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Edmonton Companies News & Discussion

When I look at these average high and low temperatures, why does it seem like we are colder than what's shown here?
These Edmonton temps don't seem bad at all, on average.
Harbin, a city with a metro population of 10M, is known as the Ice City and seems to embrace their winters quite well.


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City council has approved $5 million in new funding for Innovate Edmonton to help make Edmonton more attractive to business and technology accelerators.

"Our city is demonstrating to the local startup and scale-up community that their businesses remain paramount to our economic future – and to Edmonton's future accelerators that they merit significant local investment," said Innovate Edmonton CEO Catherine Warren, who recently spoke to Taproot about her first four months on the job.

Alberta Innovates issued a request for proposals in March aimed at attracting and developing new business and technology accelerators in Alberta and said it will invest up to $25 million over three years in three or more accelerators. Applications closed on April 30 with the winners expected to be selected in mid-June.

The new funding, which is in addition to Innovate Edmonton's $5 million in core funding, will be allocated to accelerators based in Edmonton that are selected for the Alberta Innovates opportunity.

The push for accelerators is expected to result in 900 new tech companies, 2,000 new jobs, and $5 billion in revenue by 2030 across the province.

 
TAS said:
When I look at these average high and low temperatures, why does it seem like we are colder than what's shown here?
These Edmonton temps don't seem bad at all, on average.
Harbin, a city with a metro population of 10M, is known as the Ice City and seems to embrace their winters quite well.


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People don't look at average temperature charts... they see news casts of -40 and believe that it is that way much of the winter and or chat with Edmontonians who for the life of them cannot seem to stop sharing just how horrid winter is here. The duration, perceived temperatures and distance from major markets have very real impacts on choices by decision makers, period.

Again, we have been doing a much better job at breaking down some of those stereotypes, working on winter festivals/enjoyment and finding ways to overcome not being on people's market/talent radar, but it very much an uphill battle. We don't have to go out of our way to impress every Bay St. banker or Vancouver VC angel, but continue to face encumbrances that are unfair labels or misconceptions.
 
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2021 tax bylaw approved​

May 3, 2021

Today, City Council approved the 2021 tax bylaw. Many Edmontonians are struggling due to the COVID-19 pandemic, and this bylaw includes an overall tax increase of zero per cent, marking the first time in over 20 years that the City of Edmonton has not increased municipal property taxes.

Property tax notices will be printed and sent to property owners on May 25. Please note that households may still see small increases or decreases in their 2021 property taxes depending on how their assessment value changed compared to the overall market change. While assessment changes affect individual tax bills, they do not affect the total tax revenue collected by the City, which is set in the budget approved by City Council.

The overall tax increase of zero per cent reflects the combined effect of a 0.3 per cent decrease in the municipal tax requisition, along with changes to the provincial education tax requisition.

Property taxes are due by June 30. To join the City’s monthly payment plan, contact 311 or log on to myproperty.edmonton.ca. This year, no administrative fees will be charged for joining the monthly payment plan.​

For more information:
edmonton.ca/taxes

Media contact:
Matt Pretty
Communications Advisor
Communications and Engagement
780-886-7552​
 
No percentage increase but our home got valued at 50k more than we paid for 2 months ago and I spent 4 weeks fighting with an assessor. Showed him 9 properties in our area that all sold more more and were nicer than ours and were assessed lower on the site. He claimed every single one looked like a mistake and said he would have to look into them.

Apparently they only make mistakes too low...

Guy was super frustrating. Now we're paying 1500 more in taxes than houses that sold for 680k when we paid 502k. Makes sense 🙃
 
Council approves $2.08M in support of local business​

May 3, 2021

The City’s latest action for supporting local business and diversifying Edmonton’s economy is set to begin, following the approval of the Edmonton Economic Action Plan Grant at Council today. The Edmonton business community will be able to access matching funds through the Grant starting in early June.

This grant represents the second phase of a two-part approach to the City’s ongoing work to support economic recovery and ensure businesses survive and thrive. The first phase of the grant supported the most immediate needs of Edmonton businesses impacted by COVID-19. The second phase is aimed at supporting diversification in the local economy to expand a range of products or services to reach new markets, and long term resiliency to increase the ability of local businesses to adapt to changing economic conditions.

“This phase of the program supports the longer term recovery efforts of Edmonton businesses for projects geared to helping businesses create jobs,” said Stephanie McCabe, Deputy City Manager, Urban Form and Corporate Strategic Development. “Phase 2 is about looking ahead and being proactive, not reactive. Incentivizing projects that support specific actions will provide the greatest return on investment based on their potential to grow the local economy.”

There are a range of eligible projects that could be supported - from initiatives that reduce barriers to employment, to new business opportunities for marginalized communities, to supporting the opening of new child care care facilities.

Grants up to $25,000 will be available and could support a minimum of 83 projects. Recipients of Phase 1 funding are eligible for Phase 2 funding for a new project..

The grant program is part of the City’s ongoing work to support Edmonton's economic recovery, contribute to the community’s vitality and prosperity and drive local job creation. Phase I (June 15 2020 - April 6, 2021) provided $1,128,000 to 1,100 individual businesses in the industries of accommodation or food service, small retail, health care and social assistance, and arts, entertainment and recreation to help reopen or pivot their business models as a result of COVID-19, and $509,600 to 10 business associations that supported business recovery and local economic development.

