Calgary residential property values up 15%, says city

Calgary's property values increased significantly last year, with residential properties seeing the biggest gains, according to the city's property assessment department.

Single family homes — excluding condominiums — are worth 14 per cent more today than one year ago. The median priced Calgary house is now $697,000, up from $610,000 in 2024.

Median condo values jumped by 22 per cent, climbing to $359,000, compared to $295,000 in 2024.

The combination of the two housing types adds up to a 15 per cent increase in the value of all residential properties.

The annual assessment was presented on Friday. It takes two factors into account — a market valuation from July 1, 2024, and the physical condition of a property on Dec. 31, 2024.

The city's assessor, Eddie Lee, says the growth in value is a sign of strength in the real estate market, spurred by in-migration, a strong demand for housing and an improving jobs picture.

"What we are seeing today is we're seeing residential property values increase significantly more than non-residential," said Lee.

"The most significant property value increases are seen in residential condominiums. This property type has been particularly attractive due to strong demand for lower-priced housing options in the residential market."

Lee says there has been growth in property values for industrial properties, while hotels and motels remain below their pre-pandemic levels, even if their values are increasing. The overall increase in the assessed value of commercial properties was three per cent.

According to Calgary Mayor Jyoti Gondek, higher property values are a sign of economic strength.

"It shows that people have confidence in our city, it shows that investors are choosing to come here and it means that those buildings are thriving," said Gondek.

The total value of the city's 2025 assessment roll, which includes all types of properties within the municipality, is $442 billion, an increase of $55 billion from last year.

Nearly 600,000 property assessment notices were put in the mail Friday, and property owners are now able to check the new values on the city's website. 

March 21 is the deadline for filing appeals of assessments. Last year, about 2,700 appeals were filed.

Also on Friday, the city released its list of the 10 most valuable properties in Calgary. Topping that list was CF Chinook Centre. The shopping mall was assessed at $1.04 billion, a drop of 4.5 per cent from last year. 

In second place on the list was the Calgary International Airport, valued at $985 million.

The rest of the list was largely made up of downtown office towers, such as Eighth Avenue Place, Bow Tower and Brookfield Place. 

One additional shopping centre — CF Market Mall — made the list. Like Chinook Centre, its value also declined last year, making the two malls the only properties on the list that saw reduced values.

Part of the reason for that, Lee said, is an increase in retail vacancies, pointing to the large space in the Chinook Centre that was vacated by Nordstrom in 2023 and is still sitting empty.

"That has helped contribute to the reduction [in property value] to those two malls," he said.