WATCH: For the first time, the price of a typical single-family home in Edmonton has cracked the $400,000 mark. Vinesh Pratap breaks down the numbers.
EDMONTON – Property tax assessments have been sent to Edmonton home owners, and according to the city, property values have gone up in all categories.
A significant milestone has been reached when it comes to the value of single-family homes in the city. For the first time ever, the value of a typical single-family home has surpassed the $400,000 mark. According to city assessors, the typical single-family home is now worth $401,000.
Property values for all types of categories have gone up.
The value of condos, town homes and duplexes have gone up an average of 5.3 per cent, apartments are up an average of 9 per cent, while commercial and industrial properties are up an average of 2.8 per cent.
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When the city determined the assessed value of properties, it went back to July 1, 2014, which is the date mandated by the province when it comes to setting property taxes.
“The assessment office, we receive a copy of every single land title transfer which occurs within the city directly from land titles,” explained Rod Risling, the city’s assessment and taxation manager.
“We simply take that information and use that information to determine your assessment. So really, the assessment simply reflects what the market is doing.”
The area that saw the highest increase was Quesnell Heights. Property assessment for single-family homes in that west Edmonton neighbourhood went up 13.9 per cent. The most expensive houses are found in Westbrook Estates, while the least expensive houses were in the Alberta Avenue neighbourhood.
Greg Steele, president of the Realtors Association of Edmonton, said the $400K milestone wasn’t the only one reached over the past year.
“We sold 157 multi-million dollar homes in the greater Edmonton area this year,” he said. “That’s an increase of 40 per cent over 2013.”
“Two-point-three, 2.5, 2.7 million dollar homes are just selling and that’s never happened before.
“But, to put that into perspective, Calgary — the same, similar type of city — had over 770 multi-million dollar sales this year. So, with Edmonton setting records at 157, it’s all relative.”
Risling said the market is definitely strong in the capital city. And, he added, that is reflected in the average price of a single-family home.
“Last year, it was just under $375,000, so the demand for housing is up there and it’s good to see our economy is still doing well.”
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The city mailed out the property assessments on Jan. 2.
“I strongly encourage everyone to take a look at your notice,” said Risling. “If you see any issues, give us a call because any errors can be corrected without having to go to the assessment review board.”
For more information, visit edmonton.ca/assessment or call 311. Residents have until March 10 to address any concerns with the city.
With files from Vinesh Pratap, Global News
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