Calgary Municipal Politics

[CalgaryTiger]

Calgary changing how Calgary taxes itself won't change how the provincial government taxes Calgary. Assessments are audited for quality by the province, and if Calgary suppressed values, it would be forced to change practices.

Time to join with Rockyview and Foothills counties and become a city-state.

 

[trtcttc]

Calgary changing how Calgary taxes itself won't change how the provincial government taxes [properties in] Calgary. Assessments are audited for quality by the province, and if Calgary suppressed values, it would be forced to change practices.

Agreed they can't completely low ball property values, but assessing an illiquid market is not exact, kind of disappointing our city only knows how to complain and send out fake symbolic bills nobody is going to pay (billing province for tax collection), than to do all they can within legal bounds to suppress values. If a house can sell for 800k, it's unlikely the province will find issue if we assess at 750k, but we are currently assessing at 850k. Multiplied across the city and we're paying way more than our fair share.

 

[CalgaryTiger]

Agreed they can't completely low ball property values, but assessing an illiquid market is not exact, kind of disappointing our city only knows how to complain and send out fake symbolic bills nobody is going to pay (billing province for tax collection), than to do all they can within legal bounds to suppress values. If a house can sell for 800k, it's unlikely the province will find issue if we assess at 750k, but we are currently assessing at 850k. Multiplied across the city and we're paying way more than our fair share.

I don't want to out myself but my place and others I know are assessed below what they sell for. Across the city I imagine it evens out.

 

[Albertasaurus]

I don't want to out myself but my place and others I know are assessed below what they sell for. Across the city I imagine it evens out.

Mine is probably $200,000 below value

 

[ByeByeBaby]

My property assessment went up 28% year-on-year. I'm putting it on the market; the realtor's estimate (which was also exactly the same as what I'd come up with independently before contacting him) is less than 2% over the City assessment.

 

[CalgaryTiger]

My property assessment went up 28% year-on-year. I'm putting it on the market; the realtor's estimate (which was also exactly the same as what I'd come up with independently before contacting him) is less than 2% over the City assessment.

So the question stands, sure, you sell for more but where do you buy?

 

[darwink]

My property assessment went up 28% year-on-year. I'm putting it on the market; the realtor's estimate (which was also exactly the same as what I'd come up with independently before contacting him) is less than 2% over the City assessment.

A move like that, likely you and your comparables were in a very illiquid market. Once some comparables hit the market, the assessments move. Could also be zoning like multiplex rules? A lot which had disadvantageous influences, like being on a corner might all of a sudden be a prime target for redevelopment.

This is a concern with assessment, that because of the number of transactions, more 'mass market' properties more accurately reflect the market value, since there is more of a market to track.

 

[trtcttc]

So the question stands, sure, you sell for more but where do you buy?

They're assessment is up 28%, the citywide average is 15%, so there will be places that grew much slower than their original place.

 

[CalgaryTiger]

They're assessment is up 28%, the citywide average is 15%, so there will be places that grew much slower than their original place.

Wasn't a criticism, just curious. Is it going to be a move out to a bigger place that is equal in value but not as close to amenities.

 

[Surrealplaces]

My property assessment went up 28% year-on-year. I'm putting it on the market; the realtor's estimate (which was also exactly the same as what I'd come up with independently before contacting him) is less than 2% over the City assessment.

Interesting. I had looked at selling my place a few years back, and the realtor's assessment was almost 200k above the city's assessment. It might be different today, but some others in my neighborhood have experienced the same thing in recent years.

 

[ByeByeBaby]

So the question stands, sure, you sell for more but where do you buy?

I didn't mean to imply any causal relationship between the assessment and the sale decision. I'm not buying anywhere. Not really interested in that right now.

A move like that, likely you and your comparables were in a very illiquid market. Once some comparables hit the market, the assessments move. Could also be zoning like multiplex rules? A lot which had disadvantageous influences, like being on a corner might all of a sudden be a prime target for redevelopment.

This is a concern with assessment, that because of the number of transactions, more 'mass market' properties more accurately reflect the market value, since there is more of a market to track.

It's a fairly generic property; a 25 year old suburban townhouse condo (so no zoning or lot type or any other redevelopment considerations) with multiple sales in the complex both in 2023 and 2024. (And presumably earlier, the realtor just didn't see any point in delving past the last 6 sales in MLS).

I was just providing my piece of anecdata, I have heard some complaints about huge spikes in assessment but in my case the spike seems to have put the price pretty close to market value... (Well, I wouldn't complain if it turns out to sell for substantially above the assessment value, but I suspect not.)

 

[darwink]

I know two friends last year who finally sold inner city towns they had been stuck with and rented out after they had moved on. The market got suddenly active and tight. Felt like lower end condos did in 2023, inventory was moving after years of stagnation. I suspected the first, single family homes were just out of reach so towns got hot. For condos, it was rents catching up to carrying costs.

Submarkets can move fast in Calgary, it seems they can decouple and then recouple with the main trend.

It is fascinating to me (and not just as a spent a year sitting with assessors a couple years back).

 

[MichaelS]

Sharp is running for Mayor. Getting crowded. Plus one more wide open council seat.

 

[Surrealplaces]

I was wondering when she would announce. It'll be interesting to see how it plays out between Sharp and Farkas. Not exactly the same platforms, but to a number of voters, both will be appealing.

 

[CalgaryTiger]

I was wondering when she would announce. It'll be interesting to see how it plays out between Sharp and Farkas. Not exactly the same platforms, but to a number of voters, both will be appealing.

Farkas is running up the middle I would say. If you look at his platform. The man has gone through a rebirth since his time on council. Farkas has very much become a conservative outsider, it has me considering him.