While homeowners in Calgary haven’t been dealing with the best of circumstances this year with the economy and the real estate market, there is some great news coming out today from the City of Calgary—properties are holding their value.
This comes as preparation is being done for the mailing of the 2016 City of Calgary property assessments. The City assesses values of property and business in the city as of July 1 of the previous year, and the City’s analysis of the market as of July 1, 2015 is that things are stable.
“Although there will always be variances among individual properties and specific communities, our observation of the market indicates that overall residential market change from July 1, 2014 to July 1, 2015 is down only one per cent and the residential condominium market is up three per cent,” said Nelson Karpa, Director/City Assessor of Assessment. “Properties are still selling and the selling price shows they are holding their value.” [City of Calgary]
The City notes that while some properties did decrease in value, the residential market held its value reasonably well. Also important to keep in mind that changes in market conditions that happened after July 1, 2015 will be reflected on the 2017 assessments.
This should be great news for homeowners and property sellers as well, hopefully a boost needed for the real estate market right now in our city.
To review your assessment, contact City of Calgary Assessment during the Customer Review Period (Jan. 5 to March 7, 2016) at 403-268-2888 from 8 a.m. to 4:30 p.m., Monday to Friday.
