
Making a plan like this will assist you in keeping your emotions in check. If you have the plan for the game you can avoid getting thrown out early.
Canada is Number 1, eh!
Well finally we are getting our credit. Were #1, were #1.....in banking? That's right in a report published by the World Economic Forum, Canada was noted as the most secure banking system in the world. I am sure Harper could not have timed this any better and after the blasting given by both Layton and Dion on the economy in the last weeks it was welcomed by the mouths of the conservitives like worms from a mother bird. Jonathan Kay comments in more detail about the report in this National Post blog.
For you the home owner/buyer/seller here in Waterloo Region and Wellington County, how does this effect you? Well shortly after this announcement the Bank Of Canada dropped prime by 1/2 a percent. You would think then that the mortgage rates would drop, right? Not exactly. If you were in a variable rate with a guaranteed prime less mortgage than you are good. If you are just now out looking to buy a home you are in for a shocker. The discounted variable rates that were as common as Jack Layton's rolled up sleeves are no more. Why is that, if prime is dropping? The issue is that banks are cautious in this time, mainly in lending to each other. This has them taking away the consumer discounts so they can be properly funded going forward (Canadian Mortgage Rate Breakdown).
As a buyer you are now thinking twice as the favorable mortgage rates are not as favorable and with people thinking that pricing is coming down they appear to be cautious and waiting. As a seller you have to be aware that people are being cautious. We are heading into, traditionally, the slowest time of the year and with the buyer caution out there it will take longer to sell. As previously stated the market also appears to be equilizing and prices dropping. Would be a good idea to look at finding away to drop your price with out hitting your bottom line.
So what is the plan Canada? Were number 1, now what? I guess years of record profits at the banks is paying off in the stats. What about the rest of us? Guess we'll have to sit back and continue to spend smart, spend cautious. Not sure I would resort to hugging your banker just yet.
M
For you the home owner/buyer/seller here in Waterloo Region and Wellington County, how does this effect you? Well shortly after this announcement the Bank Of Canada dropped prime by 1/2 a percent. You would think then that the mortgage rates would drop, right? Not exactly. If you were in a variable rate with a guaranteed prime less mortgage than you are good. If you are just now out looking to buy a home you are in for a shocker. The discounted variable rates that were as common as Jack Layton's rolled up sleeves are no more. Why is that, if prime is dropping? The issue is that banks are cautious in this time, mainly in lending to each other. This has them taking away the consumer discounts so they can be properly funded going forward (Canadian Mortgage Rate Breakdown).
As a buyer you are now thinking twice as the favorable mortgage rates are not as favorable and with people thinking that pricing is coming down they appear to be cautious and waiting. As a seller you have to be aware that people are being cautious. We are heading into, traditionally, the slowest time of the year and with the buyer caution out there it will take longer to sell. As previously stated the market also appears to be equilizing and prices dropping. Would be a good idea to look at finding away to drop your price with out hitting your bottom line.
So what is the plan Canada? Were number 1, now what? I guess years of record profits at the banks is paying off in the stats. What about the rest of us? Guess we'll have to sit back and continue to spend smart, spend cautious. Not sure I would resort to hugging your banker just yet.
M
Is Guelph Normal?
With the whole economic world in turmoil is Guelph any indication of what we can expect?
I had the pleasure to read about the Guelph MLS statistics on another local real estate blog and was not surprised to see what I have been expecting for some time. The average sale price is dropping. Dramatically! Average price in KW increased ever so slightly last month (year over year) and Cambridge dropped but was basically negligible (see info).
Is this the start of the housing market decline? Is it the decline of higher priced homes as people look for more affordable housing? Was it just a bad month in Guelph? Time will smack us with an answer.
Dave Weber gives us his opinion on the Guelph market which I think shows that Guelph is a leader in the market. People have often said to me they do not understand why Guelph homes are so much higher than that of neighbouring communities. Opinions usually follow the questions.
"Guelph is a university town." So is Waterloo.....OK some would say Waterloo beats to it's own drum.
