The chill that has gripped the Edmonton housing market is being reflected in the more than 400,000 property tax assessments mailed out Thursday by the city.
The numbers homeowners will see on their assessments reflect the city’s estimate of the market values of their homes as of July 1, 2019.
The typical single-family home is now valued at $387,000, down from an average $399,500 in July 2018, city assessor Cate Watt said Thursday.
“Assessments in Edmonton in general are declining,” Watt said. “It’s hard to give one number that will be meaningful to every property owner. But what I can say is that detached homes, which are sort of the typical property in Edmonton, are declining in the range of one to six per cent.”
She said the decline reflects larger trends in the regional and provincial economies.
Assessed values for all residential properties fell 2.7 per cent last year from 2018 values.
- Most single-family detached homes fell in value between 1.4 per cent and 6.2 per cent.
- Values of duplexes, triplexes and fourplexes fell between 1.3 per cent and 5.4 per cent.
- Condominiums and townhomes decreased by between 1.6 per cent and 8.8 per cent.
Communities that saw the median market value for detached single-family homes increased the most were: Ramsay Heights (up 4.17 per cent); Patricia Heights (up 3.63 per cent); Glenora (up 3.10 per cent); Brookside (up 3.06 per cent); and Capilano (up 2.83 per cent.)
Communities that saw the greatest decrease in median market value for detached single-family homes were: McQueen (down 11.44 per cent); Westwood (down 9.97 per cent); Riverdale (down 9.77 per cent); Cameron Heights (down 9.47 per cent); and Richford (down 9.30 per cent).
Tax bills will be mailed to property owners in May. In December, city council approved a 2.08 tax increase for 2020.
The city assessed 379,651 residential properties and 28,153 non-residential properties, including apartments. The values are used in determining residents’ share of municipal property taxes and provincial education taxes for the current year.
Homeowners are encouraged to review their assessment notices and compare their property values with those of similar properties in their neighbourhoods. Property owners with questions about their notices can call 311 or visit edmonton.ca/assessment for more information.
The value of all assessed properties in Edmonton now stands at $195 billion — $135 billion for residential properties and $60 billion for non-residential properties.