With the drop in the price of oil and the impact that’s having on many Albertans, there is some good news for Calgary property owners.
Each year, The City of Calgary determines the assessed value of every property and business in the city as of July 1 of the previous year, in accordance with the Municipal Government Act. In preparation for the mailing of the 2016 assessment notices, The City’s analysis of the market condition as of July 1, 2015 showed it to be, for the most part, stable.
What does this mean?
Although some property types did decrease in value as of July 1, 2015, the residential market (especially condominium and multi-residential properties) held its value reasonably well.
“Although there will always be variances among individual properties and specific communities, our observation of the market indicates that overall residential market change from July 1, 2014 to July 1, 2015 is down only one per cent and the residential condominium market is up three per cent,” said Nelson Karpa, Director/City Assessor of Assessment. “Properties are still selling and the selling price shows they are holding their value.”
Any change in the market conditions after July 1, 2015 will be reflected on the 2017 assessment notices.
To review your assessment, contact Assessment during the Customer Review Period (Jan. 5 to March 7, 2016) at 403-268-2888 from 8 a.m. to 4:30 p.m., Monday to Friday.