Assessment notices were sent to property owners this week. (Rick Conrad / File)

Nova Scotia property values continue to rise, but the double-digit increases seen during the Covid-fuelled buying spree are over.

Overall, total property assessments in Nova Scotia have topped $200 billion for the first time, with residential and commercial properties combining for $206.3 billion on 2026 assessments, according to numbers released Monday by the independent, non-profit Property Valuation Services Corporation.

Residential assessments rose by 8.5 per cent over 2025. That compares to an 11 per cent increase over 2024.

In Queens County, residential assessments rose by $151,836,700 or seven per cent over 2025. 

In 2025, they rose by 9.5 per cent and the 2024 assessments were 25 per cent higher than the year before.

Jeff Caddell, director of valuation standards for PVSC, told QCCR on Monday that lower-priced properties such as mobile homes are becoming more attractive. Even so, properties near the water are still popular.

“We’re starting to see a more focused demand for property. So, we’re seeing smaller, more affordable homes increasing at a faster pace from a market perspective, than higher-value homes. We’re also seeing more of those types of homes being constructed as well,” Caddell said.

“Queens County is no exception. We’re seeing a trend towards smaller homes, more moderately priced homes selling, we’re seeing good market growth, and those types of properties, manufactured homes across the province, the last couple of years we’ve seen strong market demand for those properties, and that’s continuing into this year as well. Semi-detached townhouses, duplexes, multi-units, we’re seeing market increase in those types of properties as well.”

Caddell said people are also looking for properties beyond urban areas like the Halifax region.

“So typically, provincially, much of that value increase is centred around HRM, the urban areas in the province, but we’re starting to see value shift outside of the urban cores in the province. So looking at small towns, small municipalities across the province, where there’s access to amenities. It’s these types of areas where we’re seeing good, strong market change, and as well as construction to meet the housing needs in those areas.”

2026 assessments are based on sales and financial data from 2024 and reflect a market value as of Jan. 1, 2025, and the physical state of properties as of Dec. 1, 2025.

Municipalities received the assessment roll for their region in mid-December.

The PVSC mailed 2026 assessments to more than 650,000 property accounts on Monday. 

This year’s Capped Assessment Program rate is 2.6 per cent, up from 1.5 per cent last year. About 72 per cent of residential properties qualify for the CAP, which limits the amount assessments can increase every year. Municipalities assess property taxes based on the CAP amount.

Caddell said they received about 9,000 appeals last year, with about 20 to 25 per cent of those having their assessments adjusted.

“So in many cases, the taxable doesn’t change, because it’s already lower than the market value assessment. So it’s just an important consideration, but if property owners have questions, they can certainly give us a call on that.”

The deadline to appeal your property assessment is Feb. 12.

Email: rickconradqccr@gmail.com

Listen to the audio version of this story below

Residential property assessment values increased by 9.5 per cent in Queens County over last year. (Rick Conrad photo)

Nova Scotians should start getting their 2025 property assessments in the mail this week.

Annual notices were being mailed out on Monday, according to the Property Valuation Services Corporation.

It appears assessed house values have cooled a bit from the year before. Overall, total residential assessments in Nova Scotia increased by just over 11 per cent, or $16.1 billion. The value of residential properties in Queens County rose by 9.5 per cent, or $189.3 million.

2024 residential assessments rose by 25 per cent in Queens County, and by 19.6 per cent in Nova Scotia as a whole.

Overall, Nova Scotia commercial property assessments rose by 2.79 per cent, compared to 9.32 per cent the year before.

The independent, non-profit body says 2025 assessments are based on sales and financial data and reflect a market value as of Jan. 1, 2024, and the physical state of properties as of Dec. 1, 2024, including new construction, renovations, demolitions, and impacts from natural disasters.

Municipalities received the assessment roll for their region in mid-December.

Jeff Caddell, director of valuation standards for the Property Valuation Services Corporation, told QCCR on Monday that the residential market cooled in 2023 after the Covid boom, but then rebounded later in the year.

“There was still lots of demand for properties, and a lower supply of properties on the market than we had in previous years. And we saw interest rates starting to creep up in 2023 before stabilizing in the later half of 2023.”

Caddell said they’re beginning to analyze sales data from 2024 now, so it’s too early to know whether there’s any kind of trend.

“We’re monitoring those sales coming in now. It’s hard to say what the trend will be going through 2024.”

This year’s rate for the Capped Assessment Program is 1.5 per cent, the Consumer Price Index for Nova Scotia.

The CAP limits the annual increase in taxable assessment for eligible properties to no more than the annual inflation rate. About two-thirds of residential properties qualify for the CAP in 2025.

People are getting their assessment notices, just as the Nova Scotia government approved changes to limit the capped assessment value of homes rebuilt after the wildfires in 2023.

Premier Tim Houston announced in a news release Friday that people who have rebuilt homes destroyed in the wildfires in Halifax and Shelburne counties won’t see an increase in their capped assessment.

Caddell says assessors are happy to answer people’s questions about their property. 

“There’s lots of property owners that contact us each year and it’s a great opportunity to engage with the property owner and talk about the market in their area, talk about their property specifically. If we can help somebody better understand the process, then we’re pleased with that.”

Residential and commercial property owners have until Feb. 13 to appeal their assessments. 

Email: rickconradqccr@gmail.com

Listen to the audio version of this story below