Countys property values up 49 per cent in five years

Sherry Martell
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TRURO - During the past five years the value of residential properties in Colchester County has increased by about 49 per cent.
Hughie MacIsaac, a Truro-based realtor, said looking back to 2006, values during that time were considerably lower than the market value but in recent years the gap has steadily been closing.
He said the increased assessed values are not having a dramatic affect on the local real estate market.
"It varies, it really does," said MacIsaac. "Some are selling at assessed values, but it is more common they are selling slightly above the assessed value."
During the past five years Truro's the overall value of Truro's residential properties has increased 42.3 per cent, and Stewiacke's have gone up by 52.2 per cent.
MacIsaac said in today's economy people are being cautious and there is a demand for affordable housing.
"The properties that seem to be selling the best are the ones up to $250,000," said the realtor.
Joe McEvoy, spokesman for Property Valuations Services Corporation, said this year's assessment notices include the past five year's assessment values for each property where available.
He said they have received feedback from people surprised to see a continuous increase over that period of time, which is related to substantial growth in both residential and commercial sectors in Nova Scotia.
He said the corporation continually monitors real estate sales across the province proving values are continuing to increase but not as rapidly as they had in past years.
"There were fewer sales, they were on the market for a longer period of time, but for the most part they were still increasing, but not as rapidly as they had in the past," said McEvoy.
MacIsaac said he believes the current system in place for determining property values is, "probably as accurate a system as you could expect."

Organizations: Property Valuations Services

Geographic location: Colchester County, Nova Scotia

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