The housing market appears to have cooled in the last three years, according to the latest assessment roll released by the city of Montreal.
The average home on the island saw its value increase by 5.9 per cent. In Montreal but excluding the suburbs, the average increase was 6.2 per cent, according to the documents released Wednesday by the city.
The average single-family home was valued at $455,500 in the city of Montreal, and $510,100 on the island, including the suburbs.
It’s the first time since the year 2004 that home values didn’t increase by double digit numbers. In 2004, values jumped by 22.7 per cent. They soared by 38.6 per cent in 2007, by 22.4 per cent and 19.5 per cent in 2014.
Based on market values from home sales, the assessment roll is re-evaluated every three years by the city. The last time the assessment roll was done was in 2012. Values observed reflect a snapshot of the housing market from July 1, 2015. More than 26,000 real estate transactions were analyzed to come up with the figures.
Municipalities use assessment rolls to charge property taxes, based on a percentage of the property’s value. Every property has its own value on which the taxes are based.
While the average increase in the city was 6.2 per cent, any properties that saw increases more than that amount will likely see a hike in their taxes in 2017, while properties whose values didn’t increase as much will see tax breaks.
The boroughs with the highest increases were Rosemont—La Petite-Patrie, Villeray—St-Michel—Parc-Extension and Sud-Ouest. The boroughs with the smallest increases were Île-Bizard—Ste-Geneviève, Anjou and St-Léonard.
The suburbs on the island with the highest increases were Westmount, Town of Mount Royal and Pointe-Claire, while the suburbs with the lowest increases were Senneville, Baie-d’Urfé and Hampstead.
Individual property owners can consult their values on the city’s website as of 10 a.m. Wednesday.
Owners who don’t believe their homes have been properly assessed can dispute the value.
