Calgary residential values rose, on average, 15 per cent in 2024, driven by “vigorous sales and strong market demand,” according to the City of Calgary’s 2025 property assessments.
With that said residential property owners in Calgary will pay $3.37 per month more than what was outlined when the City’s 2025 budget was approved in November 2024, as the finalization of the assessment roll differed from their estimate last year. The typical residential owner was going to pay $8.37 per month more this year in property tax, but will now pay $11.74 more per month, according to the City of Calgary.
There are 597,187 total accounts, worth $442 billion, the City said.
The 2025 median assessment for single residential homes was $697,000, up from $610,000 but $3,000 lower than the estimated $700,000 used in Calgary’s budget. The median assessed value of a condominium increased from $295,000 in the 2024 assessment to $359,000 in 2025.
Overall, the increase among residential property classes was 15 per cent,. However, single-family residential went up 14 per cent, condominiums up 22 per cent and multi-residential up 10 per cent.
“Key findings from the roll highlight the vibrancy and resilience of Calgary’s real estate market. Housing demand has been particularly strong, surpassing a 10-year historical average,” said Eddie Lee, City Assessor and Director of Assessment and Tax with the City of Calgary.
“The strength is largely attributed to positive factors such as net migration, improving job conditions, wage growth and Calgary’s relative housing affordability compared to other major Canadian cities.”
Non-residential property assessments were valued three per cent higher than in 2024. Industrial properties went up five per cent, retail up two per cent and office values were at two per cent.
Calgarians’ property taxes are calculated based on how it compares with the overall increase in that category. For example, if a residential property went up by more than the average of 15 per cent, then their property taxes increase would be proportionally higher than the typical amount mentioned above ($11.47 more per month). If their property is valued less than 15 per cent more, then their property tax increase would be less than the typical amount per month.
According to the City of Calgary, roughly 90 per cent of residential properties will stay within 10 per cent of last year’s tax. Approximately 80 per cent of non-residential property owners will stay within 10 per cent of last year’s tax.
Finalized assessment was lower than estimated, said Lee
When Calgary city council approved the 2025 budget, it was based on a projected single-family residential home value of $700,000. While $697,000 is not a significant difference, spread across hundreds of thousands of properties, it adds up. Lee also said that a couple of other factors led to the budget impact, and the additional cost to homeowners.
“One of the major factors is the hail adjustment. So, we went through and did that hail adjustment, and that results in roughly a billion dollars off the residential value,” he said.
“As well, we saw multi-residential properties increase less than we anticipated in the fall.”
The hail adjustment he’s referring to includes 16 communities impacted by summer 2024 storms. Carrington, Coventry Hills, Glacier Ridge, Livingston, Nolan Hill, Sandstone Valley, Cornerstone, Cityscape, Harvest Hills, MacEwan, Panorama Hills, Country Hills, Evanston, Lewisburg, Morane and Redstone were among that list of neighbourhoods.
“In terms of adjusting for a property’s condition, this is not new. In 2021, we did the same thing for the hailstorm then and as well as in 2022,” Lee told reporters.
“What we did is we took a look at the damage that occurred as a result of a hailstorm and where those properties laid, and those are the communities on the screen, and we looked at the cost of remediating that damage. That is the adjustments that we applied to the properties in those communities that were hit with hail.”
More to come…
