Montreal, September 14, 2022 --- The Association des Propriétaires du Québec (APQ) wishes to react to the 32.4% increase in Montreal’s assessment roll for the years 2023-2024-2025.
According to the City’s official document,* “The value of buildings with 6 or more dwellings, which already increased more than the entire residential sector in the last few roles, increased by 35.1%, i.e. an increase of the same order as single-family buildings and -plexes.”
Although the Association des Propriétaires du Québec (APQ) expected a significant increase, the APQ must unfortunately add rather bad financial news to this announcement, because: No, it is not just the rental housing owners who will bear this increase!
“An increase in the property assessment automatically leads to an increase in the taxation bill. As the “current” method of rent increases, which is an increase only in name, does not reflect reality and requires rental housing owners to impact the tax increase on the calculation of an increase in rent, landlords will have no choice therefore but to increase their rents in 2023,” says Martin Messier, President of the APQ.
This significant increase will therefore affect all Montreal rents in 2023.
“We will have to wait for the next 2023 budget of the Plante administration to know exactly what the impact on the 2023 taxation bill will be. Owners who have acquired a building, a plex or a structure with many doors in recent years, have already paid a high price, experienced outbidding, besides bearing increases in interest rates, and now a new financial difficulty will be sent to their mailbox in 2023.”
It is doubly important in 2023 therefore that rental housing owners take into account all their major works carried out in 2022 as it will be the first time in many years when the rate granted for major works will be so substantial!
The Association des Propriétaires du Québec (APQ) will once again hold its APQ rent-setting clinic and help you with your rent increase calculations.