Multi-residential property assessments
What is a multi-residential property?
Any residential property with four or more self-contained dwelling units under a single legal description with Alberta Land Titles is considered to be a multi-residential (MR) property for assessment and taxation purposes. This does not include titled condominium properties.
Types of multi-residential properties
There are many types of multi-residential properties. Scroll through the pictures below to learn more about each.
Four-unit structures that are typically designed in an up and down, or front-to-back layout.
Structures that equal 5 of more stories in height and have a common entrance / exit where the entry doors to each suite are within the building.
Structures that are 1 to 4.5 stories in height, and have a common entrance / exit where the entrance doors to each suite are located within the building.
Units that have an individual entrance at ground level while adjoining each other side by side. Stacked townhouses have units that are above each other.
Collectives and Rooming House
Rental units within a building that do not conform to the typical multi-residential layout.
Mixed Structure Types
These accounts have any type of combinaton of the other noted structure types on one title such as a mix of high and low rise, low rise and townhouse, etc.
Housing co-ops are member-owned and controlled properties that are democratically run.
How are multi-residential properties assessed?
Multi-residential properties are assessed using the income approach to value. This approach estimates the value of a property based on the income it generates by applying a gross income multiplier.
Gross income multipliers are derived from market analysis (sales) and are applied to each property's typical market rent and vacancy to estimate the market value for assessment purposes.
Typical market rents and vacancy are determined by analyzing rental data obtained annually from building owners through the Assessment Request for Information (ARFI) process.
Key factors, components and variables affecting value:
- Property type
- Location (MR zone)
- Core vs non-core
- Mixed use (Commercial space within)
- Number of units
- Suite type
To learn more about real estate market trends, our valuation methodology, and multi-residential sales transactions please download the Market Trend report.