February 2016

There are 2 blog entries for February 2016.

YYC Taxes

You should have already have received your City of Calgary 2016 Annual Assessment Noticesby now. This is the assessed value of your property, which substantiates how much tax you have to pay on it. Simply speaking, the assessment places a dollar value on your home for tax reasons.

It is not possible for the City of Calgary to physically appraise each house, so assessments are based on the fair market value of the property.  A number of key factors such as age, size, layout, traffic noise, proximity to establishments like schools, parks, restaurants, etc. help determine the assessment amount.

Your property assessment should manifest the overall market of the previous year; for example, the assessed value of your property will most likely decrease if

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Slow sales activity and inventory gains place plunging pressure on prices

Email Version YYC Jan 2016-for posting-01

Calgary, Feb. 1, 2016 – Calgary’s housing market is starting 2016 firmly in buyers’ market territory, much the same as last year ended.

“The recent slide in energy prices has raised concerns about near-term recovery prospects for the city,” said CREB® chief economist Ann-Marie Lurie. “Energy market uncertainty and a soft labour market are weighing on many aspects of our economy, including the housing sector.”

City wide, January sales totaled 763 units, 13 per cent below last year and 43 per cent below long-term averages. While new listings declined by 16 per cent compared to January 2015, the number of new listings far outpaced the sales, causing inventory gains.

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