A surge in net migration is the key driver behind Calgary’s residential property assessment increase, and notices are now on the way for 2024.
Nearly 582,000 residential and non-residential accounts account for a total valuation $387 billion were on Calgary’s 2024 assessment roll. That’s up nearly 14,000 accounts from 2023, the city said.
Eddie Lee, Director of Assessment and Tax and the City Assessor, said that the typical market change on the residential side was a rise of 10 per cent. Non-residential properties rose three per cent.
In the residential assessment class, the typical single residential property value across Calgary rose nine per cent, residential condominiums rose 17 per cent and multi-residential was up four per cent. Last year, this increase was 12 per cent.
“The sustained year-over-year growth in the residential market was primarily driven by a surge in net migration, causing an influx of new buyers to enter Calgary’s relatively affordable housing market,” Lee said.
“With this increasing demand, new housing supply was not able to keep up, which caused property values to increase.”
The substantial difference between single-residential growth and condos was due to a trend of buyers seeking greater affordability, Lee said.
“This past year, we have seen greater demand for lower-priced options, such as townhouses and apartment condos, over single residential homes.”
The median value of a Calgary home (as of the July 1 valuation date) was $610,000. That’s an increase of $55,000 over 2023. The median condo was valued at $295,000 – up $40,000.
The tax implications, assuming a 0 per cent council-approved budget change, goes as follows: If a Calgarian’s residential property assessment is lower than the 10 per cent increase, they would pay less property tax than last year. If it’s more than 10 per cent increase, they pay more.
Calgary city council, with additional investments and the property tax shift on to homeowners, approved a 7.25 per cent increase on single residential, amounting to $15.47 per month.
