In Granby, 55% increase in the value of single-family residences

Elsewhere in the MRC, the towns of the Canton of Shefford and Waterloo must also deal with the arrival of a new assessment roll coming into force on January 1, 2025.

These cities show average increases in the value of residences similar to that of Granby.

In Granby, let’s come back, the value of certain residences has increased by several hundred thousand dollars.

The appraisers establish the values of the buildings according to market conditions, 18 months before the entry into force of the new role, i.e. as far as we are concerned here, July 1, 2023. (Stéphane Champagne/La Voix de l’Est)

In District 2, in the northeast of the city, a citizen told us that the value of his home had increased by 82%, from $340,000 to more than $620,000.

In the École des Bâtisseurs district, a citizen tells us of an increase of 54%. Further east of the city, not far from the Eureka school, another citizen is surprised to see the value of his house increase by 57%.

Remember that the new values of residential buildings (and land) are valid for a period of three years.

The COVID effect

The new assessment role which will come into force on January 1 was established – this is important – by approved assessors independent of the City.

They establish the values of buildings according to market conditions, 18 months before the entry into force of the new role, i.e. as far as we are concerned here, July 1, 2023.

The previous assessment roll, which stretches from January 1, 2022 to December 31, 2024, took into account real estate market data as of July 1, 2020, at the very beginning of COVID. It then represented an average increase in the residential sector of 15% compared to the previous role.

The one coming into force on January 1 corresponds to an overall increase in the values of residential buildings of 49%, according to the City of Granby.

This new evaluation role is the first to integrate the period following COVID, which was marked by an influx of populations to the regions, in particular to those of Granby and Brome-Missisquoi. And by a meteoric increase in the purchase and sale price of single-family residences.

The video below, produced in recent hours by the City of Granby, popularizes how assessment rolls are produced.

She also recalls that the City does not have the power to establish the values of houses, this exercise belonging exclusively to approved appraisers, as provided for by Quebec legislation (Municipal Taxation Act).

This is the case for all municipalities in Quebec.

In this video, the City representative recalls that the assessment role also indicates “the value of each property on the basis of their actual value, i.e. the most probable price that a potential buyer would agree to pay”.

The new average value of detached single-family residences is $455,000, which represents an increase of 55% compared to the previous assessment roll.
— (Source: City of Granby)

Let us add at the same time that the increase in the average value of rental properties of six or more units compared to the last role is 39%, and that the increase in the average value of condos is 54% compared to the last role, again according to the City.

Increase in tax bill?

An increase in the value of a property does not necessarily mean an equivalent increase in your tax bill.

In fact, the tax rate will be decided by the municipal council in December.

Several owners say they are worried about seeing their tax bill increase significantly following the announcement of the next budget in December. (Stéphane Champagne/La Voix de l’Est)

As such, the City of Granby specifies that if the percentage increase in the value of a property is lower than the average variation in the value of properties of the same category, in this case there could be a drop in the tax bill.

The opposite is also true.