14 Fairview_CMA

Researched and prepared by

Shawna Connelly

Subject Property

14 Fairview Avenue Hamilton, Ontario

Prepared exclusively for

L8L 7B4

Tara Spalding Prepared on June 14, 2021

Shawna Connelly Royal LePage State Realty 115 #8 Highway Stoney Creek, ON L8G 1C1 (905) 662-6666 shawnaconnelly@royallepage.ca

Copyright: 2021 All rights reserved.

All rights reserved. Information is from sources deemed reliable, but not guaranteed. Unauthorized distribution, reproduction, or sale of this data is prohibited. This is a broker price opinion or comparative market analysis and should not be considered an appraisal. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.

14 Fairview Avenue Hamilton, L8L 7B4

Monday, June 14, 2021

Summary of Comparable Listings This page summarizes the comparable listings contained in this market analysis.

Active Listings Address 14 Fairview Avenue 199 BALMORAL Avenue N

Price

$699,999 $699,999

Averages:

4 4.0

3 3.0

SqFt 1616 1,794 1,794

$/SqFt 351.18 $390.19 $390.19

0 2 0 3 3 2 2.6

SqFt 1616 1,557 875 1,692 1,325 1,793 1,172 1,402

$/SqFt 351.18 $359.67 $742.86 $398.94 $529.81 $407.42 $669.80 $518.08

List Date

06/11/2021

Sold Listings Address 14 Fairview Avenue 12 MORRIS Avenue 15 Wexford Avenue N 45 CONNAUGHT Avenue S 225 Glendale Avenue N 231 KENSINGTON Avenue N 11 FAIRHOLT Road N

Price

$560,000 $650,000 $675,000 $702,000 $730,500 $785,000 $683,750

Averages:

4 4 5 4 4.3

Sale Date

12/23/2020 02/15/2021 05/27/2021 03/02/2021 03/15/2021 05/30/2021

Low

Median

Average

High

Count

Comparable Price

$560,000

$699,999

$686,071

$785,000

7

Adjusted Comparable Price

$590,000

$684,999

$677,500

$777,500

7

On Average, the 'Sold' status comparable listings sold in 12 days for $683,750

Researched and prepared by Shawna Connelly

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, L8L 7B4 Monday, June 14, 2021

CMA Price Adjustments This page outlines the subject property versus comparables properties.

Subject Property 14 Fairview Avenue 30750063 MLS® # Hamilton City Multi-Residential Prop Type Duplex - Up/Down Sub Type Sale Trans Type Status Hamilton Region Hamilton Centre (20) Munic/Area Nbrhd/Sub-Area Crown Point (201) 4 Beds 2.0 Baths Total # Rooms Full Basement 07/08/2019 List Date $574,900 List Price 7/25/2019 Sale Date $567,500 Sale Price Parking Spaces 5 1spaces / Detached Garage less than .50 Acres/Range Sqft Total/Rng 1,616 31 Lot Frontage Year Built/Age - / 100+ Years Taxes/Tax Year 18 DOM 2 Total # Units Gas Heat Source Forced Air Heat Type Air Conditioning Yes / Central Air 2 Storey Style/Type 31.00 Frontage 101.10 Depth Unfinished Bsmnt Finish

Price Total Adjustments Adjusted Price

Details

Adjust

199 BALMORAL Avenue N 40127685 Hamilton Multi-Residential Duplex - Up/Down Sale Active Hamilton Hamilton Centre (20) Crown Point (201) 4 3.0

Details

12 MORRIS Avenue H4094607 Hamilton Multi-Residential Duplex - Up/Down Sale Sold Hamilton Hamilton Centre (20) Crown Point (201) -15,000 0.0

Adjust

Full - Partially Finished 06/11/2021 $699,999

Full - Unfinished 12/16/2020 $499,000 12/23/2020 $560,000 4 0 spaces / None

1,794 20 1923 / 51-99 Years $2,724 / 2020 3 2

1,557 25 - / 51-99 Years $2,413 / 2020 7 2 Electric, Gas Baseboard, Forced Air

Forced Air Yes / Central Air

30,000

2 1/2 Storey 25.00 121.45 Unfinished

20.00 101.00 Partially Finished

$699,999 $-15,000 $684,999 Researched and prepared by Shawna Connelly

$560,000 $30,000 $590,000 Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, L8L 7B4 Monday, June 14, 2021

CMA Price Adjustments This page outlines the subject property versus comparables properties.

Subject Property 14 Fairview Avenue 30750063 MLS® # Hamilton City Multi-Residential Prop Type Duplex - Up/Down Sub Type Sale Trans Type Status Hamilton Region Hamilton Centre (20) Munic/Area Nbrhd/Sub-Area Crown Point (201) 4 Beds 2.0 Baths Total # Rooms Full Basement 07/08/2019 List Date $574,900 List Price 7/25/2019 Sale Date $567,500 Sale Price Parking Spaces 5 1spaces / Detached Garage less than .50 Acres/Range Sqft Total/Rng 1,616 31 Lot Frontage Year Built/Age - / 100+ Years Taxes/Tax Year 18 DOM 2 Total # Units Gas Heat Source Forced Air Heat Type Air Conditioning Yes / Central Air 2 Storey Style/Type 31.00 Frontage 101.10 Depth Unfinished Bsmnt Finish