"Guelph is not connected like KW and Cambridge." KW and Cambridge have an invisible wall called the 401. Anyone who knows the area knows that people from KW don't come to Cambridge, unless under duress. People in Cambridge have a hard enough time interacting with each other. When was the last time you saw one average size city have two separate Santa Clause parades?
"Guelph is just different." Knowing some people from Guelph and some people that spent 4 of the best years of their life there, I would agree. Having spent a bit of time in the downtown during the summer it has a very different feel from Cambridge or Kitchener.
So Guelph is different from a cultural feel and an overall vibe, just go to Hillside and you will know what I mean. Does that spill over into housing and economics? Not necessarily.
I expect that over the coming months we will see the average price drop in both KW and Cambridge, following the lead that we are seeing in Guelph. How far will it go? We will just have to wait for that smack of time as well.
So to answer the initial question "Is Guelph Normal?"
Is this the start of the housing market decline? Is it the decline of higher priced homes as people look for more affordable housing? Was it just a bad month in Guelph? Time will smack us with an answer.
Dave Weber gives us his opinion on the Guelph market which I think shows that Guelph is a leader in the market. People have often said to me they do not understand why Guelph homes are so much higher than that of neighbouring communities. Opinions usually follow the questions.
"Guelph is a university town." So is Waterloo.....OK some would say Waterloo beats to it's own drum.
"Guelph is not connected like KW and Cambridge." KW and Cambridge have an invisible wall called the 401. Anyone who knows the area knows that people from KW don't come to Cambridge, unless under duress. People in Cambridge have a hard enough time interacting with each other. When was the last time you saw one average size city have two separate Santa Clause parades?
"Guelph is just different." Knowing some people from Guelph and some people that spent 4 of the best years of their life there, I would agree. Having spent a bit of time in the downtown during the summer it has a very different feel from Cambridge or Kitchener.
So Guelph is different from a cultural feel and an overall vibe, just go to Hillside and you will know what I mean. Does that spill over into housing and economics? Not necessarily.
I expect that over the coming months we will see the average price drop in both KW and Cambridge, following the lead that we are seeing in Guelph. How far will it go? We will just have to wait for that smack of time as well.
So to answer the initial question "Is Guelph Normal?"
No.
I don't think they would have it any other way.
M
M
Am I Going To Lose My House?
This is a question that most people are not asking. Not out loud anyway.
There is no doubt that the economic outlook is far from rosie. From a global standpoint it is just down right ugly. I can assure you that today I am not only proud, but darn lucky to be Canadian. According to the PM we are in a good position to weather this storm.
This is not a political statement in anyway. I am still not sure who I am going to vote for so I am not leaning one way or the other. This is a statement on the housing market and the fears of buyers and sellers in Waterloo Region and Wellington County.
As mentioned in a previous post I am selling my home. I had a gentleman come through yesterday. The first question he asked me was not "How big?" or "How much?" but rather "What are your thoughts on housing with the US economy?" Seems a little strange for a home buyer to be asking a home seller about the economy in another country, no? My answer to him was based upon conversations I have had with friends and colleagues and went something like this; "The Canadian economy is closely linked to the US, yes, but our housing issues and exposure to the sub prime mortgages is nowhere near the same. The US exposure is around 40% and Canada is around 4% (I am going with stats from a CFP I know and have not verified)."
As a business owner, father and chief bread winner I to am concerned about where the economy is heading. Am I panicking? NO. In order to avoid a self fulfilling prophecy we need to continue to spend and drive the economy. Yes we should spend smart. Yes we should spend cautious. Yes we should spend. The cost of selling a home can be outrageous so if you find yourself in a situation where you need to sell, or just want to sell you need to ensure you weigh ALL of the costs.
So lets run through a scenario. As an average person you purchase an average detached home for the average price. For calculating purposes lets round it to $300,000. Let's also assume that you are moving up from your "starter home" that is valued at $250,000. What costs can you expect at closing? Now for the sake of safety I ALWAYS aim high on expenses. If you can swing things with high estimates than life is great when they come in low.
