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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Joel Olson
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Start Smart: Get Pre-Approved for Your Mortgage

By Joel Olson • December 16, 2025
Thinking of Buying a Home? Here’s Why Getting Pre-Approved Is Key If you’re ready to buy a home but aren’t sure where to begin, the answer is simple: start with a pre-approval. It’s one of the most important first steps in your home-buying journey—and here's why. Why a Pre-Approval is Crucial Imagine walking into a restaurant, hungry and excited to order, but unsure if your credit card will cover the bill. It’s the same situation with buying a home. You can browse listings online all day, but until you know how much you can afford, you’re just window shopping. Getting pre-approved for a mortgage is like finding out the price range you can comfortably shop within before you start looking at homes with a real estate agent. It sets you up for success and saves you from wasting time on properties that might be out of reach. What Exactly is a Pre-Approval? A pre-approval isn’t a guarantee. It’s not a promise that a lender will give you a mortgage no matter what happens with your finances. It’s more like a preview of your financial health, giving you a clear idea of how much you can borrow, based on the information you provide at the time. Think of it as a roadmap. After going through the pre-approval process, you’ll have a much clearer picture of what you can afford and what you need to do to make the final approval process smoother. What Happens During the Pre-Approval Process? When you apply for a pre-approval, lenders will look at a few key areas: Your income Your credit history Your assets and liabilities The property you’re interested in This comprehensive review will uncover any potential hurdles that could prevent you from securing financing later on. The earlier you identify these challenges, the better. Potential Issues a Pre-Approval Can Reveal Even if you feel confident that your finances are in good shape, a pre-approval might uncover issues you didn’t expect: Recent job changes or probation periods An income that’s heavily commission-based or reliant on extra shifts Errors or collections on your credit report Lack of a well-established credit history Insufficient funds saved for a down payment Existing debt reducing your qualification amount Any other financial blind spots you might not be aware of By addressing these issues early, you give yourself the best chance of securing the mortgage you need. A pre-approval makes sure there are no surprises along the way. Pre-Approval vs. Pre-Qualification: What’s the Difference? It’s important to understand that a pre-approval is more than just a quick online estimate. Unlike pre-qualification—which can sometimes be based on limited information and calculations—a pre-approval involves a thorough review of your finances. This includes looking at your credit report, providing detailed documents, and having a conversation with a mortgage professional about your options. Why Get Pre-Approved Now? The best time to secure a pre-approval is as soon as possible. The process is free and carries no risk—it just gives you a clear path forward. It’s never too early to start, and by doing so, you’ll be in a much stronger position when you're ready to make an offer on your dream home. Let’s Make Your Home Buying Journey Smooth A well-planned mortgage process can make all the difference in securing your home. If you’re ready to get pre-approved or just want to chat about your options, I’d love to help. Let’s make your home-buying experience a smooth and successful one!
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Everything You Need to Know About Second Mortgages

By Joel Olson • December 9, 2025
What Is a Second Mortgage, Really? (It’s Not What Most People Think) If you’ve heard the term “second mortgage” and assumed it refers to the next mortgage you take out after your first one ends, you’re not alone. It’s a common misconception—but the reality is a bit different. A second mortgage isn’t about the order of mortgages over time. It’s actually about the number of loans secured against a single property —at the same time. So, What Exactly Is a Second Mortgage? When you first buy a home, your mortgage is registered on the property in first position . This simply means your lender has the primary legal claim to your property if you ever sell it or default. A second mortgage is another loan that’s added on top of your existing mortgage. It’s registered in second position , meaning the lender only gets paid out after the first mortgage is settled. If you sell your home, any proceeds go toward paying off the first mortgage first, then the second one, and any remaining equity is yours. It’s important to note: You still keep your original mortgage and keep making payments on it —the second mortgage is an entirely separate agreement layered on top. Why Would Anyone Take Out a Second Mortgage? There are a few good reasons homeowners choose this route: You want to tap into your home equity without refinancing your existing mortgage. Your current mortgage has great terms (like a low interest rate), and breaking it would trigger hefty penalties. You need access to funds quickly , and a second mortgage is faster and more flexible than refinancing. One common use? Debt consolidation . If you’re juggling high-interest credit card or personal loan debt, a second mortgage can help reduce your overall interest costs and improve monthly cash flow. Is a Second Mortgage Right for You? A second mortgage can be a smart solution in the right situation—but it’s not always the best move. It depends on your current mortgage terms, your equity, and your financial goals. If you’re curious about how a second mortgage could work for your situation—or if you’re considering your options to improve cash flow or access equity—let’s talk. I’d be happy to walk you through it and help you explore the right path forward. Reach out anytime—we’ll figure it out together.