July 2021
Property Income and Expense Returns due July 16
MPAC’s started its Property Income and Expense Return (PIER) campaign on Friday, May 14. The deadline for submitting the requested information is Friday, July 16.

Having complete, accurate and up to date information is critical to the valuation process. The rental, income and expense information from commercial, industrial, multi-residential and mixed-use properties we collect through this campaign supports our analysis and review of market changes and valuation parameters that will inform the next assessment update.

“The submission of rental, income and expense information is particularly significant this year as we continue to closely monitor the market during these challenging times,” said Greg Martino, Vice President and Chief Valuation Standards Officer. “The collection and analysis of this information is so important.”

If you received a PIER request letter from MPAC and have not yet submitted your information, please do so by July 16. The information collected this year will assist MPAC in determining accurate values and will help us better understand the impact of the pandemic. If you need support submitting your information please contact us at mpac.ca/Contact or visit mpac.ca/PIER.
We’re back in your communities
Our property inspectors are once again out in the community conducting inspections and collecting information that supports our work to keep Ontario’s property inventory updated.

We resumed exterior property inspections across Ontario when the province entered Step One of Ontario’s Roadmap to Reopen, and as part of Step Two we have resumed interior inspections of non-residential properties.
MPAC Partners with TRREB and CREA on event for Ontario REALTORS®
We recently hosted a special event for Ontario REALTORS® on the current state of the real estate market.

MPAC’s Greg Martino, Vice-President and Chief Valuation and Standards Officer, along with Jason Mercer, Chief Market Analyst and Director of Service Channels, Toronto Regional Real Estate Board, and Shaun Cathcart, Chief Economist, Canadian Real Estate Association, each shared insights on how the pandemic has impacted the market and how these current trends may change the way we live and work indefinitely.

Participants were also given information on how REALTORS® can use MPAC products to leverage our Automated Valuation Model (AVM), to improve customer confidence and gain a professional edge.

Watch a recording of the event and hear what trends are arising in today’s real estate market.
Residential Properties: New property owner letters
To help us more efficiently validate property information, we are mailing new letters to residential property owners to help us deliver timely and accurate property assessments.

Residential property owners may now receive a letter from us:

  • asking them to call our Customer Contact Centre to verify their property details by phone. This letter will be sent to residential property owners with an active building permit for a minor renovation that may not require an on-site inspection, or

  • indicating that we’ll be in their community within the next eight weeks to conduct an exterior inspection of their property.

More information is available at mpac.ca.
Looking Ahead to the Fall
MPAC will hold its next meeting with the Industry Advisory Group (IAG) later this fall. The IAG is comprised of representatives of major property owners, industry experts and associations, consultants as well as the appraisal industry and legal community. If you are interested in more information about the IAG, contact us at industry@mpac.ca.
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