Property Assessments down for residential owners

North Bay homeowners could see a slight decrease in their assessments next week.

Steve McArthur is the Account Manager for the local Municipal Property Assessment Corporation, and he says the overall residential assessment in the municipality is seeing a 2.2% decrease, which is following the market trends.

He says it’s consistent with what they are seeing in the general economy throughout the north. McArthur says this does not include multi-rez, commercial or industrial properties.

Mayor Al McDonald says there is a positive side to those numbers.

He says it gives first time home buyers a chance to get into the market with low interest rates.

McDonald adds it’s a good time to invest because there will be demand for housing in the north when the global economy turns around.