Price Total Adjustments Adjusted Price

Details

Adjust

45 CONNAUGHT Avenue S H4106721 Hamilton Multi-Residential Duplex - Up/Down Sale Sold Hamilton Hamilton Centre (20) Gibson / Stipley South (202) 0.0

Details

Adjust

15 Wexford Avenue N H4097466 Hamilton Residential Freehold Sale Sold Hamilton Hamilton Centre (20) Crown Point (201) 4 2.1 8 Full - Fully Finished 02/10/2021 $497,900 02/15/2021 $650,000 2 0 spaces / None

Full - Fully Finished 05/12/2021 $699,000 05/27/2021 $675,000 2 1 spaces / Detached 1,692 40 - / 51-99 Years $3,625 / 2020 15 2 Gas Forced Air

875 26 - / 51-99 Years $2,114 / 2020 5

1 1/2 Storey 40.00 87.08 Fully Finished

Bungalow 25.75 105.87 Fully Finished

-7,500

Gas Forced Air

$675,000 $0 $675,000 Researched and prepared by Shawna Connelly

$650,000 $-7,500 $642,500 Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, L8L 7B4 Monday, June 14, 2021

CMA Price Adjustments This page outlines the subject property versus comparables properties.

Subject Property 14 Fairview Avenue 30750063 MLS® # Hamilton City Multi-Residential Prop Type Duplex - Up/Down Sub Type Sale Trans Type Status Hamilton Region Hamilton Centre (20) Munic/Area Nbrhd/Sub-Area Crown Point (201) 4 Beds 2.0 Baths Total # Rooms Full Basement 07/08/2019 List Date $574,900 List Price 7/25/2019 Sale Date $567,500 Sale Price Parking Spaces 5 1spaces / Detached Garage less than .50 Acres/Range Sqft Total/Rng 1,616 31 Lot Frontage Year Built/Age - / 100+ Years Taxes/Tax Year 18 DOM 2 Total # Units Gas Heat Source Forced Air Heat Type Air Conditioning Yes / Central Air 2 Storey Style/Type 31.00 Frontage 101.10 Depth Unfinished Bsmnt Finish

Price Total Adjustments Adjusted Price

Details

Adjust

Details

Adjust

225 Glendale Avenue N H4098747 Hamilton Residential Freehold Sale Sold Hamilton Hamilton Centre (20) Crown Point (201) 4 3.0 -15,000 8 Full - Fully Finished - Separate Entrance 02/26/2021 $499,900 03/02/2021 $702,000 6 2 spaces / Detached

231 KENSINGTON Avenue N H4098976 Hamilton Residential Freehold Sale Sold Hamilton Hamilton Centre (20) Crown Point (201) 5 -30,000 3.0 -15,000 8 Full - Fully Finished - Separate Entrance, Walk-Up 03/01/2021 $674,900 03/15/2021 $730,500 4 0 spaces / None

1,325 36 - / 100+ Years $2,200 / 2020 4

1,793 50 1956 / 51-99 Years $2,983 / 2020 14

Gas Forced Air

Gas Forced Air

1 1/2 Storey 36.00 118.00 Fully Finished

1 1/2 Storey 50.00 100.00 Fully Finished

$702,000 $-15,000 $687,000 Researched and prepared by Shawna Connelly

$730,500 $-45,000 $685,500 Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, L8L 7B4 Monday, June 14, 2021

CMA Price Adjustments This page outlines the subject property versus comparables properties.

Subject Property 14 Fairview Avenue 30750063 MLS® # Hamilton City Multi-Residential Prop Type Duplex - Up/Down Sub Type Sale Trans Type Status Hamilton Region Hamilton Centre (20) Munic/Area Nbrhd/Sub-Area Crown Point (201) 4 Beds 2.0 Baths Total # Rooms Full Basement 07/08/2019 List Date $574,900 List Price 7/25/2019 Sale Date $567,500 Sale Price Parking Spaces 5 1spaces / Detached Garage less than .50 Acres/Range Sqft Total/Rng 1,616 31 Lot Frontage Year Built/Age - / 100+ Years Taxes/Tax Year 18 DOM 2 Total # Units Gas Heat Source Forced Air Heat Type Air Conditioning Yes / Central Air 2 Storey Style/Type 31.00 Frontage 101.10 Depth Unfinished Bsmnt Finish

Price Total Adjustments Adjusted Price

Details

Adjust

11 FAIRHOLT Road N H4106200 Hamilton Residential Freehold Sale Sold Hamilton Hamilton Centre (20) Gibson / Stipley (200) 4 2.1 -7,500 8 Full - Fully Finished - Separate Entrance 05/05/2021 $699,000 05/30/2021 $785,000 7 3 spaces / Detached 1,172 18 - / 100+ Years $2,591 / 2020 25 Gas Forced Air 2 1/2 Storey 18.01 107.75 Fully Finished

$785,000 $-7,500 $777,500 Researched and prepared by Shawna Connelly

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, L8L 7B4

Monday, June 14, 2021

Minimums and Maximums This page summarizes key fields of the listings in this analysis.

