While Edmonton itself may be on the verge of some modest growth and even some flattening out in housing prices, it doesn’t mean the entire city has been experiencing negative growth. In fact, there are more than a few local Edmonton areas that have seen serious growth in terms of housing price assessments over the past year. The reasons for such growth are, according to local officials, in line with current housing prices. With higher assessments, taxes will increase, but it could be a sign for rising prices in the future, especially as the city remains in a better situation over much of the rest of the province.
Edmonton housing assessments in some areas have pegged the local housing as actually growing in price, which may not be good for future property taxes, but could bode well for property values in the area. According to Edmonton assessment and taxation branch manager Rod Risling, five such communities within the city limits have seen expansion in their assessment prices. According to Risling, “on average, residential properties increased slightly in values. These increases reflect the condition of the local real estate market we experienced this summer.”
The neighbourhoods that experienced this rise in property values, according to Global News, are as follows:
- Homesteader (up 5.4 per cent)
- Lynnwood (up 4.6 per cent)
- McConachie area (up 4.4 per cent)
- Terrace Heights (up 4.4 per cent)
- Chambery (up 4.2 per cent)
According to Risling, these neighbourhoods aren’t the only places seeing a rise in assessed value, either. Edmonton’s apartment buildings rose by 9.6% compared to last year, while condos and townhouses rose 4.8%. The slowest growth was experienced by single-family detached homes, which rose a very modest 1.7%.
If you live in one of these neighbourhoods, be sure to go through the proper channels if you want to contest your home’s assessment. Filing a complaint with the city, for example, may be less effective than calling your community’s housing assessor, who may be able to walk you through the process and change values. Either way, you can expect to pay more in tax in the coming season.