Assessment Values vs Appraisal Values

January 12, 2015 · Filed Under St. John's General · Comments Off 

 

taxesproperty taxes calculated in St. John’s?

For the taxation year 2015, residential property tax is calculated at the rate of 8.1 mils, or 0.81 per cent of a property’s total assessment. A property with a total assessed value of $100,000 would be charged an annual property tax of $810, calculated as follows:

Assessed Value = $100,000
X Mil Rate = .0081 (8.1 Mils)
Annual Tax = $810

The water tax portion is a separate flat rate of $615 / yr

To search for your property assessment value for St. John’s click here.

To search for all other municipalities outside St. John’s visit the Municipal Assessment Agency or click here for the 2015

market-value-does-not-equal-appraised-value

Appraisal Value

An appraisal is a method of valuation that compares similar properties in a similar area usually within a shortened time frame.  This is similar to a REALTORS® Comparative Market Evaluation (CMA) but not as in-depth. While both are using essentially the same information, they can vary depending on the property, location and appraiser/REALTOR®.  Sellers can be very fixed on this figure, especially when it benefits them.  (think refinancing) The problem with a high appraisal value is that it can be an unreliable means of what the value really is today’s market. Nothing worse then over pricing your home to list.  Just because you have listed your home with the an appraisal in place or not, true market value is what a buyer is willing to give and a seller is willing to accept.

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For a FREE no obligation market evaluation on your home

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St. John’s Real Estate Housing Starts for March 2014

April 8, 2014 · Filed Under CMHC Reports · Comments Off 

Housing starts in the St. John’s Real Estate Market were trending at 1,587 units in March compared to 1,842 in February according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.

“Residential construction activity in St. John’s trended lower in March,” said Chris Janes, Senior Market Analyst with CMHC’s Atlantic Business Centre. “The downward trend can be attributed to a slower rate of economic growth than has been seen in recent years and has impacted both single- detached and multiple starts in 2013,” added Janes.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 298 units in March compared to 1,891 in February.

(Source: CMHC http://www.cmhc-schl.gc.ca/odpub/press/2014/2014_04_08_0945_ENL.pdf)

Horizontal Rain and Chimney Leaks

November 19, 2013 · Filed Under Home Maintenance · 2 Comments 

So last week we had a lot of rain.  Not unusual for this time of year.  The rain was horizontal.  Not unusual for St. John’s.  The unusual part of this was I had a leak in my attic.  I had new roof shingles installed earlier in the year so I doubted it wBasic Chimneyas that.  I had a peak up in my attic and determined the water was entering from my old chimney.  The chimney was not in use so we just decided to leave it alone years ago.  Out of sight out of mind right?

Doing like anyone would do when “tragedy” strikes, I fired up ye ole internet and proceeded to Google my way to an answer.

Apparently chimney leaks are quite common and quite annoying.  Some sites actually compared them to be as annoying as skylights.

Crown leaks

The chimney crown is the top cement part of the chimney.  If cracked water can find its way into the cracks with potential then to enter your home or attic.  Small cracks WILL lead to bigger cracks so it’s best to address this problem as soon as possible.

Flashing leaks

The flashing is the place where the chimney bricks meet the roof.  Typically an aluminium flashing is installed and then shingles on top.  This is then sealed with black pitch or tar. Tar can dry out over time and crack.  Be sure to watch out for this.  Flashing leaks appeared to be the greatest cause of leaks in a chimney.

Mortar and brick cracks

I didn’t realizChimney mortare this but bricks and mortar both allow water to pass through, i.e. they are not water proof. Water can seep in and freeze in the winter.  If we all remember grade two science classes, water expands when frozen causing cracks in the mortar or brick.  And to make matters worse, if you add a water proofing material on the exterior of the chimney when the bricks are already wet, the water has no place to exit, except for the inside of the chimney and hence will end up inside your house.

