Finance

Calgary Homeowners Stunned by Double-Digit Property Value Jumps! What You Need to Know!

2025-01-16

Author: Emily

Calgary Homeowners Stunned by Double-Digit Property Value Jumps!

Last week, an alarming revelation hit Calgary homeowners as assessment notices were mailed out, showing some astonishing double-digit percentage increases in property values. Many residents were left wide-eyed and confused, grappling with what seems to be an unprecedented spike in their home's market worth.

The city sent out over 595,000 assessment notices, reflecting the market conditions as of July 31, 2024, and the physical state of properties as of December 31, 2024. Eddie Lee, the city assessor, explained that property values are determined using various factors, including square footage, location, recent renovations, and sales of comparable homes in the area.

In addition, aspects such as proximity to parks or busy streets are also taken into account, impacting a property’s desirability and value. Lee confirmed that residents can access detailed information about their properties by visiting the city’s assessment website, Calgary.ca/assessments, where they can view how their property's worth was calculated.

For some homeowners, however, the numbers just don't add up. Take Reid Anderson, for instance. Living in the MacEwan community, he was shocked to discover that the assessed value of his detached home surged by 19% this year, skyrocketing from $738,500 to $879,500. Anderson purchased his house for around $550,000 in 2014, and while he noticed gradual increases over the years, this sudden jump seemed almost implausible.

“It seemed a little unrealistic,” he remarked. Anderson is skeptical, noting that homes in his neighborhood are not fetching prices close to $880,000. He hasn't made any significant renovations recently, which leaves him questioning the city's assessment methods.

Lee responded to the concerns by indicating that a 19% increase is still slightly above the average 14% rise for single-family detached homes. He emphasized that the assessments reflect real estate activity from last summer, where residential properties saw an average increase of 15%. Buyers are exploring areas with even steeper rises, with luxury and desirable neighborhoods seeing the most significant hikes.

In these economically dynamic times, potential buyers and homeowners alike must stay informed. So, what does this mean for existing homeowners and potential buyers in Calgary’s real estate market? Experts warn that these assessment jumps could lead to increased property taxes, potentially impacting affordability and relocation decisions.

Keep an eye on the real estate trends in Calgary, as the market remains volatile, and don't hesitate to reach out to local real estate professionals for personalized advice depending on your property situation. With these bold hikes in valuations, Calgary's housing landscape is shifting dramatically. Will you be ready to navigate it?