I've been sitting here, contemplating how to find out what a house is 'really worth'. After all, in Ottawa there seems to be a great deal of people that think that their house is worth 400k but a comparable house down the street is selling for 350k. That's a sizeable difference - and really, what is the real value? Well, I'm thinking the real worth might be defined in a property assessment. You can read up on them via the City of Ottawa's website.
My FAVORITE piece of information is this:
Q: I purchased my property in 2008. Shouldn’t my assessed value be the same as the purchase price?
A: The price you paid for your property was affected by several factors, including your desire to purchase the property and the seller’s willingness to reduce the price to encourage the sale. MPAC uses a middle range of similar prices for similar properties to establish the value of your property assessment, which reflects the value of your property on January 1, 2008, and not on the date of your purchase.
Q: How can I find out more information about the assessed value of properties similar to mine?
A: MPAC offers information about other properties like yours on their web site at mpac.ca, under a section called “About My Property”. This service allows ratepayers to review basic assessment information about their property. You are entitled to one Property Profile Report for your property, up to 24 additional properties of your choice, and up to 6 properties selected by MPAC. This service is free of charge. To use “About My Property” you will need your User ID and Password provided on your 2008 Property Assessment Notice.
I'm so using this MPAC service to discover the assessed value of any potential houses!
10 hours ago