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Quebec  + Multi-residential Housing  | 
Apartments under construction.

Montreal Commercial Property Tax to Rise 4.6%

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.”

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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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