MONTREAL - Property values have jumped an average of 22.4 per cent across the island of Montreal, the assessment roll for 2011-2013 has shown.
The market value of homes in Plateau-Mont-Royal rose the most – up 34.7 per cent in four years. Property values are up 30.6 per cent in the Southwest borough, and 28.4 per cent in Rosemont –Petite-Patrie and 25.8 per cent in Villeray-Parc-Extension.
"People want to live there and they're willing to pay the amount that they are paying," said the city of Montreal's chief evaluator Gaetano Rondelli of the coveted Plateau postal code.
The lowest increase is in Cote-St-Luc, where home values jumped by 11.2 per cent.
Increases in the West Island range from a low of 16 per cent in Kirkland and a high of 23 per cent in Ste. Anne de Bellevue.
One of the biggest trends in property value increases is in duplexes and triplexes, which have risen 26.7 per cent, while single-family homes are up by 21.6 per cent. Condominiums made off with the lowest increase at 19.1 per cent.
Evaluating the market value of a residential building is part of an equation the city and agglomeration council use to set the rate of taxes for the 2011 budget, and determine the contribution required by Montreal's suburbs.
The city of Montreal Wednesday refused to say if taxes will increase as a result of the property hike.
"We have to wait the amount of expenses and the taxation strategy," said budget director Jean-Francois Leclaire.
Peter McQueen of Project Montreal said it's not an encouraging sign.
"Three boroughs got it the worst in Plateau-Mont-Royal, Southwest and Rosemont. They got increases, so the people of those boroughs are going to be paying more taxes for the next three years," he said.
Officials said the city can adjust taxation rates and said residents shouldn't worry, because evaluations don't always translate to a tax hike.
The new budget will be revealed in November.
To see the evaluation rates online, click here
