As expected, the overheated real estate market will have caused the value of the vast majority of Montreal properties to explode with an unprecedented jump of one third of their value.
Montreal's new assessment roll shows an overall increase of 32.4% compared to the values listed in the previous rolls. Three years ago, the value of buildings experienced an overall increase three times less, by 13.7%.
Thus, on the island of Montreal, single-family residences saw their value increase by 38 .6% on average. Condominiums are up 30.7%, while the value of small income properties with two to five units, commonly referred to as plexes, is up 35.5%.
Non-residential buildings show an average increase of 25.7%. It is in the category of industrial buildings that we find the most significant increase in value, with a growth of 60.5%.
Certain categories of non-residential buildings, strongly affected by business slowdown caused by the COVID-19 pandemic, show a much lower than average increase in value or even a decrease in value. This is the case for shopping centres, office buildings and certain other buildings occupied by hotels.
These new values entered on the rolls will be used as the property tax base for the fiscal years from 2023, 2024 and 2025.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my firstname.lastname@example.org 1-800-268-7128