The City of Montreal has announced a 4.6% commercial property tax increase for 2024.

“We have a clear vision, we’re looking to the future, we’re projecting, but at the same time we absolutely want to continue to offer quality service. It’s our fundamental vision,” Mayor Valérie Plante said while announcing property tax increases.

Residential property owners will see a 4.9% rise in 2024.

Multi-residential rental property investments are classified as commercial properties. The commercial property tax hike comes as developers are declining to develop affordable housing and family rental housing projects due to high development costs, including taxes.

Plante attempted to show empathy while unveiling the property tax hikes.

“It’s tough for Montrealers, we hear it,” she said. “At city council, people tell us it’s difficult.  What we want the most possible is to support them during this difficult time.”