Home Prices In Montreal Have Skyrocketed With The Highest Increase In Nearly A Decade
So... is now the time to panic?
- Property values have skyrocketed in Montreal, inevitably bringing property taxes up with them.
- A new property assessment roll was released by the city today, indicating an almost 14% increase.
- Homeowner or soon-to-be homebuyer? Take a look at what this means for you. 👇
A new property assessment roll was released by the city of Montreal on Wednesday, and it's kind of bittersweet. This year has seen some dramatic spikes in the average property values. Yes, that's good for the economy... but not so good for Montreal residents looking to buy property.
According to the latest assessment, including Montreal and 15 neighbouring cities, values have spiked a whopping 13.7% on average. To put that into perspective, when the last roll was released in 2016 they were up just 5.9%.
If you're already a homeowner and this news is beginning to set off a series of alarm bells with property taxes in mind, you don't have to panic quite yet.
The City of Montreal said Wednesday that they are committed to adjusting the upcoming tax rate to maintain a tax base similar to previous years. On average, Montreal homeowners will feel a 2% increase on their next tax bill. Though some areas will notice a higher rate increase.
If you're a homeowner and want to check the value of your property, you can do so on the city's property assessment roll or at your local borough office.
The new assessments will be effective from January 1, 2020.
For more information about Montreal boroughs, and Mayor Plante's statement, keep reading.
The City of Montreal on average spiked to 12.7% but the largest spikes in value were the boroughs of Verdun at 19.8%, followed closely by Southwestern (17.1%), and the Plateau (16.1%). With the amount of growth and popularity of Verdun and areas like Griffintown, this isn't that surprising.
The boroughs of Outremont, Rosemont-La Petite-Patrie, Côte-des-Neiges-Notre-Dame-de-Grace, Ville-Marie, Lachine and Pierrefonds-Roxboro were also higher than the city average.
The tweet above reads:
Did you know that the property value of a property is determined by the real estate market of its sector?
Of the 16 municipalities included in the assessment, L'Île-Dorval (27.4%), Beaconsfield (25.9%) and Hampstead (23.6%) had the largest increases in value. Though Westmount, Kirkland and Mount Royal were all over 20%, as well.
According to Mayor Valérie Plante, "The new property assessment rolls are undeniable proof of Montreal's dynamic real estate scene, which contributes to the city's economic vitality. The rise in the real estate market is, however, of great concern to the most vulnerable and this is why our administration is redoubling its efforts in its strategy of 12,000 social and affordable housing units and in all of its actions to maintain the social and economic mix. Montreal's economy."
So maybe it's not all doom and gloom for Montrealers who want to actually buy a home at one point in their life?
The, which launched in September, will help new homebuyers reduce monthly payments on a first mortgage.
So, that's one (baby) step in the right direction. But with the average cost of a Montreal condo at $367,000 and $600,000 for a single-family home... most people are already priced out of the market.
To check the value of your property, you can visit the property assessment roll site.