09/11/2013 09:55 EDT | Updated 11/11/2013 05:12 EST

Montreal property value up by 21% on average

The value of residential properties on the island of Montreal is up by an average of 21 per cent, according to the City of Montreal’s property assessment roll for the next three years, presented today.

Montreal's core is hardest hit, with the value of homes in boroughs such as the Plateau, Outremont and South-West increasing by 25 per cent or more.

Pierre Pagé, the spokesperson for Montreal Pour Tous, a coalition that wants a tax freeze, said values are being pushed up by speculators.

"We're not living here for buying and selling houses or making money gains, fast money gains. We're here to live and to raise children and grandchildren," said Pagé.

Pagé said the system serves those who want to make money, not those who want to be part of a community.

He said his group wants property value increases to be minimized, as well as help for people with revenues under $75,000 per year so they can stay in their homes.

Plateau mayor Luc Ferrandez agrees there's something wrong with the way assessors work.

“They look at a few houses or a few businesses that have been sold then apply the increase in the price to the whole street. That doesn't work. It works when there's a slow, steady increase year after year. It doesn't work in a time of speculation,” said Ferrandez.

Ferrandez said his political party, Projet Montréal, plans to present a new method to determine the value of homes.

However, Bernard Côté, the chief assessor for the city, said people shouldn't confuse property values and property taxes.

“When the roll increases by 20 per cent like it does right now, it doesn't mean the taxes will increase in the same proportion, said Côté.

Côté said it's up to the next administration to determine what the taxation rate will be.