Typical Edmonton home value cracks $400,000 for first time
Average property values rose 7.1 per cent in 2014
City officials say a hot summer real estate market contributed to record high property values in Edmonton last year.
The average detached home value rose 7.1 per cent to $401,000 — the highest in Edmonton’s history — according to the city’s assessment and taxation branch.
Where are prices changing?
Most change:
Quesnell Heights: 13.9 per cent
Queen Mary Park: 12.3 per cent
Ritchie: 12.1 per cent
Balwin: 11.7 per cent
Woodcroft: 11.4 per cent
Least change:
Sifton Park: 1.5 per cent
Belle Rive: 1.4 per cent
Griesbach: 1.0 per cent
Horse Hill: 0.0 per cent
Cromdale: -0.3 per cent
“The assessment simply reflects what the market is doing,’ said Rod Risling, the assessment and taxation branch manager for the city.
“The economy is pretty hot in Edmonton, employment is high, high salaries, a lot of net migration — so that puts a high demand on housing.”
In December, city councillors passed a 5.7 per cent tax increase for 2015. Assessment notices will start arriving in property owners’ mailboxes any day, Risling said.
Risling said notices will include the projected tax increase for each property on the notices.
Property owners have until March 10 to appeal their property value assessment.
Real estate agents discuss what`s behind the property value bump on Edmonton AM