Montreal home valuations up 6%, lowest in a decade
Rosemont–La Petite-Patrie, Villeray–Saint-Michel–Parc-Extension see highest increase among boroughs
Property assessments in Montreal are up 5.9 per cent, the lowest increase in a decade.
The head of the city's executive committee said the new numbers reflect a levelling off in the growth of property values.
"Such stability helps prevent the kind of real estate bubble we've seen in Vancouver and Toronto and helps keep housing affordable across the island, " Pierre Desrochers said Wednesday.
The property assessments will be used to help determine property taxes for the next three years, from 2017 to 2019.
Within the City of Montreal, Rosemont–La Petite-Patrie, Villeray–Saint-Michel–Parc-Extension and the Southwest borough had the highest increases.
Among municipalities, Westmount and Town of Mount Royal saw the largest jump.
Previous rolls had seen values increase by more than 20 per cent.
- More and more Montrealers challenging property assessments
- See below for a breakdown of the increases
'Chill' on housing market?
The Greater Montreal Real Estate Board had earlier predicted a five per cent increase for single-family homes and duplexes.
Paul Cardinal, director of market analysis at the Quebec Federation of Real Estate Boards, attributed the low increase in part to a change in mortgage rules.
"In 2013, the maximum amortization period dropped from 30 years to 25 years. That cast a chill on the Quebec housing market," he said.
"We continued to see a slowdown in sales in 2014 ... But in 2015 until today, the market is growing again."
Executive committee head Pierre Desrochers says new valuations suggest Montreal is avoiding overheated market <a href="https://t.co/rf5IVGSpVY">pic.twitter.com/rf5IVGSpVY</a>—@Steverukavina
Average property increases, by municipality
- Westmount - 7.2%
- Town of Mount Royal - 6.6%
- Montreal - 6.2%
- Pointe-Claire - 5.8%
- Beaconsfield - 5.5%
- Montreal-East - 5%
- Dollard - 4.2%
- Montreal West - 2.9%
- Kirkland - 2.5%
- Côte-Saint-Luc - 1.9%
- Senneville - 1.8%
- Sainte-Anne-de-Bellevue - 1.1%
- Baie-D'Urfé - 1.11%
- Hampstead - 0,1%
- Dorval Island - minus 4.3%
Average property increases, by borough
- Rosemont–La Petite-Patrie - 9.3%
- Villeray–Saint-Michel–Parc-Extension - 8.3%
- Southwest - 7.8%
- Côte-des-Neiges–Notre-Dame-de-Grâce - 7.7%
- Plateau–Mont-Royal - 7.2%
- Outremont - 6.3%
- Montreal - 6.2%
- Ville-Marie - 6.1%
- Mercier–Hochelaga-Maisonneuve - 6.1%
- Lachine - 5.8%
- Saint-Laurent - 5.4%
- Ahuntsic-Cartierville - 5.1%
- Rivière-des-Prairies–Pointe-aux-Trembles - 5%
- LaSalle - 4.8%
- Montreal North - 4.7%
- Pierrefonds-Roxboro - 4.6%
- Verdun - 4.3%
- Île-Bizard–Sainte-Geneviève - 3.8%
- Anjou - 3.7%
- Saint-Leonard - 3%
with files from Steve Rukavina
To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.
By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.
Become a CBC Account Holder
Join the conversation Create account
Already have an account?