The listings in this analysis can be summarized as follows: Listing Price between $497,900 and $699,999 Sale Price between $560,000 and $785,000 875 to 1,794 Square Feet $320.49 to $596.42 per Square Foot $359.67 to $742.86 per Sold Square Foot

Researched and prepared by Shawna Connelly

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, Ontario

Monday, June 14, 2021

Number of Days On Market This chart illustrates the level of excitement and interest in a new listing over time. It also demonstrates the importance of pricing correctly. When a property is first listed, it generates a very high level of interest from prospective buyers, which reduces dramatically over time. It is important to be priced correctly from the beginning, during the peak of this curve.

Days On Market 28

Days On Market

24 20 16 DOM

12 8 4

07 H

40

94 6

66 H

40

97 4

47 H

40

98 7

76 H

40

98 9

00 06 2 41 H

06 7 41 H

40

12 7

68 5

21

0

MLS® #

Researched and prepared by Shawna Connelly

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, Ontario

Monday, June 14, 2021

List Price and Sale Price This graph illustrates the list price, along with the sale price in Sold listings.

Price Graph 800K 700K 600K

Price

500K List Price Sale Price

400K 300K 200K 100K

07 H

40

94 6

66 H

40

97 4

47 H

40

98 7

76 H

40

98 9

00 06 2 41 H

06 7 41 H

40

12 7

68 5

21

0K

MLS® #

Researched and prepared by Shawna Connelly

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, L8L 7B4

Monday, June 14, 2021

Brief Summary of Compared Listings This report summarizes the comparable listings contained in this market analysis.

Status: Active MLS® # 40127685

List Date

Address

06/11/2021

199 BALMORAL Avenue N

Prop Sub Type

SqFt

Bds

Bth

L Price

Duplex - Up/Down

1,794

4

3.0

$699,999

3

1,794

4.0

3.0

$699,999

3

SqFt

Bds

Bth

L Price

S Price

875

4

2.1

$497,900

$650,000

Averages:

S Price

SP/LP

DOM

Status: Sold Sale Date

Address

H4097466

02/15/2021

15 Wexford Avenue N

Freehold

H4094607

12/23/2020

12 MORRIS Avenue

Duplex - Up/Down

1,557

0.0

$499,000

H4098747

03/02/2021

225 Glendale Avenue N

Freehold

1,325

4

3.0

$499,900

H4098976

03/15/2021

231 KENSINGTON Avenue N

Freehold

1,793

5

3.0

H4106721

05/27/2021

45 CONNAUGHT Avenue S

Duplex - Up/Down

1,692

0.0

H4106200

05/30/2021

11 FAIRHOLT Road N

Freehold

1,172

4

1,402

4.3

MLS® #

Prop Sub Type

Averages:

SP/LP

DOM

130.5

5

$560,000

112.2

7

$702,000

140.4

4

$674,900

$730,500

108.2

14

$699,000

$675,000

96.6

15

2.1

$699,000

$785,000

112.3

25

2.6

$594,950

$683,750

116.7

12

Summary Status

Total

Avg Price

Avg $ Per SqFt

Median

Low

High

Avg DOM

Active

1

$699,999

$390.19

$699,999

$699,999

$699,999

3

Sold

6

$683,750

$518.08

$688,500

$560,000

$785,000

12

Total

7

$686,071

$499.81

$699,999

$560,000

$785,000

10

Researched and prepared by Shawna Connelly

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, L8L 7B4

Monday, June 14, 2021

Pricing Recommendation General Facts About Pricing...

There are certain factors that are within our control and some factors beyond our control when it comes to setting the price. Those factors within our control are: the appearance of the property, how aggressively we market the property and the price. Factors outside our control are: location of property, size and local amenities. It's important to accept those factors that are beyond our control and focus on the pricing and preparation.

A property priced at market value will attract more buyers than a home priced above market value.

Consider that a competitively priced property will also attract a greater number of potential buyers and increase your opportunity for a quick sale.

Market Statistics...

Sell Price Per Sq. Ft. Statistics

Sell Price Statistics Average Price:

$676,300

Average Price/Sq Ft:

$513

High Price:

$777,500

High Price/Sq Ft:

$734

Median Price:

$680,300

Median Price/Sq Ft:

$459

Low Price:

$590,000

Low Price/Sq Ft:

$379

Figures are based on selling price after adjustments, and rounded to the nearest $100.

Summary...

After analyzing your property, comparable properties on the market now, recent sales and comparable properties that failed to sell, I conclude that in the current market, your property is most likely to sell for $674,900.

Researched and prepared by Shawna Connelly

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

14 Fairview Avenue Hamilton, Ontario

Monday, June 14, 2021

CMA Map Layout This page displays the Map for the CMA Subject and your comparables .

14 Fairview Avenue, Hamilton 1 2 3 4 5 6 7

Researched and prepared by Shawna Connelly

199 BALMORAL Avenue N, Hamilton 45 CONNAUGHT Avenue S, Hamilton 11 FAIRHOLT Road N, Hamilton 231 KENSINGTON Avenue N, Hamilton 225 Glendale Avenue N, Hamilton 15 Wexford Avenue N, Hamilton 12 MORRIS Avenue, Hamilton

Royal LePage State Realty

This is a comparative market analysis and should not be considered an appraisal. All information regardless of source is deemed reliable but not guaranteed. All rights reserved. Copyright RAHB 2021.

