Is your City of Edmonton Property Assessment Accuarate?

Property assesments in Edmonton are only a base point. Your home could be worth a lot less or a lot more. The city uses a computer system to generate an estimated guess of your homes value without physically seeing it. There are several reasons why your property assessment is not accuate.

Should I dispute my tax assesment?

Every year, edmontonians recieve thier city assesment and if you feel that assessed value is incorrect, you do have the option to dispute it. If you win, your property taxes will go down. However, if the city says your home is worth more, they will increase the amount of taxes you owe every year. Before disputing the value of your home, it is best to reach out to an experienced REALTOR® for a more accurate selling value.

What is the difference between a property assesment and your tax assesment?

A tax assesment is what the city of Edmonton says your home is worth. A property assesment is the current market value of what your property is actually worth in today's real estate market.

There are many factors which come into play when there is a discretion in the price of your homes value. Mainly because the city is only guessing whats going on in your neighborhood by looking at sales data. Below are reasons why the city of Edmonton assessment is different from the true value of your home?

What buyers think when they check out your tax assesment (And they do)

If your assesment is higher than your selling value, buyers may feel like they are being ripped off. If it is lower, they can feel like they are getting a great deal. An experienced REALTOR® will explain why there is a discression, however, if buyers are not educated, the sale of your home can go sideways.

Reasons not to rely on your City of Edmonton property assesment

• They don't go into your home (unless you dispute it and invite them in)
• Several foreclosures in your neighborhood (this will decrease your homes value)
• Several permits taken out for renovations (this will increase your homes value)
• A few nearby properties sold 1.5 to 2 years ago which were much higher or lower
• The condition of your home is worse of better than most in the neighborhood
• The square footage of your property
• The size of land your property sits on 

If you are considering selling your home, please contact me for a free no-obligation accurate market analysis of your home. Call my office at 780-910-5179

Notable luxury real estate trends taking place in Edmonton

Tight inventory levels continued to challenge luxury buyers in the Edmonton real estate market first three months of 2023, with high-end sales over $1 million hovering at 40, down significantly from year-ago levels during the same period. Despite pent-up demand and an ongoing influx of buyers from Ontario and British Columbia, listings available for sale have slowed to a trickle, especially at the coveted $1 million to $1.2-million price point. Buyers are squeezed between what they want and what is currently available, and they seldom match up. Close to 260 listings are currently available between $1 million and $14 million. Values, however, are holding up fairly well, with no big dip, given that the cost to build is so much higher.

Move-up buyers, usually in their late 30s to late 40s with teenage children, represent the lion’s share of high-end purchasers. Most are seeking large homes and substantial lot sizes in mature neighbourhoods, a trend that ticked up during the pandemic. Existing stock, including spec properties, is most sought-after, with fewer buyers choosing to build or buy newer homes from plans due to the uncertainty of spiralling construction costs. The strongest demand is found in west end neighbourhoods such as Crestwood and Laurier overlooking the river valley, while Windsor Park and Belgravia are popular destinations sough of the river by the University of Alberta. Upper-end buyers seeking larger lots typically look to Edmonton’s luxury communities such as Windemere with its estate properties on the ravine or in Summerside, where homes backing onto the lake are coveted. Downsizing and lateral moves are also occurring, albeit to a lesser extent, with homeowners in older, established neighbourhoods trading large, tired homes for smaller and newer infill properties within similar areas.

The foreign buyer ban has had an unintended consequence in the Edmonton area as corporate transfers and professional sports players get caught up in the net. With no exemptions in sight, many have chosen to rent. As the spring market takes shape, luxury REALTORS® are fielding more calls from both interested buyers and much-needed sellers but some sort of catalyst is necessary to really kick-start the housing market. A decline in interest rates would be the ideal impetus, providing a boost to consumer confidence and mindset. Until then, we expect activity to be somewhat tempered in the months ahead, with the luxury market kicking into high gear by the fall.

Read more at blog.remax.ca

RE/MAX IS A TOP GROWING FRANCHISE ONCE AGAIN

It’s the second year in a row that RE/MAX has earned a top 10 spot, with the brand having ranked on the list for 22 total years. In its most recent rendition, Entrepreneur’s Fastest-Growing Franchise Worldwide ranking is based on the net total new units (franchises and company-owned) added worldwide from July 2021 to July 2022.

With more people relocating worldwide - RE/MAX REALTORS® are there with a presence in more than 110 countries and territories. When you list your home with a RE/MAX REALTORS®, we don't just market your home locally - we market your home internationally. We have thousands and thousands of buyers relocating throughout out the world.

“RE/MAX continues to rank on these respected lists because entrepreneurs see the value in aligning with a top brand that empowers them to be in business for themselves but not by themselves,” said Shawna Gilbert, Senior Vice President of RE/MAX Global and Commercial. “RE/MAX franchisees are truly industry leaders around the world. They are a growth-focused group who are dedicated to raising the standards of the real estate industry everywhere.”

This is not the first accolade RE/MAX has earned so far from Entrepreneur in 2023. The brand was recently recognized on Entrepreneur’s prestigious Franchise 500 list, earning a spot as a top franchisor for 39 years in a row.

“RE/MAX is built for productive, experienced agents – and newer agents with the drive to level up – so we're able to sustain services when others are pulling back." When real estate markets take a downward turn, you need a great REALTOR® to help get your home sold - Choose a RE/MAX REALTOR®.

Read more at https://news.remax.com

Why choose RE/MAX REALTORS® in Edmonton

• RE/MAX agents sell more real estate than any other Canadian brand.
• With a presence in over 100 countries and territories, the RE/MAX network’s global footprint is unmatched by any other real estate brand.
• Every 30 seconds, a RE/MAX agent helps someone find their perfect place.
• With more offices worldwide, RE/MAX serves home buyers and sellers closer to home.
• RE/MAX offers support and services not available at other real estate companies.
• RE/MAX has helped millions of families buy or sell a home.
• Each year, RE/MAX agents help hundreds of thousands of families buy or sell a home
• Full time agents with in-house lawyers, real estate brokers and mortgage brokers

Homes Sales for the month of March 2023

Edmonton sold detched houses in the...

Southwest - 178 with an average sold price of $607,398

Southeast - 155 with an average sold price of $448,242

West - 105 with an average sold price of $535,897

Northwest - 68 with an average sold price of $390,028

Northeast - 119 with an average sold price of $405,588

MLS® listed new builds - 97 with an average price of $564,438

Edmonton

There were a total of 1291 properties sold with an average days on market of 51. There were 470 condominiums sold and 821 single family houses sold with an average price of $470,637 There were 398 properties which did not sell which were on the market between 39 to 478 days. One fifth of these expired dwelling were less than 5 years old and consisted of new home sales net yet completed.

Sherwood Park

There were a total of 94 properties sold with an average days on market of 36. The number of sales were up, house prices were up and days on market were down. There were 31 condominiums sold and 63 single family houses sold with an average price of $496,897. There were only 12 homes which did not sell. Another sellers market month!

Spruce Grove

There were a total of 79 properties sold with an average days on market of 36. There were 10 condominiums sold and 69 single family houses sold with an average price of $390,547. There was only 13 expired properties this month. The market is now in favor of sellers!

Beaumont

There were a total of 45 properties sold with an average days on market of 43. There were 2 condominiums sold and 33 single family houses sold with an average price of $480,803. Only 5 expireds.

Leduc

There were a total of 53 properties sold with an average days on market of 40. There were 6 condominiums sold and 47 single family houses sold with an average price of $433,871. There were only 2 properties that expired.

For recently sold house prices - click here.

View last months home sales