These are Calgary's 10 highest-valued non-residential properties
For the second consecutive year, Chinook Centre topped the list of Calgary’s highest-valued non-residential properties.
The South Calgary mall, owned by Canadian real estate giant Cadillac Fairview, was assessed at just under $1.1 billion in 2024.
All in all, there was a typical market change of 3% this year compared to 2% in 2023 in non-residential properties.
“What this is showing is that the non-residential sector remained stable with property values fluctuating slightly,” said Eddie Lee, the City of Calgary’s assessor.
“This stability indicates continued resiliency in Calgary’s non-residential market.”
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Chinook Centre’s value this year is a drop of about 1% from what it was the previous year. It goes against the trend of the majority of the top 10 list, with seven properties increasing in value.
Here’s the full list of the highest-valued properties in 2024:
- CF Chinook Centre: $1,092,424,851 (-1% from 2023)
- YYC Calgary Airport: $961,020,000 (+9% from 2023)
- The Bow: $752,918,070 (+1% from 2023)
- Brookfield Place: $541,207,597 (+3% from 2023)
- CF Market Mall: $519,143,700 (-1% from 2-23)
- Bankers Hall: $497,304,000 (+3% from 2023)
- Suncor Energy Centre: $487,955,287 (+4% from 2023)
- Centennial Place: $399,500,243 (-6% from 2023)
- Eighth Avenue Place: $699,020,243 (+3% from 2023)
- Calgary City Centre: $349,008,922 (+5% from 2023)
Non-residential values differ by property type
Retail property values went up by 2%, something the City of Calgary said is a nod to the vitality and strength of the sector as new businesses are filling vacant spaces quickly, resulting in higher rental rates and an increase in value.
“Many property owners are reinventing their large spaces, resulting in decreased vacancy for big box stores,” Lee said.
“Retail spaces left behind by national brands are gradually being absorbed by new businesses seeking visibility in Calgary’s retail scene.”
According to the City of Calgary, industrial property values continue to outpace other non-residential properties because of their sustained demand and Calgary remaining a major distribution hub.
The value of those types of properties increased by 9%.
The values of office properties had no market value change, and Calgary’s downtown office market, which the city said was the main driver of the office inventory, continues to be stable.
In the 2024 budget approval, City Council approved a property tax hike of 7.8% while voting to shift the tax burden by 1% from businesses onto homeowners.
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