Edmonton Real Estate Market

[edm13]

And we can't build a competitive city with Edmontons high property tax rates. Edmonton 25% higher than Calgary on a 500k home.

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Obviously, because a $500k house here is a $625k home in Calgary. So you can’t compare $500k homes. Look at a $500 k home in Toronto or Vancouver, it’s going to appear to have way lower taxes. But you gotta compare the same type of home.

 

[kcantor]

Obviously, because a $500k house here is a $625k home in Calgary. So you can’t compare $500k homes. Look at a $500 k home in Toronto or Vancouver, it’s going to appear to have way lower taxes. But you gotta compare the same type of home.

you need to do the math before you make conclusions like that. property taxes aren’t based on just the value of the property, it’s the value of the property times the mil rate.

assuming the average house prices and the mil rates quoted are accurate, the edmonton owner would pay 0.944475 percent of $420,507 or $3,972 per year in property taxes.

the calgary owner would pay 0.065718 percent of $557,000 or $3,660 per year.

even though his house is worth 25% less, the edmonton owner will pay 8.5% more in property taxes than the calgary owner.

 

[edm13]

you need to do the math before you make conclusions like that. property taxes aren’t based on just the value of the property, it’s the value of the property times the mil rate.

assuming the average house prices and the mil rates quoted are accurate, the edmonton owner would pay 0.944475 percent of $420,507 or $3,972 per year in property taxes.

the calgary owner would pay 0.065718 percent of $557,000 or $3,660 per year.

even though his house is worth 25% less, the edmonton owner will pay 8.5% more in property taxes than the calgary owner.

That’s my whole point and I did the math to arrive at the same numbers. The original post was insinuating that property taxes are 25% higher in Edmonton than Calgary. But as you calculated, it’s much closer than that, albeit 8.5% higher

 

[David A]

I think the point is a $500,000 house in a city with higher prices is not the same as a $500,000 house here. The $500,000 house in Edmonton is probably bigger in size than the $500,000 house in Calgary.

So say the $625,000 house in Calgary is similar in size to the $500,000 house here. A more accurate comparison might be of taxes paid per sq. foot.

 

[dunno]

If Westboro (Ottawa) and Inglewood (Calgary) qualify as vibrant and urban, while Oliver, Garneau, Ritchie and Westmount do not - there is no reasoning to be had.

Have you been down 9th Ave in Inglewood on a Saturday? Just wondering. It’s not as vibrant as 17th or Whyte, but it’s getting there. Comparable to Kensington and, at times, busier than Stephen Ave. Ritchie is a couple strip malls with some destination food spots. Garneau is stroad-y aside from the half-block of 89th Ave…hardly a walkable destination and only really busy around that half block and for Metro Cinema. West Oliver is not bad, but it isn’t that bustling most of the time. Westmount… well, 124th has many things, but vibrancy is not one of them.

 

[soupcrate]

And we can't build a competitive city with Edmontons high property tax rates. Edmonton 25% higher than Calgary on a 500k home.

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How Property Tax Differs Across Canada in 2023 | Zoocasa Blog

Before buying a home it's important to consider the various homeownership costs, such as property taxes, that will impact your budget. Discover which cities in Canada have the lowest property tax rates in this comprehensive guide.

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The median single detached house price in Calgary is 58% higher (650k vs 409k according to CREA). Our mill rate is 25% higher but that's more than cancelled out by properties being 37% cheaper.

1.25 x 0.63 ~= 0.79
The median detached homeowner in Edmonton pays 80% of what they would in Calgary.

 

[David A]

Have you been down 9th Ave in Inglewood on a Saturday? Just wondering. It’s not as vibrant as 17th or Whyte, but it’s getting there. Comparable to Kensington and, at times, busier than Stephen Ave. Ritchie is a couple strip malls with some destination food spots. Garneau is stroad-y aside from the half-block of 89th Ave…hardly a walkable destination and only really busy around that half block and for Metro Cinema. West Oliver is not bad, but it isn’t that bustling most of the time. Westmount… well, 124th has many things, but vibrancy is not one of them.

I haven't been to Inglewood for some time, but I was impressed when I was there before. It is fairly close to downtown, but separate and also close to the river which is nice. Having said all that while I understand the point, I am really not a fan of comparing neighbourhoods in different cities. I don't know what would be closely comparable to Inglewood here - maybe one of the river valley communities, but our river valley has such a different geography. It is bigger and I believe there are more development restrictions in our river valley areas.

 

[ChazYEG]

I haven't been to Inglewood for some time, but I was impressed when I was there before. It is fairly close to downtown, but separate and also close to the river which is nice. Having said all that while I understand the point, I am really not a fan of comparing neighbourhoods in different cities. I don't know what would be closely comparable to Inglewood here - maybe one of the river valley communities, but our river valley has such a different geography. It is bigger and I believe there are more development restrictions in our river valley areas.

I think the closest comparison to Inglewood would be West Oliver/124 Street, but they have different vibes.

 

[tkoe_]

you need to do the math before you make conclusions like that. property taxes aren’t based on just the value of the property, it’s the value of the property times the mil rate.

assuming the average house prices and the mil rates quoted are accurate, the edmonton owner would pay 0.944475 percent of $420,507 or $3,972 per year in property taxes.

the calgary owner would pay 0.065718 percent of $557,000 or $3,660 per year.

even though his house is worth 25% less, the edmonton owner will pay 8.5% more in property taxes than the calgary owner.

The other thing to keep in mind is that traditionally taxes from the commercial core in Calgary have subsidized their residential owners, although this is changing now due to a drop in valuations. Edmonton would be in the same boat if the province allowed the City to annex refinery row, which instead largely contributes to Strathcona County's bottom line.

