Montreal buildings are worth 13.7% more than they were 3 years ago

According to the last property assessment filed by the City of Montreal for the period of 2020 to 2022, Montreal buildings have seen their value appreciate more quickly than in recent years; however, this increase is not equally distributed by type of building or location.

Thus, all categories combined, buildings of 6 units or more have seen their value appreciate the fastest with a gain of 21.7% between 2015 and 2018.

The value of plexes (2 to 5 units) has increased by 13.9% since the last assessment, which is very close to the overall average calculated by the city.

Single-family homes benefited from a 16.7% increase in their value over the same period, reaching $93.2 billion.

Condominiums represent the building category that has increased the least in value: barely 8.7% between the last two assessments.

Unequal distribution

The appreciation of real estate values is not distributed in the same way across sectors. Hampstead, Beaconsfield and Mont-Royal overtook the territory with a change in value of between 23 and 28%. Westmount and Kirkland follow closely, with variations ranging from 20% to 23%. The Outremont, Plateau-Mont-Royal, Sud-Ouest, Verdun, Pointe-Claire, Dollard-Des-Ormeaux and Baie-D'Urfé sectors gained between 15% and 20% in value.

Tax increases should not exceed inflation

Benoit Dorais, Chairman of the City's Executive Committee, said that tax increases would follow the consumer price index, with an average of 2% for the residential sector. However, this is the second largest increase in 7 years. Boroughs could also decide to increase their own taxes in addition to those of the City of Montreal.

In the commercial sector, tax increases are expected to be limited to 1.5%. However, it should be noted that taxation in this sector is 4 times higher than in the residential sector.