Calgary Property Assessments

January 05, 2015 - The city of Calgary today released the updated 2015 Calgary property assessments. Property assessments have been mailed out and can be viewed online by accessing the link below:

Calgary Property Assessment

The 2015 annual property assessments reflect the City of Calgary's estimate of the "market value of property and the typical net annual rental value of businesses as of July 1, 2014 and include any physical changes that have occurred up to December 31, 2014". The total value of Calgary's 2015 residential property assessment roll is $213 billion and is based on approximately 461,700 homes and residential condominiums in the city.

The median single residential assessment for Calgary homes is now $475,000 compared to $430,000 in 2014 (up 10.5%). The 2015 median residential condominium assessment is $290,000 compared to $260,000 in 2014 (up 11.5%).

Million Dollar Communities

For 2015 there are eleven communities, all in southwest Calgary, with a median assessment of more than $1-million for single family homes. The community of Elbow Park also has 3 condo properties with a median assessed value of $2,340,000:

1. Bel Aire @ $1,815,000 (14.9% increase, up from #2 in 2014)
2. Upper Mount Royal @ $1,750,000 (14.4% increase, up from #3 in 2014)
3. Britannia @ $1,710,000 (16.7% increase, up #4 in 2014)
4. Eagle Ridge @ $1,635,000 (2.8% increase, down from #1 in 2014)
5. Rideau Park @ $1,455,000 (21.8% increase, same position as last year)
6. Elbow Park @ $1,420,000 (20.3% increase, same position as last year)
7. Roxboro @ $1,340,000 (19.6% increase, same position as last year)
8. CFB Currie @ $1,230,000 (13.4% increase, same position as last year)
9. Mayfair @ $1,170,000 (19.6% increase, up from #10 in 2014)
10. Bayview @ $1,120,000 (5.2% increase, down from #9 in 2014)
11. Scarboro @ $1,015,000 (16.1% increase, same position as last year)

2015 median assessed home values for all Calgary neighbourhoods

Approaches for calculating Assessed Value

The city of Calgary uses one of the following three approaches to calculate your yearly assessed value:

• Sales Comparison approach: Sale prices of similar properties to your own property are compared. This approach, which is most commonly used for residential property, is somewhat lacking when the appraiser(s) never physically see either the subject or comparable properties
• Cost: Uses estimated land (lot) value plus the depreciated replacement cost of any buildings
• Income: Used primarily in commerical & business appraisals; generally involves using direct capitalization, discounted cash flow or gross income multiplier

Why Calgary Assessed Value doesn't = Calgary Market Value 

Calgary property assessments have never been an accurate indicator of the current market value of your Calgary home or condo - assessments are usually 10-15% higher OR lower and can be 50% or more higher or lower than the current market value of a property. The reason is that the city of Calgary uses a mass appraisal process of assigning value based on statistical models. Multiple regression analysis is employed in deriving the assessed value. Hence you have property on one side of a street with 4-7% increases while the other side of the same street have assessed property values dropping by about the same amount.

Like to read more? See blog: > Calgary Property Assessments: Fact or Fiction (Oct 2011)

Please fill out our contact form, or call 403-703-2404 for assistance. anytime you need to know more about the area or any property that interests you. When you're ready to take the next step toward purchasing a home, we're here to help.

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