Property values remain stable for Edmonton in 2017
Single family homes saw a 0.6 per cent increase in value, but it will not impact property tax increase
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Housing prices in Edmonton stayed stable in 2017, according to the property value assessment released by the city on Tuesday, and experts say they're likely to hold fairly steady for the year to come.
“I don’t see any drastic change in the upward trend or downward trend with properties across the board pretty much," said Darcy Torhjelm, chair of the Realtors Association of Edmonton.
"For buyers, the market is that prices will remain stable."
According to the city, apartment buildings saw the biggest increase in value, at 7.4 per cent.
Although that'll mean higher property taxes for owners, according to Rod Risling, the assessment and taxation branch manager for the city, rent should stay fairly steady.
“The main contributor to rent is demand and supply, so landlords base their rental rates on what the demand and supply is, so even if on a typical apartment, even though the property values have increased, it works out to only about eight dollars per month,” he said.
The one decrease was in condominiums and townhouses, which saw an average decrease in value of 2.8 per cent.
Single homes also saw a slight increase of 0.6 per cent, which Torhjelm said is not that significant.
It means an average home that cost $397,000 in 2016 now costs $399,500.
The city approved a 3.2 per cent property tax increase in December 2017. That means the average homeowner will pay $2,468 in municipal property taxes, or $84 more, this year.
The only neighbourhoods to buck the trend and see a significant increase in price were the ones located around the River Valley, like Windsor Park, Oliver and Glenora.
The city mailed out property assessment notices to homeowners on Tuesday, which will determine the amount of property taxes owners will pay.
Risling said it’s important for people to review their assessment notice and let them know if there are issues.
“If they look on their property (assessment) and they see that their square footage is incorrect, we’ll change it, or if they had a garage and they tore it down and they should look on their assessment record to see if we still have the garage on there or not, so just to see that the data we have on there is correct,” he said.
He added that all the information will determine the property tax, although the notice itself is not the final word.
The city has to wait for the Alberta government to determine the amount of education tax, which will then be added to the final property tax.