Assessment roll highlights
The City of Calgary mails property assessment notices in early January each year.
A property assessment is a value placed on a property for taxation purposes. It reflects the market value of a property based on the market valuation date of July 1 of the previous year.
Key findings from the 2022 Assessment Roll:
- In 2022, The City of Calgary mailed nearly 560,000 Assessment Notices, including more than 46,000 Assessment eNotices, to Calgary property owners.
- The total value of the 2022 Assessment Roll is $313.5 billion, an increase of $16.5 billion in value from last year.
- As a result of the 2022 Assessment, the typical assessment change between this year and last year is 6 per cent for residential properties and -5 per cent for non-residential properties.
- The 2022 median single residential assessment (excluding condominiums) is $485,000 compared to $445,000 in 2021.
- The 2022 median residential condominium assessment is $235,000 consistent with the 2021 value of $235,000.
- Approximately 92 per cent of revenue neutral taxes from residential properties will stay within 10 per cent of last year’s taxes due to the 2022 assessment.
- Residential assessment market trends are as follows:
- Single Residential: The detached and semi-detached inventory was Calgary’s hottest real estate market increasing 9 per cent from last year. Shifting buyer preferences in 2021, driven in part by the impact of working from home and a desire for more space, has resulted in less demand in the inner city versus suburban markets. Over the past year, suburban price appreciation outpaced the inner city. Typical inner-city assessments increased 3 per cent, while suburban assessments increased 10 per cent.
- Residential Condominiums: The townhouse market experienced modest gains with a 4 per cent increase from last year. Like Calgary’s detached and semi-detached inventory, townhouses have also seen increased demand in suburban areas compared to the inner city. However, the impact has been less significant since the typical difference in size and price point does not vary as widely. The apartment condominium market struggled during the valuation period seeing a decrease of 2 per cent from last year. Changing buyer preferences related to COVID-19 have been somewhat disadvantageous to apartment condominiums, which do not usually offer as much space as other types of property.
- Multi-residential: The rental apartment market was stable increasing 1 per cent from last year. Compared to other real estate investment sectors, such as commercial properties, residential rental apartments proved to be a relatively stable investment during the COVID-19 pandemic. However, not all inventory within the rental apartment market performed similarly. Leading the way was fourplexes and townhouses, which saw appreciation of over 6 per cent. Low rises were flat, and high-rises fell -1 per cent.
- Approximately 73 per cent of non-residential properties’ revenue neutral taxes will stay within 10 per cent of last year’s taxes.
- Non-residential assessment market trends are as follows:
- Industrial: The industrial market has remained resilient. Overall, the industrial market has remained stable with a 2 per cent decrease in value. Increased leasing demand and stable supply in the large bay segment has contributed to the industrial asset class remaining the preferred non-residential property investment. The accelerated trend of e-commerce across the country and the shift to online spending has attributed to the increased demand for storage and distribution space. This is contrasted by small-bay warehouses which have been slower to recover. For the 2022 tax year, values have increased slightly for large format distribution centres, and have decreased for the smaller bay inventory. Overall, the industrial market has remained stable with a 2 per cent decrease in value.
- Office: The office property market continued to see challenges over the past year. Pandemic public health restrictions, work from home arrangements and the general state of economic conditions for those businesses which typically occupy offices have combined to cause increasing vacancy and lowered property values for most office sectors in Calgary. The higher quality office properties, however, either were stable or did not decline as much as the average.
- Retail: Overall, retail values have decreased by 1 per cent and have been relatively stable year over year with moderate variation depending on the property type. Smaller retail property values are relatively stable and larger format freestanding and grocery stores continue to perform very well. Malls and inner-city areas continue to see a decline in value. Sales activity has increased significantly suggesting more certainty in the market.
- Assessment Search is a convenient, environmentally-friendly and secure way to receive and review information from The City’s assessors. Property owners are encouraged to sign-up.
The 2022 Residential Revenue Neutral Market Changes by Communities are: view map.
To learn more about the 2022 Property Assessment Roll please review the 2022 Property Assessment Market Report.
After The City receives the provincial property tax requisition and Council passes the property tax bylaw, the property tax bills, reflecting actual taxes owing, will be mailed each May.