2022 property assessments are in: Are you rich beyond your wildest dreams yet?

Joel Olson • January 12, 2022

What will you do with all the equity?

Happy New Year! 


I'm just touching base on a big subject these days, and that is property assessments.


What's causing property assessments to be, in some cases, 30 and even 40% higher than the previous year?


We're seeing people come in with house values that were 725K in 2021, come up with like 1.1 million for 2022.


So what is your property assessment based on, and is that something we're even using?


It's worthy to know that, most of the time, we don't even look at property assessments when it comes to lending values.


In fact, there's maybe 5% of the time that it even has a factor on what we use for the value, so that's really important to know.


Your property assessment value is based on July of the previous year, site unseen.


So that means if they haven't been inside your house, haven't looked inside, it's based on the average values in the neighborhood.


So it means that, if you haven't sold your house for a long time, or you bought it 40 years ago, and you've updated it, it's not going to make a difference.


Also, if you have never updated it and maybe the house isn't as good a shape, your property assessment is affected by that as well.


So it means that, a lot of times, property assessments are either much higher than the true value or they're much lower.


We see a lot of people have varying degrees of how they feel about this, but that's how it is at the end of the day.


It's based on July of the previous year's average site unseen values based on the neighborhood.


Now, it's important to know, because a lot of people think busy markets are just stuff flying off the shelves, which is true.


There is lots of things that are selling very quickly, but it also means there's not a lot of inventory.


And so what happens is that you might get a situation where there was only a very few houses in your neighborhood that could have been sold.


And a house could be not very good comparable, but moving that value up.


But even though these might not be entirely accurate, it's worthy to know the property values are up.


There's no question about that.


A 30 or 40% increase on property values is meaningful across the province.


So if you want to know what way you can do the equity... is it time to sell, is it time to refinance to clean up some debt?


Is it time to do some renovations and expand it, put an addition on, add a suite, add a garage or anything like that?


Is it time to buy another property?


An interesting thing you'll see is that condo values actually have not soared that much.


And so if you're buying a rental condo, it'd be a great time to do so because they are still at a very, very affordable amount of money.


Is it time to buy a condo?


Is it time to look into investing in other places?


All those options, you can do with your equity.


With the rate still being at 1.25%, obviously your money could be used somewhere else in a more effective way.


So if you have questions, please reach out about your property assessment and ask how we can help you and what we can do to help you with your equity.


As always, please share this with your friends, subscribe, and leave a comment, if you can.


If you have any questions, we'd love to help you.


Have a great day!

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Mortgage Advice to Help You Through a Separation

By Joel Olson • September 9, 2025
With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. Keep making your payments. A mortgage is a legally binding contract between you and the lender. It doesn’t take marriage into account. If your name appears on the mortgage, you're responsible for making sure the regular payments are made. A marital breakdown does not give you an excuse not to make your mortgage payments. If, during your marriage, you've relied on your spouse to make the mortgage payments and you aren’t certain payments are being made after separating, it's in your best interest to contact the lender directly to verify your mortgage is being paid. If payments aren't being made, it could affect your credit score or worse; the lender could start foreclosure proceedings. There is always a financial cost to break your mortgage. When working through how to split your finances, you decided to either refinance your mortgage, remove someone from the title, or sell the property, keep in mind that you will incur legal costs. If you’re in the middle of a term, the penalty for breaking your mortgage might be significant, especially if you have a fixed-rate mortgage. It’s certainly worth contacting your mortgage lender directly to verify the cost of breaking your mortgage. Having that information accessible when writing out your separation agreement will provide increased clarity. Listing your marital status as separated or divorced. When completing a mortgage application for securing new mortgage financing, when you list your marital status as separated or divorced, you can expect that a lender will want to see your legal separation agreement or your divorce papers. The lender wants to make sure you aren’t responsible for support payments. So if you haven’t finalized the paperwork, expect delays in securing mortgage financing. It could be harder to qualify for a new mortgage. With the separation of assets also comes the separation of incomes. If you qualified for your existing mortgage on a double income, you might find it hard to maintain the same quality of lifestyle post-separation. This is where careful planning comes in. Working closely with your independent mortgage professional will ensure you understand exactly where you stand. You’ll want to put together a plan for how to handle the mortgage on the matrimonial home. Purchasing the matrimonial home from your ex. There are special considerations given to people going through a separation to buy out the matrimonial home. Instead of looking at the transaction like a refinance where you can only borrow up to 80% of the property’s value, lenders will consider one spouse buying out the other up to a 95% loan to value ratio. This comes in handy when dividing assets and liabilities. Navigating the ins and outs of mortgage financing isn’t something you have to do alone. If you're going through a separation and you’d like to discuss all your mortgage options, please connect anytime. It would be a pleasure to walk you through the process.

