The data obtained by the Star is a harbinger of things to come — although the market could conceivably change within a year.

(Some analysts are saying the market has been overvalued by as much as 20 per cent, although they are in the minority. If prices do fall, some property values could conceivably be lower next year than this year.)

“Residents have every right to question the system,” said Kristyn Wong-Tam, councillor for Ward 27, which includes Rosedale and Moore Park. “At the end of the day it impacts families in a big way and could determine anything from better food on the table to whether they should send their kids to camp.

“You have seniors who have lived there for 40 years and the neighbourhood has transitioned around them,” continued Wong-Tam. “They could have bought the property for $70,000 and now it’s worth $2 million.”

Susan Eng, vice-president of advocacy for the Canadian Association of Retired Persons (CARP), says rising taxes as a result of increased assessments has long been a worry for her members.

“The overriding goal is for people to stay at home as long as possible even if they have medical or other challenges,” said Eng. “Escalating costs like utility bills and property taxes are major concerns.”

How much a property sold for is just one tool used by MPAC to determine value. The organization also looks at the sale prices of comparable properties in the area, as well as more than 200 other factors, including recent renovations and even the quality of construction, to determine value.

And just because values may rise by 15 per cent does not mean that taxes will rise by an equal amount. It depends on what other homes in the same municipality have gone up by as well. If you are close to the average increase, you likely won’t have to pay more.

The type of dwelling also makes a difference. Bungalows were the big gainers over the past few years. This includes a 41 per cent increase for bungalows in Wong-Tam’s ward of Moore Park and Rosedale, and 22 per cent in Davisville and Lawrence Park, and a 25 per cent gain in York Mills and the Bridle Path.

“It’s really remarkable just growing up and seeing things change in your neighbourhood,” said Christine Acconcia, whose approximately 2,500-square-foot bungalow is dwarfed by far larger infill building in her area.

Acconcia’s parents moved into the exclusive enclave of Hogg’s Hollow in the York Mills neighbourhood when she was just a year old.

Since then she has lived in and out of the area and has purchased her own bungalow not far from her parent’s house.

Over the years, Hogg’s Hollow has become one of the city’s most affluent areas — as bungalows such as Acconcia’s have been turned into urban palaces by developers, with some properties going for well north of $3 million.

The shortage of buildable land in the city has meant that tear-down bungalows are in demand by developers — and prices have appreciated.