When assessing residential property, MPAC analyzes property sales in each area. All key features that affect market value are considered. Five major factors usually account for 85 per cent of a property’s value including:
Location
Lot size and dimensions
Living area
Age of the structure(s)
Quality of construction
Other features may also affect the value of residential properties, including the number of bathrooms, fireplaces, finished basements, garages and pools. Site features may also increase or decrease the assessed value of property such as traffic patterns, being situated on a corner lot and proximity to a golf course, hydro corridor, railway or green space.