 

[dunno]

I haven't been to Inglewood for some time, but I was impressed when I was there before. It is fairly close to downtown, but separate and also close to the river which is nice. Having said all that while I understand the point, I am really not a fan of comparing neighbourhoods in different cities. I don't know what would be closely comparable to Inglewood here - maybe one of the river valley communities, but our river valley has such a different geography. It is bigger and I believe there are more development restrictions in our river valley areas.

10 years ago, 124th and Inglewood were roughly on par in terms of amenities and vibrancy. But the latter has really taken off in recent years — it’s truly impressive. 124th’s trajectory has been much more incremental.

The point isn’t really to find what the Edmonton equivalent to Calgary Inglewood or any specific neighbourhood. It’s merely pointing out that in two cities of near identical size, age, and history, one has many thriving busy nodes while the other only has one.

 

[Romanov]

Have you been down 9th Ave in Inglewood on a Saturday? Just wondering. It’s not as vibrant as 17th or Whyte, but it’s getting there. Comparable to Kensington and, at times, busier than Stephen Ave. Ritchie is a couple strip malls with some destination food spots. Garneau is stroad-y aside from the half-block of 89th Ave…hardly a walkable destination and only really busy around that half block and for Metro Cinema. West Oliver is not bad, but it isn’t that bustling most of the time. Westmount… well, 124th has many things, but vibrancy is not one of them.

I would even argue Inglewood is surpassing Kensington in terms of vibrancy along the main streets.

Some of the Edmonton examples have potential for urban vibrancy but have glaring gaps like Dunno notes above. A common theme is a lack of feasible main streets so much so that vibrancy is pushed inward, created in pockets throughout the neighbourhood such as 121 Street in Oliver or 88 ave in Garneau. Less mainstreet vibrancy and more pockets that are not as easily connected. Don't get me wrong, the pockets are interesting and welcome, but are less accessible for those unfamiliar with the area. This lends to Edmonton's reputation of having to be "in the know" to find cool places.

 

[dunno]

I would even argue Inglewood is surpassing Kensington in terms of vibrancy along the main streets.

Some of the Edmonton examples have potential for urban vibrancy but have glaring gaps like Dunno notes above. A common theme is a lack of feasible main streets so much so that vibrancy is pushed inward, created in pockets throughout the neighbourhood such as 121 Street in Oliver or 88 ave in Garneau. Less mainstreet vibrancy and more pockets that are not as easily connected. Don't get me wrong, the pockets are interesting and welcome, but are less accessible for those unfamiliar with the area. This lends to Edmonton's reputation of having to be "in the know" to find cool places.

yeah that’s probably right. Kensington used to be a lot trendier too. And Stephen Ave is only busier than Inglewood during the work day, for obvious reasons. But in leisure time, the only busier areas in Calgary than Inglewood are the Beltline-Mission areas.

 

[ChazYEG]

I would even argue Inglewood is surpassing Kensington in terms of vibrancy along the main streets.

Some of the Edmonton examples have potential for urban vibrancy but have glaring gaps like Dunno notes above. A common theme is a lack of feasible main streets so much so that vibrancy is pushed inward, created in pockets throughout the neighbourhood such as 121 Street in Oliver or 88 ave in Garneau. Less mainstreet vibrancy and more pockets that are not as easily connected. Don't get me wrong, the pockets are interesting and welcome, but are less accessible for those unfamiliar with the area. This lends to Edmonton's reputation of having to be "in the know" to find cool places.

I think that when everything that is under construction is finally build up in West Oliver, we'll start to see a more contiguous node of vibrancy between 120st and 125 st, that includes 102 Avenue between these streets, as well as Jasper Ave and 124 Street up to 109 avenue. It'll all feel much better connected as the CRUs from the Citizen, The Hat and Mercury Block I and II start to fill up and, hopefully, we'll also add the Jameson to that.The crown jewel will be the LRT, with stops on 120 st and 124 st.

 

[dunno]

I think that when everything that is under construction is finally build up in West Oliver, we'll start to see a more contiguous node of vibrancy between 120st and 125 st, that includes 102 Avenue between these streets, as well as Jasper Ave and 124 Street up to 109 avenue. It'll all feel much better connected as the CRUs from the Citizen, The Hat and Mercury Block I and II start to fill up and, hopefully, we'll also add the Jameson to that.The crown jewel will be the LRT, with stops on 120 st and 124 st.

Oliver already has the highest population density in the city (particularly West Oliver) and has for decades, and yet it isn’t the most vibrant area in the city. Many here (and elsewhere) think that if we just build enough towers, it’ll fix the neighbourhood and become vibrant. It sometimes reminds me of the “one more lane” induced demand meme, albeit with good intentions. There can be a lot of people in an area, but if the environment isn’t one where people want to walk around, linger, and enjoy their leisure time, it’s not gonna become busy. Likewise, density is important and useful, but far from the only ingredient for having a vibrant urban neighbourhood. Both Calgary’s Inglewood and Edmonton‘s most vibrant area — Old Strathcona — have less people living in the vicinity, but have managed to become destinations and thus have people coming from further afield.

 

[David A]

I do think adding more people and density in West Oliver will help quite a bit, but it is not in itself a magic bullet. It really developed as mainly a residential area with not much commercial. I think that will start to change in the future and help make it more vibrant.

Old Strathcona is a historic area, that sort of character and vibe is hard to replicate with newer buildings. It also is close to the University and draws a lot of people from further south and, an arts crowd and has good nightlife.