Over 544,000 assessment notices were sent out to Calgary’s property owners at the top of this year — though most of those were bearing some bad news.
The value of property, residential or non-residential, has seen a drop since 2019, going down 4% for the former and 2% for the latter.
This marks a total value decrease of $5 billion for the city as a whole, as the 2020 assessment roll came in at $301 billion, according to a release from the City of Calgary.
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“We have seen an overall slight decline in the residential market,” said City Assessor and Director of Assessment, Nelson Karpa, in the release.
“While the decline in the residential market has been fairly consistent across the city, we also have observed that generally, higher valued homes have seen a higher level of market value decline in comparison to more moderately valued homes.”
The 2020 median single residential assessment came in at $455,000, $20,000 short of 2019’s $475,000. Condominiums saw an average drop of $10,000 in value, with 2020’s assessment finding the median at $245,000 compared to 2019’s $255,000.
Non-residential property owners got off a little easier, as the typical non-residential market value only shifted 2%. It was also noted in the release that the Office Sector actually increased in value by 1%, which the city sees as a “sign that confidence has returned to the market.”
“In the non-residential market, we have seen an overall modest increase in the market values,” said Karpa.
“Generally, we have observed a slight increase in the market value for office properties, and modest strength in the market values of retail and industrial properties.”
The release also included a map of Calgary showing what parts of the city saw an increase in value and which saw the most significant decrease:
Property owners have the opportunity to review their assessments during the three-month-long Customer Review Period, which allows them to take a closer look at how the city landed on their property’s 2020 value.
“We encourage all property owners to use the Customer Review Period to check, review, and compare their assessment and to get their questions answered,” said Karpa in the release.
The Customer Review Period will end on March 10.