Residential, commercial property values jump in N.S. for second year in a row - Action News
Home WebMail Wednesday, November 13, 2024, 02:26 AM | Calgary | -2.2°C | Regions Advertise Login | Our platform is in maintenance mode. Some URLs may not be available. |
Nova Scotia

Residential, commercial property values jump in N.S. for second year in a row

Nova Scotia's Property Valuation Services Corporation says strong demand for housing and commercial properties continues to drive large increases in assessed values, despite the rising cost of construction materials and labour.

Property Valuation Services Corp. cites strong demand despite higher cost of materials, labour

A large open area is shown inside a building under construction, with several large pillars holding up the ceiling and a man hunched over welding metal.
Nova Scotia's Property Valuation Services Corp. says strong demand for residential and commercial properties is continuing to drive up assessment values across the province. (Tom Ayers/CBC)

Residential and commercial property values in Nova Scotia have jumped significantlyfor the second consecutive year.

They are up 17.8 per cent over the past 12 months, according to new figures from theProperty Valuation Services Corporation. That follows an increase of 18.2 per centduring the preceding year.

Strong demand for housing and commercial properties continues to drive the growth, said Jeff Caddell, the corporation's assistant director of operations.In rural areas, proximity to water seems to be adding value to properties, he said.

"We started to see a slowdown somewhattowardthe end of the year, but certainly the increase that we saw for the majority of the year is resulting in those strong changes over last year's assessments."

The corporation's figures show thatoverall growth varied from one to three per cent before the current uptick.

Property values are rising despite the increased cost of construction materials and labour, Caddell said.

Effect on property taxes not yet clear

The corporation sent all property owners their assessment notices this week, but Caddell said it's not yet clear what that will mean for property owners' taxes.

"At PVSC, we value properties at market value," he said. "The municipalities are responsible for setting the tax rate, so I can't speak for what municipalities will do."

Municipalities use assessment values to set tax rates, which will be done this spring at the earliest. If they don't lower the rates, most property owners will pay more taxes this year.

However, under the province's capped assessment program, if there's no change to the tax rate, most residential properties will only be subject to an increase of3.2 per cent, which is based on the Nova Scotia consumer price index.

Halifax's overall property values are up by $13.15 billion, or about 16 per cent over last year. That's down from an increase of 21 per centthe previous year.

Caddellalso said the corporationis speaking with municipalities and property owners to determine what effects, if any, arose from wildfires and floods in 2023 and to determine whether there are any lingering effects from post-tropical storm Fiona in 2022.

Cape Breton Regional Municipality's total values are up about $1.66 billion this year, or about 21 per cent, which is a large increase compared to the previousyear's boost of nine per cent.

Stewiacke continues large increases

The Town of Stewiacke saw the saw values rise by32 per cent the largest jump in assessed values in the province followingan increase of28.5 per cent.

In Cape Breton, assessments wereup:

  • $446 million, or 24 per cent, inInverness County;
  • $249 million, or 20 per cent, inVictoria County;
  • $223 million, or 18 per cent, in Richmond County;
  • and$55.7 million, or 17 per cent, in the Town of Port Hawkesbury.

More information about assessment changes in each municipality, and how they are determined, is available on the corporation's website.

Anyone who wishes to question or appeal their property assessment can call 1-800-380-7775 or email inquiry@pvsc.ca.

MORE TOP STORIES

Add some good to your morning and evening.

Get the latest top stories from across Nova Scotia in your inbox every weekday.

...

The next issue of CBC Nova Scotia newsletter will soon be in your inbox.

Discover all CBC newsletters in theSubscription Centre.opens new window

This site is protected by reCAPTCHA and the Google Privacy Policy and Google Terms of Service apply.