416-931-0534 or 905-888-7222
Home About Us What Others Say Mortgage Calculator Moving Day Tips Blog Articles View Listings Contact Us

New Listing Alert!

MLS® Home Search

Free Home Evaluation

Do you know the difference between home assessments and home appraisals?

Wednesday, Feb 11, 2015

Sometimes homeowners are genuinely surprised by the variation in the values attributed to their house or condo.  Part of the reason for this confusion is the source and type of value report.  A property assessment by your municipality is likely undertaken to determine rates for taxation, or to identify areas requiring infrastructure or services.  In such cases, where properties are primarily identified in general terms, such as by a neighbourhood or by building type, it is unlikely the assessment would be an accurate representation of the current market value of our property.  Alternatively, a bank's property appraisal tends to be closer to a home's market value, because a money lender needs assurance that losses could be recovered in the event of a mortgage default.  Still, such appraisals tend to be conservative, as mortgage holders are not in the business of speculation.  By contrast, a market values assessment by a competent real estate professional is much more likely to identify a home's true value, as it will take into account the property's attributes, previous market activity, and current market demand.  If you'd like to find out the market value of your property, or have any other questions about real-estate, please give The Tom Joseph Team a call at 416-298-8200 (Toronto),905-477-6877 (Markham) or 905-683-2100(Ajax).  You can email us at tom@tjandteam.com.  We look forward to hearing from you.