The city has reported a one percent decrease in property values between 2015 and 2016. The median value for single-family homes increased by one percent and decreased 3.4% for residential condominiums. Overall, high value properties dropped dramatically but the residential market held its value reasonably well.
Annual assessments reflect the city’s estimates as of July 2015. From June to December 31, there were many layoffs and the impact to their bottom lines was substantial. The 2017 assessment may reflect this with overall decreases of 3-5% of the market as a whole.
How Assessments Work
Calgary’s annual assessments reflect the city’s estimate of what a property was worth on July 1 the year before. So, the 2016 assessments represent estimated property values on July 1, 2015.
Assessment notices are being mailed today to property owners, telling them what their tax bills will be for 2016.
Assessments can be appealed before March 7, 2016 by calling 403-268-2888 before March 7.
More information can be found at calgary.ca/assessment.
The Buyer’s Market
For months now I’ve been encouraging those in an appropriate position to consider making their home purchases, begin planning or considering investment opportunities. Rates are low and many properties are priced to sell.
Give me a call. I’ve got access to lenders and strategies I believe will help you leverage the current conditions to your benefit and yield faster mortgage freedom in the long run.