APPENDIX A: MPAC Assessment vs. Market Sale Price

APPENDIX A - MPAC Assessment vs. Market Sale Price Status Subject Active Sold Sold Sold Sold Sold Sold

Address 14 Fairview Ave. 199 Balmoral Avenue N 12 Morris Avenue 45 Connaught Avenue S 225 Glendale Avenue N 231 Kensington Avenue N 11 Fairholt Road N 15 Wexford Avenue N

MPAC $ $ $ $ $ $ $ $

Sale Price 243,000 229,000 203,000 305,000 258,000 251,000 218,000 177,000

-$ 560,000 $ 675,000 $ 702,000 $ 730,500 $ 785,000 $ 650,000 AVERAGE

% Difference -175.86% 121.31% 172.09% 191.04% 260.09% 267.23% 197.94%

Based on an analysis of the average MPAC assessment value versus the market sale price of comparable properties, the estimated "market" value of the subject property is: Average $ 723,988 Range $ 661,186 to $

875,023

However, this method of deriving value is only presented as an alternative analytical tool to provide the Seller with additional "actual" statistical information regarding the subject property. Furthermore, it is noted that this method of deriving value is not as accurate as traditional valuation methods such as the "Direct Comparison Approach to Value" and the "Cost Approach to Value". The information contained herein is provided for analytical purposes only and Royal LePage State Realty, Brokerage makes NO representations and/or warranties regarding the accuracy of this information and the relationship between this information and true market value.

APPENDIX B: Price per Unit

APPENDIX B - Price per Unit Status Subject Active Sold Sold Sold Sold Sold Sold

Address 14 Fairview Ave. 199 Balmoral Avenue N 12 Morris Avenue 45 Connaught Avenue S 225 Glendale Avenue N 231 Kensington Avenue N 11 Fairholt Road N 15 Wexford Avenue N

# Units 2 2 2 2 2 2 2 2

Sale Price

% Difference

$ 699,999 $ 560,000 $ 675,000 $ 702,000 $ 730,500 $ 785,000 $ 650,000 AVERAGE

$ $ $ $ $ $ $ $

349,999.50 * 280,000.00 337,500.00 351,000.00 365,250.00 392,500.00 325,000.00 343,035.64

Asking price

Based on an analysis of the average MPAC assessment value versus the market sale price of comparable properties, the estimated "market" value of the subject property is: Average $ 686,073 Range $ 560,002 to $ NOTE: * denotes properties included in the "Direct Comparison Approach".

785,002

However, this method of deriving value is only presented as an alternative analytical tool to provide the Seller with additional "actual" statistical information regarding the subject property. Furthermore, it is noted that this method of deriving value is not as accurate as traditional valuation methods such as the "Direct Comparison Approach to Value" and the "Cost Approach to Value". The information contained herein is provided for analytical purposes only and Royal LePage State Realty, Brokerage makes NO representations and/or warranties regarding the accuracy of this information and the relationship between this information and true market value.

APPENDIX C: Cost Approach to Value

APPENDIX C - COST APPROACH TO VALUE Land Value: 31.00 Front Ft @ Actual Age: Effective Age:

$6,000

$ 186,000.00

101 years 10 years

Improvements: Building Basement Landscaping

1620 Sq. ft.

650 *Sq. ft.

@ @ @

Cost New Depreciation @ 7% $ 405,000.00 $ 27,000.00 $ $ $ 40,000.00 $ 2,666.67 Total Current Value of All Improvements Indicated Value by the Cost Approach Value Rounded to $250 $0

Current Value $ 378,000.00 $ $ 37,333.33 $ 415,333.33

$ 415,333.33 $ 601,333.33 $ 600,000.00

* estimate square footage The cost approach value has a minimal value in terms of deriving market value since the Land Value is a difficult value to derive based on comparable available market values in the area. Thus, this method of deriving value is only presented for the purpose of an alternative analytical tool used inorder to provide "actual" statistical information regarding the subject property. Furthermore, it is noted that this method of deriving value is not an accuarate representation of "market" value and the "Direct Comparison Approach to Value" illustrates a more accurate representation of value. The information contained herein is provided for analytical purposes only and Royal LePage State Realty, Brokerage makes NO representations and/or warranties regarding the accuracy of this information and the relationship between this information and true market value.

APPENDIX D: Market Increase

APPENDIX D - Sale Price vs. Market Change

Monthly

Average Sale Value Median Sale Value

$ $

Aug-19 382,286.00 371,500.00

$ $

540,387.00 499,900.00

% Change 41.36% 34.56%

Annual

Average Price Median Price

$ $

YTD 2019 378,367.00 362,211.00

$ $

YTD 2021 566,598.00 539,732.00

% Change 49.75% 49.01%

Subject Property 14 Fairview Ave.

$

Sale Price 567,500.00

Monthly Annual

May-21

Adjusted Value (vs. Average) Adjusted Value (vs. Median) Adjusted Value (vs. Average) Adjusted Value (vs. Median)

$ $ $ $

802,199.46 763,642.66 849,821.38 845,633.93

Based on an analysis of the average sale price in the acqusition year versus the market change, the estimated "market" value of the subject property is: Estimate of Value: $ 815,324 Estimate of value (Range): $ 763,643 to $ 849,821 However, this method of deriving value is only presented as an alternative analytical tool to provide the Seller with additional "actual" statistical information regarding the subject property. Furthermore, it is noted that this method of deriving value is typically not as accurate as traditional valuation methods such as the "Direct Comparison Approach to Value" and the "Cost Approach to Value". Thus, the relative significance of this method of deriving value is extremely low. The information contained herein is provided for analytical purposes only and Royal LePage State Realty, Brokerage makes NO representations and/or warranties regarding the accuracy of this information and the relationship between this information and true market value.

