Edmonton residential real estate market up for first time in six years, valuation notices posted Friday

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Edmonton’s residential property values ​​rose for the first time in six years in 2021, representing a median increase of 3.4% across the entire real estate market.

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Most owners see a higher appraisal value for their homes when they open their annual notices sent by the city on Friday. The typical Edmonton single-family detached home is valued at $402,000, an increase of $21,500 from 2020, as of July 1, 2021. Property taxes on the average home are approximately $2,777. Prior to this increase, residential property values ​​in Edmonton had on average declined over the past five years.

Cate Watt, branch manager of the city’s assessment and taxation, said the increase could be attributed to many different factors, including the impacts of the COVID-19 pandemic, forcing people to spend more time at home and looking for more space.

“One of the reasons for the increase in the value of single-family homes could be linked to the pandemic. With many people staying at home, some homeowners are looking for more space, leading to increased interest in townhouses, which are still relatively affordable in Edmonton compared to other major Canadian cities,” Watt said during of a press briefing on Friday afternoon. “Increased migration to the province and continued low mortgage rates are also contributing to the recovery in the single-detached home market we are seeing this year.

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But changing assessment values ​​doesn’t necessarily mean residents will see the same impact on their property taxes. Homeowners who have seen an increase in assessed value similar to the median average of 3.4% will see their property taxes increase by approximately 1.91%, which matches the council-approved tax increase municipal in December.

But for properties whose assessed value has increased more than average, owners will see a bigger change in taxes. For properties whose assessment value has decreased, the impact of the 1.91% tax increase will be less.

Condominiums and townhouses were the only properties in the residential category to fall, with their value falling 3.1%. Watt said that largely reflects the large supply that still exists in the Edmonton market as well as escalating condo insurance and higher fees.

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Property values ​​continued to decline on the non-residential side, largely in response to the COVID-19 pandemic, dropping 2.5% overall. Hotels and motels were again the hardest hit for a second consecutive year, although not as hard as last year, with their value falling another 13%.

The city assessed more than 416,500 properties worth $198.1 billion in Edmonton, an overall increase of 3.58% over the previous year.

The district with the biggest increase in property value is Elsinore, in the far north of the city, with an increase of 11.79% after experiencing one of the biggest declines the previous year. Many neighborhoods in the north of the city and the northeast saw the biggest increases in property values, while some central neighborhoods were the hardest hit. Boyle Street saw the biggest decline, with an overall drop in value of 9.84%.

More information and access to evaluation reports can be found in line. If the owners disagree, a formal complaint can be filed no later than March 23. Property tax bills will be sent in May.

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Penny D. Jackson