The average property value has jumped by 19,5 per cent on the island of Montreal, according to a new municipal assessment roll unveiled Tuesday.
The highest jump is once again on the Plateau, where values are up by more than 26 per cent. The average price of a home there is now $670,000, up more than 60 per cent since 2007.
Boroughs with the largest increases:
- Plateau-Mont-Royal: 26.4%
- Town of Mount Royal: 25.8%
- Westmount: 20.9%
Most of the other boroughs and demerged cities are between 17-19%
Boroughs with the lowest increases:
- Montreal-East: 6.1%
- Senneville: 6.8%
- Dorval: 12.2%
- Baie d'Urfe: 14.2%
The valuations are based on sales as of July 1, 2012 and calculated by city evaluators after assessing 483,373 properties across the territory. The total value for these homes is $296.6 billion.
“The prices that we observe in the market gives us the answers,” said city evaluator Bernard Cote, adding that there’s some good news to the hike.
“When the roll increases by 20 per cent like it does right now, it doesn’t mean the taxes will increase in the same proportion, that's for sure,” he said.
It is an indication, however, of where things are heading. A valuation with an increase of more than the average of 20 per cent means taxpayers in that borough should expect to pay more.
One of the major problems in many residential areas is that with a lack of businesses, homeowners pay the majority of city taxes.
Montreal and the demerged cities unveil their budgets in the fall.
