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In a market driven by the demand for real-time information, consumers are seeking more from their real estate professionals – an everyday challenge the Municipal Property Assessment Corporation (MPAC) understands.
Millennials in particular have the potential to be the largest consumers of real estate. Like no other, this generation has embraced and understands the value of big data.
MPAC has responded to the demand for data by developing an Automated Valuation Model (AVM) that can help real estate professionals win listings in this data-driven market. Our AVM reports draw on one of the most detailed datasets in the world to provide you with a competitive advantage.
How does an AVM work?
MPAC’s AVM is an accurate, real-time estimate of over four million residential properties in Ontario, and nearly three million residential properties in British Columbia, Quebec, New Brunswick, Newfoundland and Labrador, and in the Cities of Calgary and Winnipeg. It reflects the current market value and is updated regularly to ensure that similar property types are valued consistently within their market area. The sales verification process ensures only open-market, arms-length transactions are considered in determining property values.
What reports are available?
If you are looking for an estimate of what a property would sell for today, MPAC offers three AVM reports:
- The AVM Basic Report provides essential property information, including a property’s address, real-time value and valuation date.
- The AVM Enhanced Report is a more comprehensive property summary that includes real-time value, valuation date, upper and lower AVM values, confidence rating, and key property characteristics.
- The AVM Comparable Report offers all the data included in the Enhanced AVM Report for the property, and detailed information on up to three comparable properties that have recently sold within the neighbourhood.
While MPAC considers over 200 factors in valuing residential properties, five key elements account for approximately 85 per cent of MPAC’s valuation: location, living area, age of property, lot dimensions and quality of construction. The same factors are widely used in the appraisal industry.
Check out our brochure for more information about the five key factors, as well as the AVM reports that are available.
And don’t forget our more basic reports that you’re already likely familiar with: the Residential Floor Area Report, which provides a property’s square footage, and the Residential Detail Report, which provides more structural details and building permit information.
Why use an AVM?
Our AVM provides exceptional valuation accuracy and an unbiased opinion about the market value of a property – information crucial to navigating listing prices and offers. And valuations are provided within seconds, allowing you to get them into the hands of your buyers and sellers in short order.
Where are the reports available?
- Real estate professionals can get the reports online through propertyline.ca, MPAC’s secure
- Toronto Real Estate Board members have access to reports directly through the propertyline™ Public Records application.