The old adage holds true

“You will likely sell for more money on a quiet street and for less on a busier street,” said Penny Ancuta, a real estate agent with Royal LePage Village, noting Lakeshore Road in Beaconsfield as an exception to the rule. “Pointe Claire is always a very hot market for first time buyers because of its green spaces, shop proximity, and public transport. Below the 20 properties are usually more valuable because they are closer to the water.”

When drawing up and maintaining the valuation roll, which represents the inventory of all properties in a given jurisdiction, the Montreal Assessment Department takes into account what properties on the same street or in the immediate area have been selling for in the past year or so, said Patricia Lowe, spokesperson for the Department.

This market value approach to property assessment is the most reasonable approach for residential properties, according to Glen Lucas, President of Home Valuations Canada.

The roll is updated on a triannual basis and determines the amount property owners pay in taxes. The 2007 valuation roll came into force on January 1st 2007, and is the basis for your 2007, 2008 and 2009 tax bills, according to the Montreal City website.

While certain neighbourhoods are more popular than others, and more valuable according to valuation rolls, choosing the right property and location depends on the type of person looking to buy as much as the property itself. “If you’re coming in from downtown, Dollard is for first-time buyers,” said Rita Jansen, real estate agent for Royal LePage Village. “They start there and work [their] way up…while Kirkland is very in demand for people who want the newer type of home.”

But once you’ve chosen your location, when making a value assessment it’s important that you’re not comparing a bungalow to a condominium or a town house to an apartment. “Always compare apples to apples,” said Jansen. “Depending on the model, the house is in a different price range.”

Features like hardwood flooring compared to carpeting can also increase the value of one property over another. Renovated kitchens and bathrooms are always more valuable than non-updated kitchens and bathrooms, and garages are a big price hiker, said Jansen, who added that things like in-ground pools and fire places which were once extremely attractive to prospective home-owners are now losing their glamour. “Fireplaces have always been really attractive, but it seems to be that it doesn’t matter as much as it used to,” said Jansen. “Also, in-ground pools aren’t really a plus anymore because they are high in cost and families with small children don’t want to take the chance of an accident.” “The most important thing people are looking for is a practical house,” said Jansen. “Three bedrooms on the same floor, a quality roof, and a finished basement,” noting that anything above 2 bedrooms on the same floor will increase value.