Residential property assessments climb in Nova Scotia
Residential property assessments are climbing in Nova Scotia.
Dan Shaw of the Dalhousie Rowe School of Business believes the rise in property assessments is tied to the current real estate market, particularly in Halifax.
“Housing prices are very high and looking at last year in ’20-21, they’re up about 19%,” Shaw said.
Residential property assessments increased nearly 11 (10.8)% in Nova Scotia and over 13 (13.4)% in Halifax. Supply and demand in the real estate market are a determining factor.
“You also have an incredibly low number of homes on the market,” Shaw said. “I think it was a 20-year low.”
As property values and appraisal rates continue to climb in Nova Scotia, mortgage broker Clinton Wilkins said it could be worse.
“We’re still very affordable compared to many parts of the country,” said Wilkins, who added that population growth is also driving up property values and assessments.
“We have a lot of people moving here from across the country,” Wilkins said. “There’s no place I’d rather live than Nova Scotia and I think word is spreading that we have a great lifestyle here.
The rate of people moving to Nova Scotia from other Canadian provinces is historically high.
“We have immigration from other provinces that has increased very strongly,” said Shaw, who added that the idea of Nova Scotia as a must-visit destination is also spreading around the world.
“I was on the phone with a company in Qatar and he said, ‘I heard Halifax was going to be the new Seattle,'” Shaw said.
Shaw expects continued population growth which could eventually drive up real estate values and valuations even further.
According to seniors’ advocate Bill VanGorder, this is not good news for seniors who own their homes and live on fixed incomes.
“What really concerns them is that politicians, especially municipal politicians, realize that this is not an excuse to raise taxes,” VanGorder said.
VanGorder said taxes don’t need to go up just because assessment values have gone up.
CTV contacted several HRM advisers for comment, but we did not get a response.