Calgary Real Estate Market Update

Supply levels improve in January

Following three consecutive years of limited supply choice, inventory levels in January rose to 3,639 units. While the 70 per cent year-over-year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January. Inventories rose across all property types, with some of the largest gains driven by apartment-style condominiums.

“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”

Citywide, the months of supply reached 2.5 months in January, an improvement over the one month of supply reported last year, but it is still considered low for a winter month. The month of supply ranged from under two months for semi-detached properties to 3.5 months for apartment-style units.

Rising supply resulted from a boost in new listings compared to sales. New listings rose to 2,896 units in January, compared to 1,451 sales. Sales in January were down by 12 per cent compared to last year. However, even with a pullback in sales, levels remained nearly 30 per cent higher than levels typically recorded in January.

The total residential benchmark price in January was $583,000, which is relatively stable compared to levels reported at the end of last year and nearly three per cent higher than last January. Price growth ranged across districts within the city as well as property types.

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Special Holidays - February

Upcoming Events in Calgary

• Murder at the Park: A Wedding to Die For: Feb 1, 6-8, 13-15, 20-22 & 27-28

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• Calgary Folk Music Festival’s Block Heater: Feb 14-15

• SkijorDué 2025: Feb 14-16

• Fishtival: Feb 15

• Love at Lougheed House: Valentine's Day Dinner: Feb 14

• Valentine's Brunch at the Calgary Zoo: Feb 16

• Family Day Memories at Calgary Public Library: Feb 17

• Family Day at The Hangar Flight Museum: Feb 17

• Our Lady Peace: 30th Anniversary Tour: Feb 19

• Ethnik Festival of Arts & Culture: Feb 21-22

• Snow Rodeo FIS Snowboard Slopestyle & Halfpipe World Cups: Feb 21-22

• Chinese Lunar New Year Festival: Feb 24

Article of the Month

Understanding Property Tax Assessments in Calgary

In Calgary, property taxes are based on the assessed market value of your home. Each year, the City of Calgary evaluates properties to determine how much they would have likely sold for on the open market as of July 1 of the previous year. This process ensures that property taxes are distributed fairly among homeowners.

How Market Value is Determined

The City of Calgary follows a two-step process to assess your property’s value:

Comparable Sales Analysis: The city reviews recent sales of similar properties to establish typical market values based on various factors such as size, location, and condition.

Mass Appraisal Application: These typical values are applied to specific property characteristics to estimate the market value of your home.

This method, known as mass appraisal, ensures consistency and fairness across all property assessments in accordance with Alberta’s legislated assessment guidelines.

Factors Affecting Your Property’s Market Value

Several key factors influence the market value of your property, including:

Size and Living Area: The total finished living space above and below grade impacts your assessment.

Quality and Age: Newer homes or those with higher-quality finishes may have higher valuations.

Renovation Level: Significant upgrades or modernizations can increase a property’s assessed value.

Building and Structure Type: Whether your home is a single-family dwelling, duplex, bungalow, or two-storey affects its valuation.

Condominium Unit Type: Features such as being a penthouse, basement unit, or townhouse can impact value.

Garage Size and Type: The presence, type, and size of a garage contribute to the assessment.

Lot Size: Larger lots generally have higher values.

Views and Location: Properties with desirable views or locations near parks and green spaces are often valued higher.

Proximity to Infrastructure and Amenities: Factors such as being near schools, shopping centers, major roads, public transit, or recreational facilities can influence market value. Conversely, proximity to transmission lines, train tracks, or commercial areas may lower the value.

Why Property Assessments Matter

Your property’s assessed value directly impacts the amount of property tax you will pay. Since property taxes help fund essential city services like road maintenance, public transportation, police and fire services, and community programs, it’s important to ensure that your assessment is accurate.

Reviewing and Disputing Your Assessment

If you believe your property assessment does not reflect its actual market value, you can review it on the City of Calgary’s website and, if necessary, file a complaint through the appropriate channels. Understanding how assessments work helps ensure that you are paying a fair amount in property taxes.

For more information or to review your assessment, visit the City of Calgary’s official website.

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