Property values shoot up by 32.4% across Montreal island
In some boroughs and municipalities, average single-family home value tops $1.5M
CBC News · Posted: Sep 14, 2022 12:15 PM ET | Last Updated: September 14
Property values across the Montreal island have shot up by a whopping average of 32.4 per cent, and as a result, owners can expect their taxes to go up as of next year.
The Agglomeration of Montreal released its data on property tax rolls Wednesday and they will remain in effect for the next three tax years.
The 32.4 per cent jump is more than the double the increase from the last tax roll.
The biggest value increases were seen in Lachine, Pierrefonds-Roxboro and Saint-Laurent with an average jump of 40 per cent. Ville-Marie only saw an increase of 15.7 per cent — the lowest among the city’s boroughs. That’s mostly due to a dip in commercial property values caused in part by the pandemic.
As for demerged municipalities, Montréal-Est led the way with a 52.5 per cent increase, mostly due to a spike in value for industrial properties. In the most populous demerged municipality, Dollard-des-Ormeaux, the average hike was up by 45.1 per cent.
The average single family home in Montreal now costs $840,000, while the average condo costs $492,400. The most valuable single family home in the city costs $32,639,700.
The 502,789 units on the property rolls have reached a value of $526.3 billion. That’s up by nearly $142 billion compared to the last property tax rolls. Since 2001, that total value has more than quintupled.
Some types of non-residential buildings had much lower increases or even lost value due to the pandemic, like office buildings which only increased by 6.5 per cent and malls, which lost 2.1 per cent of their value.
Other key numbers:
- The average single-family home costs more than $1.5 million in these municipalities and city boroughs: Westmount ($2.6 million), Outremont ($2.1 million), Hampstead ($1.96 million), Town of Mount Royal ($1.9 million) and Ville-Marie ($1.5 million).
- Residential buildings with six units or less saw their value go up by an average of 35.6 per cent.
- Those with more than six units saw their value go up by an average of 35.1 per cent.
- The value of non-residential buildings increased by an average of 25.7 per cent.
- The value of industrial buildings increased by an average of 60.5 per cent.
Owners will not necessarily see their property taxes go up by an average of 32 per cent. However, generally, owners whose property values have gone up could end up paying more in taxes.
People can see how their property was assessed by going to the city of Montreal’s website or in person at city hall or Accès Montréal offices.