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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Smart Steps to Get Your Home Market-Ready

By Joel Olson • November 4, 2025
Thinking About Selling Your Home? Start With These 3 Key Questions Selling your home is a major move—emotionally, financially, and logistically. Whether you're upsizing, downsizing, relocating, or just ready for a change, there are a few essential questions you should have answers to before you list that "For Sale" sign. 1. How Will I Get My Home Sale-Ready? Before your property hits the market, you’ll want to make sure it puts its best foot forward. That starts with understanding its current market value—and ends with a plan to maximize its appeal. A real estate professional can walk you through what similar homes in your area have sold for and help tailor a prep plan that aligns with current market conditions. Here are some things you might want to consider: Decluttering and removing personal items Minor touch-ups or repairs Fresh paint inside (and maybe outside too) Updated lighting or fixtures Professional staging Landscaping or exterior cleanup High-quality photos and possibly a virtual tour These aren’t must-dos, but smart investments here can often translate to a higher sale price and faster sale. 2. What Will It Actually Cost to Sell? It’s easy to look at the selling price and subtract your mortgage balance—but the real math is more nuanced. Here's a breakdown of the typical costs involved in selling a home: Real estate agent commissions (plus GST/HST) Legal fees Mortgage discharge fees (and possibly a penalty) Utility and property tax adjustments Moving expenses and/or storage costs That mortgage penalty can be especially tricky—it can sometimes be thousands of dollars, depending on your lender and how much time is left in your term. Not sure what it might cost you? I can help you estimate it. 3. What’s My Plan After the Sale? Knowing your next step is just as important as selling your current home. If you're buying again, don’t assume you’ll automatically qualify for a new mortgage just because you’ve had one before. Lending rules change, and so might your financial situation. Before you sell, talk to a mortgage professional to find out what you’re pre-approved for and what options are available. If you're planning to rent or relocate temporarily, think about timelines, storage, and transition costs. Clarity and preparation go a long way. The best way to reduce stress and make confident decisions is to work with professionals you trust—and ask all the questions you need. If you’re thinking about selling and want help mapping out your next steps, I’d be happy to chat anytime. Let’s make a smart plan, together.
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4 Signs You’re Ready for Homeownership

By Joel Olson • October 21, 2025
Buying your first home is a big deal. And while you may feel like you’re ready to take that step, here are 4 things that will prove it out. 1. You have at least 5% available for a downpayment. To buy your first home, you need to come up with at least 5% for a downpayment. From there, you’ll be expected to have roughly 1.5% of the purchase price set aside for closing costs. If you’ve saved your downpayment by accumulating your own funds, it means you have a positive cash flow which is a good thing. However, if you don’t quite have enough saved up on your own, but you have a family member who is willing to give you a gift to assist you, that works too. 2. You have established credit. Building a credit score takes some time. Before any lender considers you for mortgage financing, they want to see that you have an established history of repaying the money you’ve already borrowed. Typically two trade lines, for a period of two years, with a minimum amount of $2000, should work! Now, if you’ve had some credit issues in the past, it doesn’t mean you aren’t ready to be a homeowner. However, it might mean a little more planning is required! A co-signor can be considered here as well. 3. You have the income to make your mortgage payments. And then some. If you’re going to borrow money to buy a house, the lender wants to make sure that you have the ability to pay it back. Plus interest. The ideal situation is to have a permanent full-time position where you’re past probation. Now, if you rely on any inconsistent forms of income, having a two-year history is required. A good rule of thumb is to keep the costs of homeownership to under a third of your gross income, leaving you with two-thirds of your income to pay for your life. 4. You’ve discussed mortgage financing with a professional. Buying your first home can be quite a process. With all the information available online, it’s hard to know where to start. While you might feel ready, there are lots of steps to take; way more than can be outlined in a simple article like this one. So if you think you’re ready to buy your first home, the best place to start is with a preapproval! Let's discuss your financial situation, talk through your downpayment options, look at your credit score, assess your income and liabilities, and ultimately see what kind of mortgage you can qualify for to become a homeowner! Please connect anytime; it would be a pleasure to work with you!