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Calgary property assessments say median single home value jumped to $610K from $555K

The City of Calgary has distributed its 2024 property assessment notices and the vast majority of homeowners will find their homes are, in the eyes of the city, worth much more than last year.

According to city officials, the typical residential property market value increased by 10 per cent over 2023’s assessment and non-residential assessments increased, on-average, by three per cent.

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The median single residential assessment in 2024 was $610,000, up from $555,000 in 2023, and the median residential condominium assessment for this year was $295,000, up from $255,000 in 2023.

The assessments are based on market valuations as of July 1, 2023, and the condition of the property as of Dec. 31, 2023, and are the basis for determining property tax rates and bills.

The city attributes the spike in assessments to “vigorous sales and market demand” in Calgary in a housing market that “remains strong with robust sales indicating continue strength and real estate market confidence.”

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The customer review period, where homeowners and business owners may question and challenge their assessments, is now open and will remain available until March 11.

To view your assessment visit City of Calgary Property Assessment.

&© 2024 Global News, a division of Corus Entertainment Inc.

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