This is the most marked increase, by far, observed in the last 20 years in Sherbrooke. For example, the average single-family home increased from $259,697 to $415,677, the largest increase in the residential category.
We are talking about an average increase of 57.9% for single-family homes, compared to an average increase of 48.8% for condos.
This increase in property values was expected due to the state of the real estate market during the pandemic period.
This new snapshot of the land value of Sherbrooke buildings is in fact established based on the conditions as of July 1, 2023 and will be in effect for the next three years (2025-2026-2027).
We remember a marked imbalance between supply and demand during this period, identified the head of the evaluation division at the City, Éric Du Perron, to largely explain the trend.
As for apartment buildings, the average jump is 51.6% for buildings with two to five units, 31% for six to 20 units and 32.4% for 21 units and more.
In addition to residential properties, other types of taxable properties have seen significant increases in value. This is the case for vacant land (71.8%), agricultural and wooded land (53.8%) or industrial land (43.6%). The increases for commercial properties stand at 27.3%.
The objective of the exercise is to identify the real value of buildings on the market, in particular by comparing with similar properties sold in the sector, explained Mr. Du Perron.
To be paid to the budget
It is already certain that the City will lower its various tax rates in order to generate the same revenue, indicated its finance director, Nathalie Lapierre, before applying a potential increase which remains to be validated during the next budget. During this mandate, Mayor Évelyne Beaudin insisted on limiting the increase in the tax bill to 3% for an average single-family residence.
To get an idea of where they are, an owner must therefore look at the increase in value of their property compared to the average (50% in residential areas).
The land role has increased significantly in several cities, including Sherbrooke. (Maxime Picard/Archives La Tribune)
Asked to specify whether categories of owners are potentially more affected than others, for example along the river or in certain sectors in particular, Éric Du Perron indicates that he does not have data of this precision, but that he notes ” generalized increases everywhere.
Information on properties listed on the assessment roll will be available for consultation online starting the week of November 11 and will be sent by mail to owners during the week of November 26. Citizens who would like to request a review of their evaluation can do so until April 30.
The same exercise carried out recently in Magog showed an increase of 46% for the same years. For comparison, Trois-Rivières, for its part, achieved an average increase of 50%, while it reached 37% in Saguenay, 40% in Longueuil, 35% in Laval and 24% in Quebec.
In real value, the average Sherbrooke house is closer to that of Quebec with this new role, a City with which the gap was historically greater, noted Mr. Du Perron, who said he noted an “attractiveness” of the Estrie capital.
A significant margin still remains with property values in Montreal and its broader region.
Sherbrooke’s real estate portfolio is now valued at $33 billion in total and includes 55,971 buildings.
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