Toronto property value assessments see 23% spike
Homeowners across Toronto have received their latest property value assessments this week and many are seeing huge spikes, averaging out at 23 per cent across the city.
The Municipal Property Assessment Corporation (MPAC) sends out new evaluations based on market conditions and real estate trends every four years. Toronto real estate prices, however, have risen dramatically in recent years, so some homeowners are seeing a much larger assessment spike than usual.
John Santos moved into the Junction Triangle neighbourhood 11 years ago. In the time since he’s lived there, the value of his home has more than doubled -- from $190,000 to a whopping $450,000.
For good reason, says Santos -- the area has it all.
“You're close to everything,” he told CTV News this week. “School, banks, everything is here.”
Santos’ ward is among those that have seen the biggest spikes in property values in this latest round of assessments. The others include Davenport, both Willowdale wards, Trinity-Spadina and Toronto Centre-Rosedale.
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