The Halifax region’s commercial property values increased 8.57% in 2023 according to new data from Nova Scotia’s Property Valuation Services Corporation.

Halifax Regional Municipality commercial valuations totalled $58.87 billion in 2023, up $4.66 billion from a year earlier.

“Commercially, business and industrial parks continue to see significant market growth,” said Dave Penny, PVSC’s director of assessment, referring to the province as a whole.

The total value of Nova Scotia’s 2024 assessment roll, including commercial and residential properties, is $173.6 billion. That amount represents a 17.72% year-over-year jump from $147.48 billion. Penny said 2024 assessments reflect steady upward market activity across the province.

PVSC based the valuations on sales and financial data. The corporation is an independent, municipally funded not-for-profit organization that provides assessment services to Nova Scotia’s municipalities and property owners.

The assessed values help municipalities calculate annual property taxes. Halifax-area small business owners have balked at HRM’s proposed 9.7% commercial property tax increase in 2024.