PICKERING, Ontario--(BUSINESS WIRE)--The Municipal Property Assessment Corporation (MPAC) is pleased to announce it has signed a letter of intent to reach a final agreement with the City of Calgary to distribute a residential Automated Valuation Model (AVM) commencing in early 2015.
MPAC’s AVM is an accurate, real-time estimate of market value. AVM values are updated monthly using advanced statistical techniques combined with sound appraisal methodology which examines as many as 200 factors when assessing a residential property.
“We have one of the richest datasets in the world with over two billion pieces of data and this partnership is a further step in our goal of creating a national AVM platform. This partnership marks an important milestone in our commitment to progressive revenue generation and cost-effective service delivery,” says MPAC’s Executive Director of Business Development, Lee Taylor.
“The City of Calgary is very pleased to have the opportunity to work with MPAC on this exciting initiative,” says Nelson Karpa, City Assessor for the City of Calgary.
Currently, MPAC’s AVM provides an estimate of real-time market value for over six million residential properties in Ontario, British Columbia, Quebec, New Brunswick, Newfoundland and Labrador, and the City of Winnipeg.
MPAC (mpac.ca, AboutMyProperty.ca™, propertyline.ca) is a not-for-profit corporation funded by all Ontario municipalities. MPAC is responsible for administering a uniform, province-wide property assessment system based on current values. MPAC assesses nearly five million properties with a total value of $2.2 trillion.
MPAC provides a range of services, including the preparation of annual assessment rolls for use by municipalities and the Province of Ontario to calculate property taxes and education taxes.
MPAC also delivers innovative products and value-added services to a number of sectors including banks, mortgage firms and other assessment jurisdictions across Canada.
propertyline™ is a secure e-commerce solution for obtaining accurate, real-time property information quickly and easily. With propertyline™, customers can purchase assessment, site, structural, and sales data on all types of properties across Ontario. Information is refreshed weekly to ensure customers have access to the most current property information.