Residential property assessments climb in Nova Scotia
Residential property assessments are climbing in Nova Scotia.
Dan Shaw from the Dalhousie Rowe School of Business believes the increase in property assessments is linked to the current real estate market, especially in Halifax.
“Housing prices are very high and looking at last year in ‘20-21 it was up about 19 per cent,” said Shaw.
Residential property assessments are up almost 11 (10.8) per cent in Nova Scotia and more than 13 (13.4) per cent in Halifax. Supply and demand within the real estate market is a driving factor.
“You also have you also have incredibly low amount of houses on the market." said Shaw. "I think it was a 20 year low.”
As property values and assessment rates continue climb in Nova Scotia, mortgage broker Clinton Wilkins said it could be worse.
“We still are very affordable compared to many areas across the country,” said Wilkins, who added population growth is also causing property values and assessments to climb.
“We have a lot of people moving here from across the country," said Wilkins. 'There is no place I would rather live than Nova Scotia and I think the word is getting out that we have a great lifestyle here.”
The rate of people moving to Nova Scotia from other Canadian provinces is historically high.
“We have we have in-migration from other provinces that has come up very sharply," said Shaw, who added the notion of Nova Scotia being a hotspot destination is also spreading globally.
“I was on the phone with a business being in Qatar and he said to me 'I hear Halifax is going to be the new Seattle,’ " said Shaw.
Shaw expects further sustained population growth which could possibly cause real estate values and assessments to climb even higher.
According to seniors advocate Bill VanGorder, this is not good news for seniors who own their homes and live on fixed incomes.
“What they are really concerned about, is politicians, especially municipal politicians realize this is not an excuse to raise the taxes,” said VanGorder.
VanGorder said taxes do not need to go up just because assessment values have increased.
CTV reached out to several HRM Councillors for comment, but we did not get a response.
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.