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Residential, commercial property values jump in N.S. for second year in a row

Property Valuation Services Corp. cites strong demand despite higher cost of materials, labour

Residential and commercial property values in Nova Scotia have jumped significantly for the second consecutive year.

They are up 17.8 per cent over the past 12 months, according to new figures from the Property Valuation Services Corporation. That follows an increase of 18.2 per cent during the preceding year.

Strong demand for housing and commercial properties continues to drive the growth, said Jeff Caddell, the corporation’s assistant director of operations. In rural areas, proximity to water seems to be adding value to properties, he said.

“We started to see a slowdown somewhat toward the end of the year, but certainly the increase that we saw for the majority of the year is resulting in those strong changes over last year’s assessments.”

The corporation’s figures show that overall growth varied from one to three per cent before the current uptick.

Property values are rising despite the increased cost of construction materials and labour, Caddell said. …[Continue Reading]