Picking the Right Edmonton Neighbourhood
Today, the Edmonton Journal has a feature article on which Edmonton communities have had the largest increase in value over the last decade based on the recently mailed out property assessments. Winners include the Mactaggart community, Rossdale and Beverly Heights.
Homes on Mactaggart Drive
Below is an excerpt from the article. You can read the entire article on the Edmonton Journal website.
But if you had sunk your cash into a place in Rossdale, or farther downstream in Beverly Heights, you’d have made out like a bandit — average values in those areas jumped 55 per cent, blowing stocks and oil out of the water.
These are some of the findings from the latest assessments mailed out for 326,500 Edmonton properties at the beginning of January, based on estimates made last July 1.
Although one-year values for single-family houses (the Journal figures don’t include other types of homes) are down 1.7 per cent,results vary between a 10-per-cent rise in Secord and a similar-sized drop in Canora.
The spread is even larger over five years.
While the average neighbourhood value rose 41 per cent in that time, the biggest growth came in the northeast, where eight of the 12 districts that had increases of more than 50 per cent are located.
City assessors annually determine values at which each property might have sold as of July 1, which is used to determine that location’s share of Edmonton’s total property taxes for the following year.
Assessors look at various factors, including location, sale prices for similar homes in similar areas, lot and house size, building condition and age, size and style of garage, if the basement’s finished and any special features.
But the property assessments mailed out in January can vary from a home’s actual selling price.
For one thing, they are based on conditions six months earlier, and the market may have changed.
As well, assessors don’t reinspect every house every year, so conditions at individual properties can change without the city’s knowledge.
Tags: Buyers, Buying A Home, Edmonton Homes, Edmonton Investments, Edmonton Real Estate, edmonton real estate market, Market Update
February 10th, 2012 at 9:37 am
The importance of picking a good neighbourhood when you’re moving can’t be overstated. In the Fort McMurray real estate market there are newer neighbourhoods that are expanding quickly with new developments and new homes, and many of the home values are appreciating fast. Picking the right neighbourhood could get you higher returns on your home investment quickly.