APPENDIX E: Income Approach to Value

APPENDIX D: Income Approach to Value [at $600k] Client: Property Address:

Tara Spalding 14 Fairview Ave.

Property Details Purchase Price Equity Investment

$ $

599,900.00 131,253.00

Financial Details Gross Operating Income Total Operating Expenses Net Operating Income Annual Debt Service Cash Flow Before Taxes (CFBT) Cash Flow After Taxes (CFAT)

$ $ $ $ $ $

Overall Cap Rate

37,830.00 6,236.00 16.48% of Gross Operating Income 31,594.00 22,716.50 8,877.50 (1st year) 5,229.99 (1st year) 5.27%

The overall capitalization rate represents the % return of the overall investment (% return of Net Operating Income to Acqusition Price).

Cash-on-Cash

6.76%

Cash-on-cash represents the % return of cash flow to the equity investment

Break-even Ratio

76.53%

The break-even ratio determines the ratio of expenses to G.O.I. If this value is <100%, the investment returns a positive cash flow; the greater the deviation in % from 100%, the greater the cash flow (positive/negative)

Payback Period

14.8 years

The payback period is calculated based on CFBT and Equity Investment.

Estimate of Value Desired Cap Rate Estimate of Value

$

5.00% 631,880.00

14 Fairview Ave. - Hamilton, ON Property Type: 2 Units

MONTHLY GROSS RENTAL INCOME Vacancy Rate Other Inc GROSS OPERATING INCOME (GOI)

$3,250 $98 $0

3%

MONTHLY OPERATING EXPENSES Taxes Insurance Utilities Repairs & Maintenance 3% 0% Property Management Condo Fees Other: Other: TOTAL MONTHLY OPERATING EXPENSES

$245 $177 $0 $98 $0 $0 $0 $0 $520

NET OPERATING INCOME (NOI) DEBT SERVICE Purchase Price Downpayment Mortgage Amount Monthly Payment

$3,153

$2,633

$599,900 $119,980 $479,920

20% 2.5%/30 yrs

$1,893

NET MONTHLY CASH FLOW

$740

ACQUISITION COSTS Down Payment Initial Improvements Building Inspection Appraisal Land Transfer Tax Legal Fees TOTAL ACQUISITION COSTS

ROI Cash Flow Principle Recapture Passive Appreciation Forced Appreciation TOTAL ROI

$131,253

@5%

SUMMARY Cap Rate Cash-on-cash Break Even Payback Period (yrs)

ROI Breakdown

40%

$119,980 $0 $500 $500 $8,473 $1,800

6.76% 8.31% 22.85% 0.00% 37.92%

5.27% 6.76% 76.53% 14.8

37.92%

35% 30% 25%

22.85%

20% 15% 10%

6.76%

8.31%

5%

0.00%

0%

Cash Flow

Principle Recapture

Passive Appreciation

Forced Appreciation

TOTAL ROI

NOTE: The information contained herein is provided for informational purposes only. The Listing Brokerage and Broker make no representation of the accuracy of the information contained herein. The purchaser MUST perform their own due diligence and make their own inquiries.

The Heddle Group | Royal LePage State Realty investing@theheddlegroup.ca P: (905) 574-7441 F: (905) 662-2227

APPENDIX D: Income Approach to Value [at $650k] Client: Property Address:

Tara Spalding 14 Fairview Ave.

Property Details Purchase Price Equity Investment

$ $

649,900.00 142,253.00

Financial Details Gross Operating Income Total Operating Expenses Net Operating Income Annual Debt Service Cash Flow Before Taxes (CFBT) Cash Flow After Taxes (CFAT)

$ $ $ $ $ $

Overall Cap Rate

37,830.00 6,236.00 16.48% of Gross Operating Income 31,594.00 24,609.85 6,984.15 (1st year) 3,664.72 (1st year) 4.86%

The overall capitalization rate represents the % return of the overall investment (% return of Net Operating Income to Acqusition Price).

Cash-on-Cash

4.91%

Cash-on-cash represents the % return of cash flow to the equity investment

Break-even Ratio

81.54%

The break-even ratio determines the ratio of expenses to G.O.I. If this value is <100%, the investment returns a positive cash flow; the greater the deviation in % from 100%, the greater the cash flow (positive/negative)

Payback Period

20.4 years

The payback period is calculated based on CFBT and Equity Investment.

