Timeshare Property Assessments
Reading your timeshare Property Assessment Notice
As a property owner in Ontario, you'll receive a Property Assessment Notice for your property every four years unless there is a change to your property. Learn how to read your Property Assessment Notice.
How your timeshare property is assessed
For new developments, MPAC references the sale prices of the units sold. The non-realty components of the sales are removed, i.e. marketing costs, club memberships and chattels. The adjusted sale prices form the basis of the valuation.
For existing developments, MPAC analyses the sales of units that have resold. These sales provide the basis of the valuation. If insufficient sales exist, the condominium market is analyzed to determine market fluctuations, which are in turn applied to existing timeshare values.
We use the direct comparison approach to establish the value of timeshare properties. This approach analyzes the sales of the timeshare units to estimate the value of a timeshare project.
In order of preference, the following sales sources are used:
- Resales, within the timeshare development.
- Developer sales, within the timeshare development.
- Sales from a comparable timeshare development.
- Sales from a comparable condominium development.
In order to compile a sales inventory for each development, we send a sales and data collection questionnaire to each developer requesting specific details about the timeshare project, including:
- description of units
- accommodation limit
- on-site facilities
- pertinent sales information
We review the completed sales questionnaires and adjust the selling price as follows:
- We discount expenses for sales and marketing programs for developer sales.
- We deduct 10% for chattels (furnishings in the units), as timeshare units are normally sold as fully furnished.
We use these adjusted sales prices as benchmarks for the estimated value for all of the unsold units within the timeshare complex.
Where necessary, further adjustments are made to allow for differences between sold and unsold units, including:
- unit size
- accommodation limit
- number of bathrooms
- location within the complex
In developments where insufficient sales information exists, sales from a comparable condominium complex or a comparable timeshare project are used to develop an assessed property value.