Lack of chimney cap (cover)

It’s amazing to drive around St. John’s and notice this now, but there are quite a number of homes that have chimneys yet lack the chimney cap.  Leaks can occur when rain falls directly into the chimney flue. Seems obvious enough.  Guess who now has a chimney cap on his house :)

The Bottom Line

Remember, home maintenance is important.  While replacing a chimney can be VERY expensive it’s best to not leave a deteriorating chimney and forget about it. If you see a small crack or deficiency, call a local chimney expert and get it repaired or replaced as soon as possible.  Trust me, you’ll thank me for it later.

New Listing 38 Fleming Street in popular Georgetown area – $269,900

April 25, 2013 · Filed Under First Time Buyers, New MLS Listings, St. John's MLS listings and St. John's Real Estate · Comments Off 

38fleming ** SALE PENDING ** 38 Fleming Street is located in a sought-after area in convenient Georgetown close to downtown St. John’s. This detached 2-storey home is bright and spacious and still maintains its heritage character. Clapboard exterior, 9 foot ceilings and softwood flooring on the main floor. Enjoy a large open concept living room with fireplace (currently unlined) and a second chimney lined and ready for a propane fireplace or wood stove. The kitchen is bright and spacious with access to a patio deck. It also includes a propane stove ideal for the chef in the house. Recent upgrades include some new vinyl windows, roof covering, new vinyl soffits, eaves through and a 100amp electrical breaker panel. There are 4 bedrooms on the top floor. A six foot soaker tub in the main bathroom. Enjoy the evening sun from your patio deck and fully fenced rear yard. Asking price $269,900.  Contact Fraser or Stephen Winters for more information. MLS: 188072

Additional photos can be viewed here


 

March Housing Starts in the St. John’s Real Estate Area

April 11, 2012 · Filed Under CMHC Reports · Comments Off 

According to CMHC, housing starts in the St. John’s region decreased during the month of March, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). March’s housing starts totalled 57 units throughout the St. John’s area compared to 84 units in March 2011. For the first quarter of 2012, starts were up 19 per cent to 287 units.

Single-detached and multiple unit construction activity were mixed throughout the St. John’s area in March. Multiple starts caused the overall decline, with 16 units recorded versus 42 a year ago, while single-detached starts were flat with 41 units recorded. “While multiple starts declined, solid economic and demographic fundamentals continued to support the local housing market during March,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

In urban centres across Canada, total housing starts recorded in March were up 18 per cent to 13,761 units compared to 11,655 a year ago. Single-detached starts increased 11 per cent to 4,030 units, while multiple starts increased 21 per cent to 9,731 units in March. In the Atlantic region, 333 new units were started compared to 271 during March 2011.

The full press release can be found here.

Vacancy Rate Remains Low in St. John’s Area

December 15, 2011 · Filed Under CMHC Reports, St. John's Investments and St. John's Rentals Info · Comments Off 

From the CMHC press release regarding vacancy rates in St. John’s.

According to Canada Mortgage and Housing Corporation’s (CMHC) Fall Rental Market Survey, the vacancy rate in the St. John’s Census metropolitan area (CMA) was 1.3 per cent, compared to 1.1 per cent in 2010.
“With record employment and income growth attracting people to the region, population growth continued to create rental demand as new immigrants have a high tendency to rent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “An increase in home prices and a solid economy also supported demand for rental units in 2011. These factors, coupled with limited new rental supply, continued to keep the local vacancy rate low,” added Janes.
Provincially, vacancy rates in percentage terms were 1.3 in the Corner Brook area, 1.2 per cent in Gander and 0.9 per cent in the Grand Falls-Windsor area. The combined provincial vacancy rate for all centres surveyed increased from 1.0 per cent to 1.3 per cent.
Overall, the average two bedroom rent was $701 across the five urban centres surveyed, with increases recorded in every centre. The highest average two bedroom rent recorded was $771 in the St. John’s CMA, while Bay Roberts posted the lowest average rent of $561. The remaining average two bedroom rents were $584 in Corner Brook; $567 in Gander and $646 in Grand Falls-Windsor.

 

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