Land Transfer Tax
$2,975
Movers
$1,500 (rough estimate)
Lawyer
$1,000 (can vary depending on circumstances)
Home Inspector
$500
Appraisal Fee
$250
Mortgage Penalty
$2,000 (avoidable if your mortgage is portable)
Sundry Expense (utility hook up etc)
$250
Marketing Your Home for Sale
Now you have a couple of options with this one.
MLS
$250,000 x 5% =$12,500 + GST = $13,125
or
Private Sale
$1499 + GST = $1573.95
So depending on what angle you choose to market your home your closing costs can vary between $21,600 or $10,048.95.
As we head into the Economic "storm of the century" and the "bleakest time since the Great Depression" when an opportunity arises and you find yourself putting your home on the market. Spend smart, Spend cautious.
M
There is no doubt that the economic outlook is far from rosie. From a global standpoint it is just down right ugly. I can assure you that today I am not only proud, but darn lucky to be Canadian. According to the PM we are in a good position to weather this storm.
This is not a political statement in anyway. I am still not sure who I am going to vote for so I am not leaning one way or the other. This is a statement on the housing market and the fears of buyers and sellers in Waterloo Region and Wellington County.
As mentioned in a previous post I am selling my home. I had a gentleman come through yesterday. The first question he asked me was not "How big?" or "How much?" but rather "What are your thoughts on housing with the US economy?" Seems a little strange for a home buyer to be asking a home seller about the economy in another country, no? My answer to him was based upon conversations I have had with friends and colleagues and went something like this; "The Canadian economy is closely linked to the US, yes, but our housing issues and exposure to the sub prime mortgages is nowhere near the same. The US exposure is around 40% and Canada is around 4% (I am going with stats from a CFP I know and have not verified)."
As a business owner, father and chief bread winner I to am concerned about where the economy is heading. Am I panicking? NO. In order to avoid a self fulfilling prophecy we need to continue to spend and drive the economy. Yes we should spend smart. Yes we should spend cautious. Yes we should spend. The cost of selling a home can be outrageous so if you find yourself in a situation where you need to sell, or just want to sell you need to ensure you weigh ALL of the costs.
So lets run through a scenario. As an average person you purchase an average detached home for the average price. For calculating purposes lets round it to $300,000. Let's also assume that you are moving up from your "starter home" that is valued at $250,000. What costs can you expect at closing? Now for the sake of safety I ALWAYS aim high on expenses. If you can swing things with high estimates than life is great when they come in low.
Land Transfer Tax
$2,975
Movers
$1,500 (rough estimate)
Lawyer
$1,000 (can vary depending on circumstances)
Home Inspector
$500
Appraisal Fee
$250
Mortgage Penalty
$2,000 (avoidable if your mortgage is portable)
Sundry Expense (utility hook up etc)
$250
Marketing Your Home for Sale
Now you have a couple of options with this one.
MLS
$250,000 x 5% =$12,500 + GST = $13,125
or
Private Sale
$1499 + GST = $1573.95
So depending on what angle you choose to market your home your closing costs can vary between $21,600 or $10,048.95.
As we head into the Economic "storm of the century" and the "bleakest time since the Great Depression" when an opportunity arises and you find yourself putting your home on the market. Spend smart, Spend cautious.
M
Betting the Farm on the Trifecta
Product, Price, Exposure.
This is the "Home Selling Trifecta".
Trifecta is "a type of bet, esp. on horse races, in which the bettor must select the first three finishers in exact order" as found on dictionary.com.
When you are listing your home for sale you are doing just that, betting. In order to sell your home successfully you need to have Product, Price and Exposure finish in that order to win the bet. Why that order?
Product is the one you really have the least control over. It has "bones" and outside of a massive training regime it is what it is. You can wash and groom (stage) it so it looks great on the track. You can ensure the jockey has a good saddle and the right equipment (features like fire places and flooring) but all in all the horse is what it is. It needs to be the first thing you look at before anything else.
