Which Edmonton communities saw biggest increases in property values?

Posted by Justin Havre on Tuesday, January 5th, 2016 at 8:54am.

Property assessors have been sharpening their pencils and the results are in.  Even though our Alberta economy is on shaky ground, property values as assessed by the City of Edmonton have risen right across the board.

Rod Risling, manager of the city's assessment and taxation branch, assured Edmonton media recently that his team of assessors reviewed every property transaction through land titles and that increases are a reflection of the real estate market. Risling points to market activity that occurred over the summer months in Edmonton.

Assessments are in the Mail

Tax assessment notices will be distributed to Edmonton property owners in the new few weeks. Heads up for those who own a condominium or for those who live in the Homesteader neighbourhood. You may be in for a surprise.

Compared to 2015, the assessed value of apartment-style condominiums in Edmonton has gone up by 9%. Townhouses have on average increased in value by 4.8% and on average, single-family detached homes have increased in assessed value by 1.7% to $408,000. This is assessed values, which historically are lower than market value.

Currently, the combined value of all residential properties in Edmonton as determined by the assessment department is $172.3 billion.

Top Edmonton Neighbourhoods

The five Edmonton communities that have been assessed the highest increases are Homesteader at 5.4%, Lynwood at 4.6%, McConachie at 4.4%, Terrace Heights at 4.4% and Chambery at 4.2%.

The Homesteader neighbourhood is a 40-year-old community on the east side of the city. It's one of three neighbourhoods in the Hermitage area, and was given the name in honour of the area's original pioneers. It has a variety of amenities such as a multi-purpose education and recreation area in the centre of the community. There are pathways that connect with neighbouring communities and the river valley park system.

Conversely, many Edmonton neighbourhoods have seen a decrease in assessed values. It's a good news/bad news scenario, as lower assessed values means lower property taxes. However, it also means lower market values when it comes time to sell. The five communities that took the biggest hit are Athlone, down 6.8%; Kensington at 6.4%, Edgemont at 6.3%, Queen Mary Park and Killarney both down in value by 6%.

Athlone in North West Edmonton was built after World War II and has been experiencing significant redevelopment in the past decade with attached homes which is creating density in this inner-city community.

Median property assessments have been trending upwards for several years; however these 2016 assessments on their way to Edmonton property owners are not as high as in years past. In 2014, single-family homes came in 2.5% higher and in 2015 they jumped significantly by 7.1%.

How Assessors Arrived at these Figures

The City of Edmonton arrived at the 2016 property values by calculating the market value of residential homes as of July 1 of the previous year. The date is not chosen randomly but it determined by provincially legislated law. The assessments that are due to arrive in the mail in the next few weeks are not a bill but are official notice. Taxes are due by the end of June 2016.

Edmonton property owners have the option of filing for a reassessment of their properties if they feel the assessed value is unreasonable. In 2015, 2,400 protested their property assessment. The deadline for homeowners who want a reassessment is March 11, 2016.

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