Estimate of Value Desired Cap Rate Estimate of Value

$

5.00% 631,880.00

14 Fairview Ave. - Hamilton, ON Property Type: 2 Units

MONTHLY GROSS RENTAL INCOME Vacancy Rate Other Inc GROSS OPERATING INCOME (GOI)

$3,250 $98 $0

3%

MONTHLY OPERATING EXPENSES Taxes Insurance Utilities Repairs & Maintenance 3% 0% Property Management Condo Fees Other: Other: TOTAL MONTHLY OPERATING EXPENSES

$245 $177 $0 $98 $0 $0 $0 $0 $520

NET OPERATING INCOME (NOI) DEBT SERVICE Purchase Price Downpayment Mortgage Amount Monthly Payment

$3,153

$2,633

$649,900 $129,980 $519,920

20% 2.5%/30 yrs

$2,051

NET MONTHLY CASH FLOW

$582

ACQUISITION COSTS Down Payment Initial Improvements Building Inspection Appraisal Land Transfer Tax Legal Fees TOTAL ACQUISITION COSTS

ROI Cash Flow Principle Recapture Passive Appreciation Forced Appreciation TOTAL ROI

$129,980 $0 $500 $500 $9,473 $1,800 $142,253

@5%

SUMMARY Cap Rate Cash-on-cash Break Even Payback Period (yrs)

4.91% 8.30% 22.84% 0.00% 36.06%

4.86% 4.91% 81.54% 20.4

ROI Breakdown

40%

36.06%

35% 30% 25%

22.84%

20% 15%

8.30%

10% 5%

4.91% 0.00%

0%

Cash Flow

Principle Recapture

Passive Appreciation

Forced Appreciation

TOTAL ROI

NOTE: The information contained herein is provided for informational purposes only. The Listing Brokerage and Broker make no representation of the accuracy of the information contained herein. The purchaser MUST perform their own due diligence and make their own inquiries.

The Heddle Group | Royal LePage State Realty investing@theheddlegroup.ca P: (905) 574-7441 F: (905) 662-2227

APPENDIX D: Income Approach to Value [at $650k] Client: Property Address:

Tara Spalding 14 Fairview Ave.

Property Details Purchase Price Equity Investment

$ $

699,900.00 153,253.00

Financial Details Gross Operating Income Total Operating Expenses Net Operating Income Annual Debt Service Cash Flow Before Taxes (CFBT) Cash Flow After Taxes (CFAT)

$ $ $ $ $ $

Overall Cap Rate

37,830.00 6,236.00 16.48% of Gross Operating Income 31,594.00 26,503.21 5,090.79 (1st year) 2,099.45 (1st year) 4.51%

The overall capitalization rate represents the % return of the overall investment (% return of Net Operating Income to Acqusition Price).

Cash-on-Cash

3.32%

Cash-on-cash represents the % return of cash flow to the equity investment

Break-even Ratio

86.54%

The break-even ratio determines the ratio of expenses to G.O.I. If this value is <100%, the investment returns a positive cash flow; the greater the deviation in % from 100%, the greater the cash flow (positive/negative)

Payback Period

30.1 years

The payback period is calculated based on CFBT and Equity Investment.

Estimate of Value Desired Cap Rate Estimate of Value

$

5.00% 631,880.00

14 Fairview Ave. - Hamilton, ON Property Type: 2 Units

MONTHLY GROSS RENTAL INCOME Vacancy Rate Other Inc GROSS OPERATING INCOME (GOI)

$3,250 $98 $0

3%

MONTHLY OPERATING EXPENSES Taxes Insurance Utilities Repairs & Maintenance 3% 0% Property Management Condo Fees Other: Other: TOTAL MONTHLY OPERATING EXPENSES

$245 $177 $0 $98 $0 $0 $0 $0 $520

NET OPERATING INCOME (NOI) DEBT SERVICE Purchase Price Downpayment Mortgage Amount Monthly Payment

$3,153

$2,633

$699,900 $139,980 $559,920

20% 2.5%/30 yrs

$2,209

NET MONTHLY CASH FLOW

$424

ACQUISITION COSTS Down Payment Initial Improvements Building Inspection Appraisal Land Transfer Tax Legal Fees TOTAL ACQUISITION COSTS

ROI Cash Flow Principle Recapture Passive Appreciation Forced Appreciation TOTAL ROI

$139,980 $0 $500 $500 $10,473 $1,800 $153,253

@5%

SUMMARY Cap Rate Cash-on-cash Break Even Payback Period (yrs)

3.32% 8.30% 22.83% 0.00% 34.46%

4.51% 3.32% 86.54% 30.1

ROI Breakdown

40%

34.46%

35% 30% 25%

22.83%

20% 15%

8.30%

10% 5%

3.32% 0.00%

0%

Cash Flow

Principle Recapture

Passive Appreciation

Forced Appreciation

TOTAL ROI

NOTE: The information contained herein is provided for informational purposes only. The Listing Brokerage and Broker make no representation of the accuracy of the information contained herein. The purchaser MUST perform their own due diligence and make their own inquiries.

The Heddle Group | Royal LePage State Realty investing@theheddlegroup.ca P: (905) 574-7441 F: (905) 662-2227

APPENDIX F: MPAC Geowarehouse Report

GeoWarehouse AVM Enhanced Residential Report Property Address

14 FAIRVIEW AVE

Municipality

HAMILTON CITY

Real Time Market Value (AVM)

$ 668,000

Valuation Date (yyyymmdd)

20210609

Lower Confidence Limit

$ 603,000

Upper Confidence Limit

$ 724,000

Confidence Rating (H=High, M=Medium, L=Low)

M

Property Type

332 - Duplex

Year Built

1920

Total Area (Above Grade) (sq ft)

1620

Basement Finished Area (sq ft)

650

Number of Bedrooms

4

Number of Full Bathrooms

2

Number of Half Bathrooms

0

Frontage (ft)

31

Depth (ft)

101.1

Site Area

3920.4 F

Generated on 06/13/2021

Copyright © All rights reserved Municipal Property Assessment Corporation. Not to be reproduced by any means or distributed in any manner, in whole or in part, without prior written permission.

