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Landlord ‘between anger and helplessness’ as his property value on affordable housing units more than doubles in Truro, N.S.

TRURO, N.S. — Mike Scherz was shocked when he saw his 2024 property value assessment.

Scherz is a landlord who owns a five-unit apartment building in Truro. When he purchased the building in 2022, he opted into the Affordable Housing Fund through the Canadian Mortgage and Housing Corporation (CMHC) for four of his units – three one-bedroom units and one bachelor unit.

At the time of purchase, the building was valued at around $176,000. In 2023, it increased to $228,000.

Now, his property has an assessed value of over $500,000.

Last year, he paid $4,341 in property taxes. According to Viewpoint, he’ll spend around $9,530 this year – more than double from the year before.

“The rates they give you… they’re not realistic these days, with all the increases,” said Scherz.

Providing affordable housing

Scherz entered into the affordable housing program to help fight against the increase in homelessness and poverty by providing units with relatively cheap rent.

The CMHC mandates that partnered organizations that enter into agreements under the affordable housing fund, which provides capital for new construction or renovations to existing structures, must abide by their rent price guidelines. …[Continue Reading]