The City of Calgary says close to 600,000 property assessments are in the mail.
The assessments, which are used to help determine how much property tax Calgarians are expected to pay, are based on the property’s estimated value on July 1, 2024 and the physical condition of the property on Dec. 31, 2024.
Overall the city says the typical market value of a residential property increased by 15 per cent over the previous year, while the typical market value of a non-residential property increased by three per cent.
Among the highlights of this year’s assessments:
- The median value for a single residential property is $697,000 compared with $610,000 in 2024.
- The median value of a condominium is $359,000, up from $295,000 the previous year.
- Chinook Mall is the highest-valued non-residential property at $1,043,240,000.
The city says much of the increased demand for and value of residential housing is being driven by increased migration.
“Although we are seeing record construction, we haven’t been able to fully keep up with demand,” City of Calgary city assesor Eddie Lee said on Friday.
“That’s why we are seeing those price points increase.”
Condos led the residential increase again this year, with values jumping 22 per cent over last year; that follows an 18 per cent increase from 2023.
Serene Yew, president of the condo board at Arriva in Victoria Park, said the increases in value are making condo ownership less attainable.
“In my eight years of living in a condo, I haven’t seen it go up this much and it’s certainly not expected,” she said. “As a single parent, single income home, we’re running out of places where we can cut.”
The 2024 August hailstorm has also impacted property values, which may result in an additional increase on property tax bills.
The storm resulted in readjustments to 51,000 properties across 16 north Calgary communities, which tallied up to a roughly $1 billion loss in assessed property value.
“We took a look at the damage that occurred as a result of the hailstorm and where those properties lied… and we looked at the costs of remedying that damage,” Lee said.
“That is the adjustments we applied to those properties in those communities.”
However, that’s created a shortfall in the city budget, which had estimates based on a median assessed single family home of $700,000.
That change means this year’s property tax increase for the average homeowner will be closer to $11.74 per month or an extra $140.88 per year.
The property tax increase was expected to cost an extra $8.37 per month or $100.40 per year for the average homeowner when the budget was approved in November.
During a separate news conference, Calgary’s mayor said she wants city administration to find other ways to cover the difference rather than property taxes.
“I want to look at what the shortfall is and how we can make it up in a way that doesn’t have to be off the backs of Calgarians,” Jyoti Gondek said.
Although office properties values remained flat, industrial property values increased by five per cent while retail values increased by two per cent.
David Wallach with Barclay Street Real Estate said the increased commercial property values sends a good signal about Calgary’s economy.
“It’s a very positive sign that we’re in the right direction and we’re growing the city, growing the economy and growing all aspects of Calgary as a city,” Wallach said.
For more information on property assessments, including how to file a complaint about your property’s assessment value and how to calculate the amount of property tax you can expect to pay, Calgarians are encouraged to visit the city’s website.