City of Calgary predicting 2021 property assessment values to decrease

The City of Calgary has gotten started on the 2021 property assessment roll, and things aren’t looking good.

Just as it has impacted the daily lives of Calgarians, Canadians, and people all around the globe, the COVID-19 pandemic has also done some damage for property owners in YYC.

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According to a release from the City of Calgary, the pandemic has thrown a curveball for the city’s real-estate market over the past few months.

“At the onset of the COVID-19 pandemic, real estate market conditions experienced a rapid transition into a state of uncertainty,” said Eddie Lee, Acting City Assessor and Director of Assessment, in the release.

“Overall, the number of real estate transactions have significantly declined over the past several months. It is reasonable to expect market value decreases within certain property types in the 2021 Assessments based on the legislated 2020 July 1 valuation date.”

The release states that the average residential property owner will likely see a decrease in value for 2021, though the hardest hit is expected to be hotel properties given how much the pandemic has impacted the tourism industry.

Retail and office properties are expected to see a decrease as well, though industrial properties “are remaining relatively stable.”

The City of Calgary’s Assessment team will be working throughout the coming months to collect market data and trends in help determine 2021 property values.

Calgarians can keep up to date with their own 2021 property values by heading to the City of Calgary’s website.