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
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Canada recognizes housing as a human right. Few provinces have followed suit
As more Canadians find themselves struggling to afford or find housing, the country's smallest province is the only one that can point to legislation recognizing housing as a human right.
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
Pro-plastic lobbyist presence at UN talks is 'troubling,' say advocates
Environmentalist groups are sounding the alarm about a steep increase in the number of pro-plastic lobbyists at the UN pollution talks taking place this week.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.