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Property values drop in Calgary as assessments mailed out

Last Updated Jan 14, 2021 at 12:19 pm MDT

(PHOTO: Tom Ross, 660 NEWS)

CALGARY (660 NEWS) – This year’s property assessments are in the mail but don’t be surprised if your home has dropped in value.

The City of Calgary said property values have declined over the past few years as they sent out more than half a million assessments on Thursday.

The city’s total assessment roll is valued at $297 billion this year, a drop from $301 billion last year.

According to the evaluation, an average home in Calgary is valued at about $445,000, that’s down $10,000 from 2019.

Condos also saw a drop of about $10,000 as the average property is now worth $235,000.

“Calgary’s real estate market, as of July 1, 2020, reflected a slight and consistent decline in the majority of residential properties,” said Acting City Assessor and Director of Assessment Eddie Lee.

“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.”

This year’s assessment also found the office market decreased by 13 per cent due to higher vacancy and lower rents, caused mainly by more employees working from home and a depressed energy sector.

Retail property values dropped by six per cent as a result of the public health restrictions put in place by the provincial government.

Another factor into this year’s assessment is the damage done to homes in the northeast from the hailstorm in June.

The city said about 32,000 homes were inspected for hail damage with 7,500 of those homes still damaged at the end of 2020, causing a drop in value on those properties.

Property owners have until Mar. 23 to review their assessments and file any complaints to the Assessment Review Board.

“We encourage all property owners to use the Customer Review Period to check, review and compare their assessment for fairness and equity,” said Lee.

Property tax bills will be mailed out in May with taxes due at the end of June.