Average property valuation down as City of Calgary issues 2021 assessment notices

Calgary Municipal Building. (file)

CALGARY — Property owners in Calgary can now view the assessed value of their residential or commercial holdings after the city issued the 2021 numbers and opened its customer review period.

According to the City of Calgary, the total value of the 2021 assessment roll is $297 billion, a decline from the $301 billion in total assessments in 2020.

More than 550,000 assessment notices have been distributed with roughly 93 per cent being sent by mail and approximately seven per cent by eNotice.

The average residential property owner will experience a two per cent decline in property market compared to last year, while valuations in the non-residential market are down, on average, six per cent versus the 2020 numbers.

The city assesses the 2021 property value based on market valuations of July 1, 2020 and the condition of the property as of Dec. 31, 2020.

"Calgary's real estate market, as of July 1, 2020, reflected a slight and consistent decline in the majority of residential properties," explained Eddie Lee, the City of Calgary's acting city assessor and director of assessment, in a statement issued Thursday morning. "With non-residential properties, we saw the office sector continue to decline.

"While there was decreased demand for traditional brick and mortar retail spaces, the growth of e-commerce benefited the industrial asset class."

Property owners will have until March 23 to launch an appealryan w with the city's assessment review board.

The median single residential assessment is $445,000 in 2021, a drop of $10,000 from the $455,000 median in 2020.

When it comes to condominiums, the median also saw a year-to-year decline of $10,000, dropping from $245,000 in 2020 to $235,000 this year.

City officials say approximately 32,000 homes were inspected for damage as a result of the hailstorm that battered several northeast neighbourhoods in June. Of those homes, more than 7,500 were considered to still have damage as of Dec. 31, 2020 that warranted an assessment reduction.

For details regarding property assessments, visit City of Calgary Property Assessments or contact the assessment team at 403-268-2888 between the hours of 8 a.m. and 4:30 p.m., Monday through Friday.