From Summer Shine to Fall Fine: Smart Home Projects to Tackle Before the First Frost

By Joel Olson • August 28, 2025
As patios wind down and pumpkin spice ramps up, fall is the perfect reset for your home—and your homeowner game plan. These quick wins boost comfort, curb appeal, and efficiency now, and set you up for a low-stress winter (and a strong spring market). 1) Safety & “silent leak” checks (Weekend-ready) Clean gutters & downspouts. Add leaf guards where trees overhang. Roof scan. Look for lifted shingles, cracked flashings, or moss. Seal the shell. Re-caulk window/door trim; replace weatherstripping. Test alarms. New batteries for smoke/CO detectors; add one near bedrooms. Why it matters: Prevent water intrusion and heat loss before storms roll in. 2) Heat smarter, not harder Furnace/boiler tune-up and filter change. Smart thermostat with schedules and geofencing. Draft hunt. Foam gaskets behind outlets, door sweeps on exterior doors. ROI tip: Efficiency upgrades lower monthly bills and can improve lender ratios if you’re eyeing a refinance later. 3) Fall-proof your yard (so spring you says “thanks”) Aerate + overseed + fall fertilize for thicker turf next year. Trim trees/shrubs away from siding and power lines. Mulch perennials and plant spring bulbs now. Shut off/bleed exterior taps and store hoses to avoid burst pipes. 4) Extend outdoor season (cozy edition) Portable fire pit or propane heater + layered blankets. Path/step lighting for darker evenings (solar or low-voltage). Weather-resistant storage for cushions/tools to preserve value. Neighborhood curb appeal: Warm lighting and tidy beds make a big first impression if you list in shoulder season. 5) Water management = winter peace of mind Re-grade low spots and add downspout extensions (2–3+ metres). Check sump pump (and backup). Look for efflorescence or damp corners in the basement. 6) Mini-renos that punch above their weight Entry/mudroom upgrade: hooks, bench, boot trays, closed storage. Laundry room tune-up: counter over machines, sorting bins, task lighting. Kitchen refresh: new hardware, tap, and under-cabinet lighting in one afternoon. Budget guide: Many of these land under a micro-reno budget—perfect for a modest line of credit. 7) Indoor air quality tune-up Deep clean vents and dryers (including the rigid duct). Add door mats (exterior + interior) to catch grit/salt. Houseplants or HEPA purifier for closed-window months. Fast Timeline (pin this to the fridge) Late August–September Gutters/downspouts, roof/caulking, HVAC service, lawn care, plant bulbs, exterior tap shut-off plan, path lighting. October Weatherstripping/sweeps, fire pit setup, organize mudroom/garage, test alarms, sump check, downspout extensions, dryer vent cleaning. Financing smarter: make your mortgage work for your home Annual mortgage check-in. As rates, income, and goals evolve, a quick review can free up cash flow or open options for a small fall project budget. HELOC vs. top-up refinance. For bite-size projects, a HELOC can be flexible. For bigger renos you plan to pay down, a top-up refi might make more sense. Bundle & prioritize. Knock out the high-impact, low-cost items first (air sealing, safety, water management) before the cosmetic upgrades. Not sure which route fits your fall plans? We’ll run the numbers and map the best financing path for your specific budget and goals. Quick Checklist (copy/paste) ☐ Clean gutters/downspouts; add guards ☐ Roof & flashing visual check ☐ Re-caulk, weatherstrip, add door sweeps ☐ HVAC service + new filter ☐ Aerate/overseed/fertilize; trim trees; plant bulbs ☐ Path & entry lighting ☐ Drain/bleed outdoor taps; store hoses ☐ Downspout extensions; sump test ☐ Dryer vent cleaning ☐ Mudroom/garage organization ☐ Schedule mortgage review / discuss HELOC vs refi Ready to make fall your low-stress season? Book a quick fall mortgage check-up—15 minutes to see if a small credit line or a tweak to your current mortgage could cover your priority projects without straining cash flow.