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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Town of Fort Nelson, B.C., ordered to evacuate due to wildfire
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Snowbirds in Vancouver for puck-drop flyby as Canucks face Oilers
The Canadian Forces Snowbirds will be performing a flyover across downtown Vancouver at the start of tonight's Stanley Cup playoff game between the Canucks and the Edmonton Oilers.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.