Page 1 of 1

APPENDIX G: Geowarehouse Report

Client Report Generated on 2021

This report was prepared by:

14 FAIRVIEW AVE HAMILTON

Shawna Connelly shawnaconnelly@royallepage.ca

PIN 172260116

GeoWarehouse is a product of Teranet Real Estate Information Solutions

© 2021 Teranet Inc.

14 FAIRVIEW AVE

| PIN 172260116

Property Details GeoWarehouse Address:

14 FAIRVIEW AVE HAMILTON L8L7B4 PIN:

172260116

Land Registry Office:

HAMILTON WENTWORTH (62)

Land Registry Status:

Active

Registration Type:

Certified (Land Titles)

Ownership Type:

Freehold

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

GeoWarehouse Client Report | Page

2 of 11

14 FAIRVIEW AVE

| PIN 172260116

Lot Size Area:

4057.99 sq.ft

Perimeter:

282.15 ft

Measurements:

31.06ft x 102.11ft x 50.1ft x 100.11ft Lot Measurement Accuracy : LOW These lot boundaries may have been adjusted to fit within the overall parcel fabric and should only be considered to be estimates.

Assessment Information ARN 251804028156390

Phased-In Value

Assessed Value

$243,000

$243,000

2021 Tax Year

Based on Jan 1, 2016

Frontage: Depth:

31.0 ft 101.1 ft

Description:

Duplex

Property Code:

332

Sales History Sale Date

Sale Amount Type

Aug 27, 2019

$567,500

Transfer

Mar 01, 2019

$450,000

Transfer

Feb 19, 2016

$310,000

Transfer

Jun 30, 2015

$131,555

Transfer

Oct 28, 1994

$2

Transfer

Notes

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

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14 FAIRVIEW AVE

| PIN 172260116

Demographics

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

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14 FAIRVIEW AVE

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

| PIN 172260116

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14 FAIRVIEW AVE

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

| PIN 172260116

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14 FAIRVIEW AVE

| PIN 172260116

Comparable Sales Data Not Available

Area Heat Maps Average Sales Heat Maps - Last 1 Year Block

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

GeoWarehouse Client Report | Page

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14 FAIRVIEW AVE

| PIN 172260116

Growth Rate Heat Maps - Last 5 Years Block

Market Turnover Heat Maps - Last 1 Year Block

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

GeoWarehouse Client Report | Page

8 of 11

14 FAIRVIEW AVE

| PIN 172260116

Historical Market Trends Average Sale Values and Growth Rates

Market Turnover Rates

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

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14 FAIRVIEW AVE

| PIN 172260116

Market Statistics Area Map Average Sales Price - Last 1 Year

$424,372

$535,303 Municipality

Block

Growth Rate - Last 5 Years

Market Turnover - Last 1 Year

5 Year Analysis Up and Coming - This area has proven more affordable than many areas of the municipality, and has seen property prices grow 30.4% higher than the average municipal growth. Worth investigating for investment potential.

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

GeoWarehouse Client Report | Page 10 of 11

14 FAIRVIEW AVE

| PIN 172260116

Terms and Conditions Reports Not the Official Record. Reports, other than the Parcel Register, obtained through Geowarehouse are not the official government record and will not necessarily reflect the current status of interests in land.

Currency of Information. Data contained in the Geowarehouse reports are not maintained real-time. Data contained in reports, other than the Parcel Register, may be out of date ten business days or more from data contained in POLARIS. Coverage. Data, information and other products and services accessed through the Land Registry Information Services are limited to land registry offices in the areas identified on the coverage map.

Completeness of the Sales History Report. Some Sales History Reports may be incomplete due to the amount of data collected during POLARIS title automation. Subject properties may also show nominal consideration or sales price (e.g. $2) in cases such as transfers between spouses or in tax exempt transfers.

Demographic Information. Demographic Information is obtained from Environics Analytics. Environics Analytics acquires and distributes Statistics Canada files in accordance with the Government of Canada's Open Data Policy. No information on any individual or household was made a vailable to Environics Analytics by Statistics Canada.

PRIZM and selected PRIZMC2 nicknames are registered trademarks of The Nielsen Company (U.S.) and are used with permission.

The Property Information Services, reports and information are provided "as is" and your use is subject to the applicable Legal Terms and Conditions. Some information obtained from the Land Registry Information Services is not the official government record and will not reflect the current status of interests in land. Use of personal information contained herein shall relate directly to the purpose for which the data appears in land registry records and is subject to all applicable privacy legislation in respect of personal information. Such information shall not be used for marketing to a named individual.

Parcel Mapping shown on the site was compiled using plans and documents recorded in the Land Registry System and has been prepared for property indexing purposes only. It is not a Plan of Survey. For actual dimensions of property boundaries, see recorded plans and documents.

