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

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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

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Kristopher Snarby. (Submitted)

By Rick Conrad

A Liverpool realtor says it’s time to reassess property assessments in Nova Scotia.

Kristopher Snarby says the recent assessment numbers from the Property Valuation Services Corporation are all over the place. And the system needs to change.

“My concern is that there’s just no consistency to any of it,” he said Friday.

“People should be able to understand why their property went up or down. And it’s just completely random.” 

Nova Scotians began receiving their assessment notices this week. 

The independent, non-profit corporation says 2024 assessments are based on sales and financial data and reflect a market value as of Jan. 1, 2023, and the physical state of properties as of Dec. 1, 2023, including new construction, renovations, demolitions, and impacts from natural disasters.

Nova Scotia’s overall assessments rose by just under 18 per cent. 

Residential property assessments in Queens County rose by 25 per cent. The total residential assessment value for Queens County is $1.978 billion, an increase of just under $400 million. 

Snarby looked at 10 adjacent homes in Liverpool. He said the increase in assessed value ranged from five per cent to 90 per cent. And the overall average assessment increase for those 10 properties was 44 per cent, he said.

He said house sales in Liverpool rose 20 per cent in 2021/22, but dropped by seven per cent in 2022/23. In all of Queens County, he says they rose by 17 per cent in 2021/22 and dropped by three per cent in 2022/23.

“If they’re saying that the value of a home is based on market sales data, you would think they should rise about the same percentage if nothing has changed with those homes,” he said. 

He said even if the PVSC used sales data from 2021/22 which showed about a 20 per cent rise in sales in Liverpool, assessments shouldn’t be going up more than 20 per cent.

“If you have houses that have not been touched, they should all go up by the same amount or down by the same amount. 

“It’s completely bonkers the way this is done. There’s nothing that connects it to any hard, real numbers.”

No one from the Property Valuation Services Corporation was available for an interview. But in an emailed statement, a spokeswoman said PVSC uses a standard mass appraisal system, which values a group of properties as of a given date. 

She said if homeowners have concerns, they can speak to a PVSC assessor at 1-800-380-7775 or by email at inquiry@pvsc.ca. Information is also on their website at pvsc.ca. 

Homeowners can also file an appeal, but Snarby says that’s a double-edged sword because it might result in a higher assessment.

Snarby said the provincial government needs to take a look at the system.

“A lot of people are hurting right now and when the value of your house is suddenly tripled in a year or more, it’s another thing in life that’s super costly and expensive for people to try to cover these bills.”

The deadline for appeals is Feb. 8. Nova Scotians filed more than 13,000 appeals in 2023.

Email: rickconradqccr@gmail.com

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