Housing prices in this part of southern Ontario, and, in many cases, also for most of Canada, have gone up drastically over the last couple of years.
Older homes, not necessarily in good condition, or even ones that are rather unattractive, are subject to bidding wars, and a small house that might have cost $90,000 three or four years ago, is $400- to $600,000 now.
Part of this trend is directly related to the Covid pandemic: many folks that worked at a business or industry that employed clerical workers, kept them employed by allowing them to work “virtually”, at home.
Those working in nearby Toronto, (Canada’s largest city, where one half of an 80 year-old duplex sells for well-over a million dollars) discovered that their money will go a lot further in nearby Hamilton (my hometown), and even further in the Niagara area, where I now live.
Their ability to continue working from home (their new home) after the situation returns to normal, means no more commuting to work. I foresee a lot of empty office space languishing on the market when this is over.
As for assessment around here, I believe that it’s mostly based on square footage, although when I had the house finished enough to move in, the building inspector found two “violations”: one was an exterior door to what would eventually become a deck, but at the time, had nothing - no deck, no steps. He suggested that he would approve it if the door were sealed until the deck was in place, and I immediately blocked the door by barring it with a screwed-on 2"x4".
His other complaint was that the stairwell opening in the basement was improperly framed, and I argued with him on this point, as I knew that it was done properly (my uncle was a housebuilder, and taught me well).