Price is KEY in selling your home. If you list a 3 bedroom semi in Eastbridge for $1.4 Million, I wish you luck. I am sure we will see you on the front page of the paper as the "Crazy Couple from Eastbridge". Your Product/Price ratio NEEDS to be in alignment. Keep an eye on the market in your neighbourhood, use the Property Tax Assessment information available to you and, if you are really unsure, enlist the services of a professional appraiser. We have seen strange things happen with clients that have left PropertyGuys.com to go to MLS. They lowered their price, some dramatically, in order to sell. On top of a commission that needs to be paid. When making decisions like this you need to consider what you are going to get out of it. Does a drop of $10,000-$15,000 plus the $15,000 in commissions really makes sense? You can reduce it by a portion of that amount and be priced properly for your market.
Exposure is only important once the first two have crossed the finish line. There is little to no point in going through the expense of saddling up ol' Exposure if Product and Price have no chance of finishing the race. Your bet is reliant on all 3 coming across in that order. So if Exposure pulls out in front of Price then guess what, kiss your sale good-bye. Ensure that Product and Price are in top form and then giddy up. Exposure can come in many forms. The key to Exposure is getting your property in front of buyers, like I had to tell you that. Having internet exposure is paramount these days. Hard to argue, you are using it now to get information aren't you? Just being on the web is not the only issue. You need to get buyers visiting the site. Is this not what agents have been talking about all these years? Their access to buyers? The internet has changed this. They do not "have" the buyers, the "elusive" buyer is out there looking at many websites, driving around neighbourhoods and looking in their local paper to find their house.
Get to the track early and have a look around at the horses. Fill out your slip for the Trifecta in order of Product, Price, and Exposure. Step up to the wicket and place your bet.
M
This is the "Home Selling Trifecta".
Trifecta is "a type of bet, esp. on horse races, in which the bettor must select the first three finishers in exact order" as found on dictionary.com.
When you are listing your home for sale you are doing just that, betting. In order to sell your home successfully you need to have Product, Price and Exposure finish in that order to win the bet. Why that order?
Product is the one you really have the least control over. It has "bones" and outside of a massive training regime it is what it is. You can wash and groom (stage) it so it looks great on the track. You can ensure the jockey has a good saddle and the right equipment (features like fire places and flooring) but all in all the horse is what it is. It needs to be the first thing you look at before anything else.
Price is KEY in selling your home. If you list a 3 bedroom semi in Eastbridge for $1.4 Million, I wish you luck. I am sure we will see you on the front page of the paper as the "Crazy Couple from Eastbridge". Your Product/Price ratio NEEDS to be in alignment. Keep an eye on the market in your neighbourhood, use the Property Tax Assessment information available to you and, if you are really unsure, enlist the services of a professional appraiser. We have seen strange things happen with clients that have left PropertyGuys.com to go to MLS. They lowered their price, some dramatically, in order to sell. On top of a commission that needs to be paid. When making decisions like this you need to consider what you are going to get out of it. Does a drop of $10,000-$15,000 plus the $15,000 in commissions really makes sense? You can reduce it by a portion of that amount and be priced properly for your market.
Exposure is only important once the first two have crossed the finish line. There is little to no point in going through the expense of saddling up ol' Exposure if Product and Price have no chance of finishing the race. Your bet is reliant on all 3 coming across in that order. So if Exposure pulls out in front of Price then guess what, kiss your sale good-bye. Ensure that Product and Price are in top form and then giddy up. Exposure can come in many forms. The key to Exposure is getting your property in front of buyers, like I had to tell you that. Having internet exposure is paramount these days. Hard to argue, you are using it now to get information aren't you? Just being on the web is not the only issue. You need to get buyers visiting the site. Is this not what agents have been talking about all these years? Their access to buyers? The internet has changed this. They do not "have" the buyers, the "elusive" buyer is out there looking at many websites, driving around neighbourhoods and looking in their local paper to find their house.
Get to the track early and have a look around at the horses. Fill out your slip for the Trifecta in order of Product, Price, and Exposure. Step up to the wicket and place your bet.
