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Property values in Nova Scotia climb steeply this year due to hot market, pandemic

Residential assessments up about 20% over last year, commercial properties up about 7%

The value of Nova Scotia properties is rising steeply this year due to a hot housing market in 2021 and new construction projects.

Residential values are going up about 20 per cent overall in 2023 and commercial properties are increasing about seven per cent, according to the Property Valuation Services Corp.

“There was times when we used to do assessments on a three-year period — we’d only do a reassessment every three years — so at that time we used to have some large increases, but I would say since we’ve gone to a yearly [basis], these would be … probably the largest that we’ve seen,” said Lloyd MacLeod, PVSC director of assessment.

The numbers vary by municipality and are based on sales data from the year 2021, plus property condition information up to Dec. 1, 2022.

The pandemic had an impact on property values in 2021, but no one is sure how much, MacLeod said. …[Read More]