Carleton Place Market Update

The Real Estate Market in Carleton Place is hot so far this year.  Below is a summary chart of what has been happening year to date compared to the same time period last year.  But first, what have we been up to lately.

 

 

 

 

 

 

 

Proud to say that this property sold at the highest Sale/List price ratio of all properties sold in Carleton Place so far in 2018 at 105.3%

Below is comparison of the Carleton Place Market YTD vs. the same time period last year.

If you would like to be put on a regular distribution list for a Carleton Place Newsletter, please email me and I would be happy to add  you to the list at jeff@powerlyons.com

Level I Detail

Below is a bar chart showing how the market compares YTD 2018 vs. the same time period in 2017.

From the above bar charts we can see that # of properties, price, and sale/list price ratios have all increased substantially.  Also, average days on market is significantly lower for those properties that have sold.

Level II Detail

 

 

 

 

In 2018 row homes and semi-detached homes are selling fastest, much like the rest of Ottawa.

Level III Detail for 2018 YTD

The chart below breaks the data down further, for those who love the detail.

 

What is Currently on the Market

Click this link to see everything currently on the market – This link auto updates:) 

 

If you would like to be put on a regular distribution list for a Carleton Place Newsletter, please email me and I would be happy to add  you to the list at jeff@powerlyons.com

Next post:

Property Taxes – How Your Property Value is Assessed

I know that property taxes are a source of frustration for many of us, including me.  I happened upon this article and thought to share it with you all, as I found it very informative.

By ,Ottawa Sun –  First posted: | Updated:

To get to the root of the matter, we talk to veteran tax expert John Clark, vice-president of valuation and consulting at the Regional Group of Companies.

Q: How is a home’s value assessed?

A: MPAC does that through a statistical modeling process that is based on market value. MPAC doesn’t visit each home individually, but instead uses a computer formula that looks at a wide range of factors to judge a home’s value. It takes into account the location, lot size, building size and building condition.

Q: Why do assessments happen every four years?

A: The provincial government sets the rules and in different places in Canada it’s done differently. Ontario is every four years, Quebec is three years and some places are every year. But the more frequently you do it, the annual changes become smaller and if you did it every 10 years, the changes would be much more dramatic and more politically damaging.

Q: Why would my assessment go up or down?

A: It’s all a function of how the market is behaving. In Ottawa, some neighbourhoods are becoming increasingly popular, while others haven’t fared so well. It depends on what people are paying for properties.

Q: Which Ottawa neighbourhoods will see increases and which will go down?

A: They’re all going to go up, but some will go up faster than others. Hintonburg, Westboro, the Glebe, Sandy Hill and Centretown are set for a large increase. But some of the rural areas like Osgoode may not go up so fast, and the suburban areas like Orléans, Kanata and Barrhaven will be going up probably about the average. They’re attractive, but they’re not “hot” neighbourhoods in demand.

Q: Does an increase in value automatically mean I’ll pay more taxes?

A: No, an increase in a property’s assessed value only translates into a tax increase if the increase in value is higher than average in Ottawa since 2008. The average increase this year is 25%, or 6% per year.

Q: Can I ask for a re-assessment if I think the numbers are off?

A: Yes. Homeowners should look at other similar properties in their neighbourhoods on the MPAC website. If they feel the assessment is off, they can appeal to MPAC and have the home re-assessed. (In 2009, 4.24% of homeowners asked for a re-assessment for a total reduction of $6.96 billion.)