Airdrie residential market remains stable despite pandemic

Story by Stacie Gaetz


Photos by iStock

Airdrie home assessment values show that the residential market has been relatively stable, while the non-residential market has seen a slight downturn.

“The impacts of COVID-19 on assessment values have varied,” says Valerie Cottreau, City assessor.

“Residential sales volumes were lower than usual through March and June, but saw an increase in the fall, while the non-residential market has seen a slight decline depending on the industry.”

Airdrie residents should receive their home assessment notices in the mail soon as the City mailed them out on Jan. 20.

The assessed value is based on economic conditions as of July 1 and the physical condition and characteristics of the property as of Dec. 31.

The housing market for single-family dwellings has remained stable.

The demand for townhouses/apartments has decreased while the demand for larger dwellings seems to have increased.

A trend that can be seen across Canada is an increased demand for suburban housing versus condos/apartments near the downtown core.

“This could be because more people are working from home and needing more space for home offices and don’t need to commute,” according to a recent City press release.

Additional factors that have stabilized values are low mortgage rates and property renovations.

The non-residential market has seen an overall decrease in value with exceptions such as distribution facilities and big-box stores.

The City of Airdrie assessment department looks at Multiple Listing Service (MLS) and other technology during their sales investigation to get the most accurate information as possible, according to the press release.

Assessment information and comparable properties can be found by clicking here.

If there are discrepancies with the information that assessment has on-file, property owners can complete an online verification form or call the City’s assessment department at 403-948-8855.

Property owners have until March 29 to request an assessment value review. After that date, the tax rate bylaw process will begin, and property taxes will be evenly distributed based on assessment values.

Residents can view their property assessment details by clicking here.