N.S. property values climb eight per cent to a record $200 billion

The value of properties across Nova Scotia has broken the $200-billion mark for the first time.

The Property Valuation Services Corporation (PVSC) says property values across the province have climbed to a record $206.3 billion, up eight per cent from last year’s $190.5 billion.

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Residential properties are up eight per cent to $125.6 billion while commercial properties are up about six per cent to $32.2 billion.

Properties in and around Halifax are driving the growth, with properties in the municipality now worth $113.8 billion, more than half the provincial total.

PVSC says condos, apartments and duplexes are seeing strong growth with construction expanding outside Halifax.

It says commercial land values in the city are up significantly, especially in areas like the expanding Burnside Industrial Park in Dartmouth.