Early review of real estate in the city is encouraging for home value

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Early analysis of real estate appraisal data in Calgary suggests positive signs of rising home values, city officials said.

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Early analysis of Calgary’s real estate appraisal data is showing positive signs for home values, city officials said.

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Preliminary preparations for 2022 real estate appraisals in the city suggest a significant increase over last year, while home sales continue to break records.

“This year, we are seeing home sales rise in line with sales prices,” said Eddie Lee, Acting City Valuation Director, in a press release from the City of Calgary.

Lee said a preliminary survey shows that sales of detached properties at the time of the July 1 cap were up 52% ​​from a year ago, while property values ​​in some suburban areas are up more than 10%.

The findings are backed up by the Calgary Real Estate Board, which recorded 2,915 total home sales in June, a record month and 65% better than a year ago. Monthly sales records were also achieved in May and April, with year-to-date sales 127% higher than in 2020.

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The selling price of a typical Calgary home in June was $ 537,200, about one percent better than May but still 13 percent higher than last year.

Preliminary results for non-residential real estate in Calgary also show signs of improvement: according to city data, demand for large retail space remains strong.

“Properties with warehouse space of 100,000 square feet or more have increased significantly in value in 2020,” it said. “We project similar market values ​​for 2022, highlighting the stability of the market.”

The growth in retail sales in the first quarter of 2021 suggests that valuations in this category may also rise depending on the type and location of real estate.

However, not all categories are growing.

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The data shows that the value of industrial warehouse space of less than 20,000 square feet is declining from last year, and the continued high vacancy rates in the Calgary office market are expected to lead to lower valuations in this segment.

Tourism-related facilities were also damaged.

“While optimism in the hospitality sector is on the rise with encouraging vaccinations and the lifting of restrictions, the impact of the previous 12 months and the global pandemic are a factor,” it said. “We expect a significant drop in hotel prices in 2022.”

The city’s Valuation Department, which sent 12,000 direct inquiries to residential and multi-family property owners in April, will continue to collect property data later in 2021. During the process, the market value of over 550,000 urban properties will be assessed.

Residential property owners can update their property information using an estimated online city search at calgary.ca/assessmentsearch

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