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Maritimes  + Finance  | 
Halifax condo prices will rise 1.5% in 2024, says Royal LePage.

Halifax Commercial Property Values Rise

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.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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