M
Drop in MLS solds across Waterloo Region
Year to date the Waterloo Region seems to be faltering when you look at the MLS solds year over year. An article in the Record last month had some horrific numbers for solds. The article for this month tries to paint a rosier picture by slipping in the YTD stats at the bottom. It seems that the editorial staff the Record are not overly strong in their math skills. They made the error of dividing the difference by this year's total and not last year's giving us the wrong percentage decreases. I have adjusted them below for an accurate assessment.
KW MLS Solds
YTD 08 = 5175
YTD 07 = 5481
Difference = -5.58%
Cambridge MLS Solds
YTD 08 = 2142
YTD 07 = 2437
Difference = -12.1%
When you start adding in the impact of Private Sale into the mix it adjusts slightly. When you add in all the properties sold on PropertyGuys.com (Unfortunately I do not have access to other information) and look at the comparison year over year, it does paint a better picture.
Adjusted KW Solds
YTD 08 = 5336
YTD 07 = 5596
Adjusted Difference = -4.64%
Adjusted Cambridge Solds
YTD 08 = 2199
YTD 07 = 2492
Adjusted Difference = -11.75%
In both markets PropertyGuys.com has seen an increase in sold properties year over year when MLS has seen dramatic drops. In KW the increase was 40% over the same period last year. These increases are all part of a change starting in real estate, a revolution if you will. People are realizing that with the increases we have seen in house prices mixed with no adjustment to the commission based system they need to find an alternative. With the all the talk of economic hard ship and Scotiabank even using the "R" word in today's report people are looking to save where they can, a nickle hear and a dime there. In real estate we are talking about more than a few nickles.
M
KW MLS Solds
YTD 08 = 5175
YTD 07 = 5481
Difference = -5.58%
Cambridge MLS Solds
YTD 08 = 2142
YTD 07 = 2437
Difference = -12.1%
When you start adding in the impact of Private Sale into the mix it adjusts slightly. When you add in all the properties sold on PropertyGuys.com (Unfortunately I do not have access to other information) and look at the comparison year over year, it does paint a better picture.
Adjusted KW Solds
YTD 08 = 5336
YTD 07 = 5596
Adjusted Difference = -4.64%
Adjusted Cambridge Solds
YTD 08 = 2199
YTD 07 = 2492
Adjusted Difference = -11.75%
In both markets PropertyGuys.com has seen an increase in sold properties year over year when MLS has seen dramatic drops. In KW the increase was 40% over the same period last year. These increases are all part of a change starting in real estate, a revolution if you will. People are realizing that with the increases we have seen in house prices mixed with no adjustment to the commission based system they need to find an alternative. With the all the talk of economic hard ship and Scotiabank even using the "R" word in today's report people are looking to save where they can, a nickle hear and a dime there. In real estate we are talking about more than a few nickles.
M
MPAC Assessments
It appears that the new MPAC assessments have caught some people off guard. Seems strange that people would be so surprised that MPAC assessments that have lagged behind for years finally caught up and now those that got hit are screaming bloody murder.
My assessment went up a total of $58,000 since last assessed, but then it was under assessed last time. It just so happens to be right where I would (and did) peg my value My Listing on PropertyGuys.com.
There was an article recently written in The Guelph Mercury that spoke about it that may be of interest. What I found most interesting with the MPAC assessments was that you can log onto MPAC and view the detail about how the assessment was calculated as well as compare it to other properties in the neighbourhood. This sure takes the sizzle out of the real estate agents using a "free market evaluation" as a selling tool.
I see this as just another hole in the boat that is taking on water.
M
My assessment went up a total of $58,000 since last assessed, but then it was under assessed last time. It just so happens to be right where I would (and did) peg my value My Listing on PropertyGuys.com.
There was an article recently written in The Guelph Mercury that spoke about it that may be of interest. What I found most interesting with the MPAC assessments was that you can log onto MPAC and view the detail about how the assessment was calculated as well as compare it to other properties in the neighbourhood. This sure takes the sizzle out of the real estate agents using a "free market evaluation" as a selling tool.
I see this as just another hole in the boat that is taking on water.
M
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