CENTURY 21 Atria Realty Inc. - Blog

How I reduced my property taxes by $700

husnain.qaiser@century21.ca — Fri, 17 May 2013 00:00:00 GMT

Homeowners who feel the assessed value of their property assessment is too high should appeal

By:Sean CooperSpecial to The Star, Published on Wed Mar 06 2013

Homeowners who feel the assessed value of their property assessment is too high should appeal. I did and have saved myself $15 a month in a process that took some time, but wasn’t overly complicated.

In August, I bought my first house, a beautifully renovated three-bedroom bungalow in Scarborough which cost $425,000. I loved everything about it, except the property taxes which came in at more than $3,000 a year. In October when I received my property assessment notice I discovered the assessment and my taxes were going up. The assessed value was $65,000 higher than my purchase price.

My father’s two-storey century house in the Beach area had only been assessed at $100,000 more. It didn’t seem fair, so I decided to appeal.

First I visited AboutMyProperty.ca and the property taxes section of Toronto.ca I spoke with family and friends and contacted my real estate agent and mortgage broker to get their opinion. They agreed that the assessment was high.

I phoned the Municipal Property Assessment Corp. (MPAC) and requested a copy of the Comparable Property Report. The report included six similar properties in my neighbourhood handpicked by MPAC. Although the assessed values were similar, most were in more desirable locations. My house is located near an arterial road, while the comparable properties are steps away from the pricey Scarborough Bluffs. I made note of this, as location is one of the five major factors that account for 80 per cent of your property’s value, according to MPAC.

I was convinced my neighbourhood was overvalued, so I requested a copy of the home appraisal from my lender. My appraisal included everything I needed: comparable properties, photos and the estimated value. I also requested a report of similar properties that had recently sold in my neighbourhood from my real estate agent.

Once I was ready to file my appeal, I downloaded a copy of the Request for Reconsideration form from AboutMyProperty.ca. The form was pretty straightforward, although I made sure to include as many reasons as possible as to why I believed my assessment should be lower.

For example, my property is near apartment buildings, while MPAC’s comparable properties are surrounded by properties that sell for over $1 million. I submitted the Request for Reconsideration form online in November, well ahead of the March 31st deadline and included a copy of my home appraisal and photos of my neighbourhood.

In January I received a notice in the mail. Much to my delight my assessment value had been lowered by a whopping $74,000. According to MPAC, the adjustment was based on the similar properties I included.

Filing an appeal was time-consuming, but well worth it. I’ll save at least $700 in property taxes over the next four years, money I can put towards my mortgage.

How to appeal your property assessment

1.Compare your assessed value with similar properties in your neighbourhood to determine if it’s overvalued.

2.Visit AboutMyProperty.ca and Toronto.ca to learn more about your property assessment.

3.Request the Comparable Properties Report from MPAC.

4.Request your home appraisal from your lender and request a report of similar properties that have recently sold from your real estate agent.

5.When filing your Request for Reconsideration, include compelling reasons and supporting documentation, such as recent home appraisals and photos.

Commute times key for first-time buyers - Being close to transit, not so much friends and family, a priority

husnain.qaiser@century21.ca — Thu, 09 May 2013 00:00:00 GMT

Commute times are becoming key for first-time homebuyers, according to a new BMO survey.

Of course, finding a home in a safe neighbourhood is still the top concern, ranking as the first priority for 62 per cent of first-time buyers surveyed, just below the 63 per cent national average among buyers overall.

But the No. 2 priority for first-time buyers — which has helped fuel the boom of downtown cores and condos in Toronto and other major cities across the country over the last decade — is being near transit, according the BMO survey.

Markham is Canada’s most diverse community, according to Statistics Canada

stephen.chow@century21.ca — Thu, 09 May 2013 00:00:00 GMT

Real estate agents Jacqueline and Jim Wong have lived in their quiet residential Markham neighbourhood for 14 years.

Over that time they’ve seen the demographics of their community change greatly, particularly in the past five years with the increase of Chinese and South Asian people moving to their city and buying homes.

· More on the Household Survey

Jacqueline Wong, who emigrated from Malaysia more than 30 years ago, points to her own street as an example. About 85 per cent of the people who have bought homes in recent months are Chinese. The draw: “They feel very comfortable with Markham.”

· Graphical highlights of the Survey

What’s more, there’s no municipal land transfer tax, it’s close to Toronto, housing is more affordable and it’s very safe, she said.

· Interactive charts: Immigrants in cities

“It’s a great community,” added her husband, Jim Wong, who came to Canada from a small village in China in 1960. “It’s very attractive for young families.”

· More on Immigration

Safety and a sense of peace was the magnet for Ramanathan Lambotharan, a Sri Lankan family physician, who has lived and worked in Markham for over a decade.

“I think Markham is an amazing place to live,” he said. “The feeling that comes to mind is security and it’s truly multicultural.”

Neither the Wongs nor Lambotharan are surprised by the fact that Markham is now Canada’s most diverse community with the highest proportion of visible minorities than any other city, according to Statistics Canada’s National Household Survey.

A total of 72.3 per cent of the population comes from visible minorities. People from China make up the bulk of the community at 52.9 per cent.

Two other emerging visible minority groups are prevalent in Markham — the South Asian population with 26.4 per cent and the black community with 4.5 per cent.

That’s quite a jump from 2006 data, which puts Markham’s Chinese population at 34.1 per cent and South Asian at 17.2 per cent.

Other GTA communities — Brampton, Mississauga and Toronto — aren’t far behind when it comes to visible minorities.

And while some dispute the accuracy of the National Household Survey —many groups suggest it underestimates visible minorities and foreign born individuals — no one disputes that the face of Markham is evolving.

Go anywhere in Markham and the region’s diversity can be seen in the faces in shopping malls and those behind the wheels of cars that tear along congested Highway 7.

And signs on many of the strip malls along Highway 7 are bilingual —English and Chinese.

There are even some Chinese roads, like Sun Yat Sen Ave., Filipino streets, like Rizal Ave., and South Asian byways, such as Karachi Dr. and New Delhi Cres.

“I do believe that we did a lot of things to accommodate new immigrants when they move to Markham,” said Regional Councillor Joe Li.

“We make them comfortable. We’re the only municipality that hosts a national day for every community. When you walk into the city hall, you see the diverse workforce in the city and if you look at council you can see the diversity there, too.”

Markham council has three ethnic Chinese members from different parts of the world and one Sri Lankan councillor — that’s four out of 13, Li proudly points out.

What’s more, many people tell him they feel at home in the region. They see familiar faces, can converse in their home language, can shop and eat like they did back home, he said.

And so far, there is no tension within the growing South Asian community. “They live side by side in harmony.”

By: Debra BlackImmigration Reporter, Published on Thu May 09 2013, The Toronto Star

Commute times key for first-time buyers - Being close to transit, not so much friends and family, a priority

husnain.qaiser@century21.ca — Thu, 09 May 2013 00:00:00 GMT

Commute times are becoming key for first-time homebuyers, according to a new BMO survey.