Property values in Magog pass $4 billion
he City of Magog has reached the $4 billion mark in terms of its total property value, the City revealed Monday.
The new property assessment rolls on the value of homes, businesses, industries, and farmland reached $4,153,000,000 and according to appraiser Jean-pierre Cadrin, a comparison with other regions is difficult to make, but it is still "of great value" for a municipality of more than 26,000 inhabitants.
Of this $4 billion evaluation, the majority comes from the residential component, which sits at $3.3 billion, making the average value of a house in Magog at $300,141.
For all real estate categories, the average increase in property values is 4.4 per cent compared to the last valuation roll three years ago.
For Cadrin, the amount is a reasonable increase and is almost comparable to the annual increase in the cost of living. "We are far from the big increases of the past, because we are returning to the pattern of 30 years ago," he said.
In another historic peak in the Township of Orford, the property evaluation is at $1,054,384,400. According to the appraiser, this is a significant step, as the increase is mainly due to the value of houses. In addition, there are no industries in the Orford area.
For all buildings, businesses, and land, the average increase in the value of properties is 10.2 per cent, which Cadrin said is reasonable, because the increase is only slightly higher than the cost of living. The last role was done six years ago,
In Orford Township, the average price of a house is $289,000.
The Ski & Golf Mont-orford Corporation now evaluated at $8.8 million for the entire property. The total value of the golf sector increased from $3.2 million to $3.7 million, while for skiing, the value increased by $433,000 to $5.1 million.
The largest increase in property value of the six municipalities of the Memphrémagog MRC is in Eastman with an average jump of 13.6 per cent over the six-year period, largely due to the Townships’ rising popularity. The average increase is 13.6 per cent, but vacant land and businesses increase by about 30 per cent and 21per cent respectively. The average cost of a house in Eastman is $299,000.