GeoWarehouse is a product of Teranet Real Estate Information Solutions

Report Generated On Jun 13, 2021 by Shawna Connelly (291168)

GeoWarehouse Client Report | Page 11 of 11

APPENDIX H: Statistical Data

BrokerBay

Offers

Avg Price

Avg DOM

Page 2 of 2

YoY

% YoY

2021-06-14, 8:12 PM

Sold

Hamilton

Showings

New Listings

Hamilton

- MoM

Hamilton

+% YoY

Hamilton

- MoM

Hamilton

+% YoY

Hamilton

Hamilton

- MoM



+% YoY

$

- MoM



+% YoY



- MoM

 +% YoY

 - MoM

Showing Volume

https://rlpstate.brokerbay.ca/#/analytics/market

BrokerBay

New Listings

Sold Hamilton

Showings

+% YoY

Hamilton

- MoM

Hamilton

+% YoY



- MoM

 +% YoY

 - MoM

Offer Volume

https://rlpstate.brokerbay.ca/#/analytics/market

Offers Hamilton

+% YoY

 - MoM

Hamilton

Avg Price

Hamilton

Avg DOM

% YoY

2021-06-14, 8:12 PM

Hamilton

- MoM



+% YoY

$ - MoM

YoY

Page 2 of 2

Matrix

2021-06-14, 8:25 PM

https://matrix.rahb.ca/Matrix/Stats/StatsPrint.aspx?c=AAEAAAD**…GNoYXJ0LXR5cGUxPSJTcGxpbmUiIGNoYXJ0LXR5cGUyPSJDb2x1bW4iIC8(&t2=

Page 1 of 2

Matrix

Month

2021-06-14, 8:25 PM

Days to Sell, Average

Jul 2020

29

Aug 2020

17

Sep 2020

12

Oct 2020

9

Nov 2020

9

Dec 2020

8

Jan 2021

35

Feb 2021

46

Mar 2021

13

Apr 2021

14

May 2021

14

Jun 2021

14

Search Criteria Time frame is from Jul 2020 to Jun 2021 Region is 'Hamilton' Property Type is 'Multi-Residential' Transaction Type is 'Sale' Property Sub Type is one of 'Duplex - Side/Side', 'Duplex - Up/Down' Results calculated from 68 listings All information contained herein is for the exclusive use of authorized Users. Copyright ©2021 REALTORS® Association of HamiltonBurlington

https://matrix.rahb.ca/Matrix/Stats/StatsPrint.aspx?c=AAEAAAD**…NoYXJ0LXR5cGUxPSJTcGxpbmUiIGNoYXJ0LXR5cGUyPSJDb2x1bW4iIC8(&t2=

Page 2 of 2

Matrix

2021-06-14, 8:25 PM

https://matrix.rahb.ca/Matrix/Stats/StatsPrint.aspx?c=AAEAAAD**…GNoYXJ0LXR5cGUxPSJTcGxpbmUiIGNoYXJ0LXR5cGUyPSJDb2x1bW4iIC8(&t2=

Page 1 of 2

Matrix

Month

2021-06-14, 8:25 PM

Sales Price to List Price Ratio

Jul 2020

99.2%

Aug 2020

99.5%

Sep 2020

100.0%

Oct 2020

100.0%

Nov 2020

100.6%

Dec 2020

106.1%

Jan 2021

100.9%

Feb 2021

98.5%

Mar 2021

103.0%

Apr 2021

113.1%

May 2021

99.3%

Jun 2021

105.6%

Search Criteria Time frame is from Jul 2020 to Jun 2021 Region is 'Hamilton' Property Type is 'Multi-Residential' Transaction Type is 'Sale' Property Sub Type is one of 'Duplex - Side/Side', 'Duplex - Up/Down' Results calculated from 68 listings All information contained herein is for the exclusive use of authorized Users. Copyright ©2021 REALTORS® Association of HamiltonBurlington

https://matrix.rahb.ca/Matrix/Stats/StatsPrint.aspx?c=AAEAAAD**…NoYXJ0LXR5cGUxPSJTcGxpbmUiIGNoYXJ0LXR5cGUyPSJDb2x1bW4iIC8(&t2=

Page 2 of 2

Matrix

2021-06-14, 8:26 PM

https://matrix.rahb.ca/Matrix/Stats/StatsPrint.aspx?c=AAEAAAD**…GNoYXJ0LXR5cGUxPSJTcGxpbmUiIGNoYXJ0LXR5cGUyPSJDb2x1bW4iIC8(&t2=

Page 1 of 2

Matrix

Month

2021-06-14, 8:26 PM

Months of Inventory

Jul 2020

1.8

Aug 2020

4.3

Sep 2020

5.7

Oct 2020

2.8

Nov 2020

2.5

Dec 2020

7.0

Jan 2021

1.1

Feb 2021

3.2

Mar 2021

1.8

Apr 2021

2.9

May 2021

2.2

Jun 2021

3.8

Search Criteria Time frame is from Jul 2020 to Jun 2021 Region is 'Hamilton' Property Type is 'Multi-Residential' Transaction Type is 'Sale' Property Sub Type is one of 'Duplex - Side/Side', 'Duplex - Up/Down' Results calculated from approximately 160 listings All information contained herein is for the exclusive use of authorized Users. Copyright ©2021 REALTORS® Association of HamiltonBurlington

https://matrix.rahb.ca/Matrix/Stats/StatsPrint.aspx?c=AAEAAAD**…NoYXJ0LXR5cGUxPSJTcGxpbmUiIGNoYXJ0LXR5cGUyPSJDb2x1bW4iIC8(&t2=

Page 2 of 2