Full details about eligibility, including the core criteria and required documents to apply, will be available at edmonton.ca/businessgrants soon. Online applications for the Economic Action Plan Grant will begin in June.​

For more information:
edmonton.ca/businessgrants
edmonton.ca/businessinfo


Media contact:
Carrie McNallie
Communications Advisor
Urban Form and Corporate Strategic Development​
 
thommyjo said:
No percentage increase but our home got valued at 50k more than we paid for 2 months ago and I spent 4 weeks fighting with an assessor. Showed him 9 properties in our area that all sold more more and were nicer than ours and were assessed lower on the site. He claimed every single one looked like a mistake and said he would have to look into them.

Apparently they only make mistakes too low...

Guy was super frustrating. Now we're paying 1500 more in taxes than houses that sold for 680k when we paid 502k. Makes sense 🙃
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You should look into the appeal process if they are unwilling to budge on your assessment. Market value is typically assessed based on comparators between a willing buyer and seller, but you don't need that because you know the exact market value of your property since it was just purchased. How they could assess the value of your property higher that what you just paid?!
 
tkoe_ said:
You should look into the appeal process if they are unwilling to budge on your assessment. Market value is typically assessed based on comparators between a willing buyer and seller, but you don't need that because you know the exact market value of your property since it was just purchased. How they could assess the value of your property higher that what you just paid?!
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Maybe the crazy COVID-influenced real estate market is to blame? I have heard that even in Edmonton many homes have been sold over asking price, so perhaps that is what the assessors took into account when valuing @thommyjo's house.
 
Avenuer said:
Maybe the crazy COVID-influenced real estate market is to blame? I have heard that even in Edmonton many homes have been sold over asking price, so perhaps that is what the assessors took into account when valuing @thommyjo's house.
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Selling above asking is largely irrelevant.

If I price my home below perceived value, I'll likely get multiple offers and my house will sell above asking. Lets say my house can sell for $400,000, if I list at $390,000 I will likely get multiple offers and sell at $400,000. If I list at $405,000, and end up selling at $400,000, we get to the same point. One of these situations is selling above asking, but they are both the same price.

The city's assessments are usually way off market value, but usually in the homeowner's benefit. City doesn't really take improvements to property in account for assessments, and I believe it's just a historical price, then they adjust by neighborhood average appreciation/depreciation each year. I purchased my current house last year, and my assessment is about $50,000 below my purchase price. Will be interesting to see the process in appeal trying to bring down the assessment to Tommyjo's purchase price. If purchase was from an independent 3rd party, you would think he has a case. I'm sure the city has other factors though, as you could arbitrarily sell a house for cheaper than market, with the remainder being a side deal, and all of a sudden easily reduce assessments. So they probably have to research slightly more than using market price (which might be why Tommyjo is getting some annoying pushback from the city who are likely not very informed?)
 
I'm not appealing because I can make more money working than the 10-15 hours itll take to go through the appeal process...so its super frustrating. Not worth fighting.

But the principal of it pisses me off haha. The guy repeatedly told me the assessment reflects market value. I said, really? Cause this house sat for 6 months before we came and bought...so if anything, we paid MORE than its worth...not less.

And the biggest thing is there being 7 other properties I showed the guy that all sold for more than ours and are assessed at less. He claimed all of those were mistakes and he needed to review. So I asked if they were so incompetent that they screwed up 7 assessments? Or if it was possible they only made a mistake on mine. He claimed neither...

All my friends have 50-200k lower assessments than their purchase. Ours was 50k more... 110k more than our neighbours...which is an infill built 6 months before ours. Its ridiculous. I guarantee it drops next year to be more aligned with our neighborhood comparables.
 
I bought preconstruction in one of the Fox towers and at no point since I have purchased the property has the assessed value been anywhere close to the market value. I called the city recently to inquire about this as I refinance the condo and they explicitly told me what I already knew, the assessment value does not reflect the market value as they consider different factors (and don't consider others) that would be representative of a true market value. I would call back and talk to someone else.
 
CaptainBL said:
I bought preconstruction in one of the Fox towers and at no point since I have purchased the property has the assessed value been anywhere close to the market value. I called the city recently to inquire about this as I refinance the condo and they explicitly told me what I already knew, the assessment value does not reflect the market value as they consider different factors (and don't consider others) that would be representative of a true market value. I would call back and talk to someone else.
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Well its too late to appeal now ahha. Guy took 3 weeks to get back to me after our first convo. This is why city employees get heat. I know he doesn't represent them all, but I've had better service from teenagers at minimum wage jobs. This guy probably makes over 90k a year and was all over the place on the phone. Felt like talking to a C+ student in my finance courses...

End rant. Sorry to be all negative haha. Just so wild the inconsistencies on property assessments. And I can emphasize on the complexity. Must be super hard. But valuing way over (10%) of the recent sale price seems like an easy error to identify. Buddy and I were like scrolling realtor.ca listing together and he was like...ya...I see what you mean...but we still won't change yours...

So now I'm the narc who got all my neighbour's properties flagged for review too haha. Sheesh.
 
TAS said:
Nice story on Edmonton in this US business magazine.

www.google.com

Edmonton, Alberta: On The Short List For Global Players

Edmonton is an innovative hub of emerging growth sectors with a diverse, talented population creating opportunities for investment. 
www.google.com www.google.com
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What is this about from the article? "Toyota, Volkswagen, Google Brain and IBM are also investing in the region looking to chase that talent." Anyone have an update on what these 4 firms are planning here in Edmonton Metro?
 
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