CANMORE – Taxable assessments throughout Canmore are nearing $12 billion – an 11.25 per cent growth from 2022, according to the latest assessment for taxation purposes.
The double digit percentage growth comes after the taxable assessment was $10.67 billion in 2022 and comes after $212 million in new growth, with $158.73 million residential and $54.22 non-residential.
A report from Alberta-based Benchmark Assessment Consultants Inc. – Canmore’s independent assessor – outlined the assessment roll had the taxable assessment for $11.867 billion on 13,061 parcels of land.
“There are pockets of very unique locations, specific property types and oftentimes the year-over-year change with respect to market value fluctuates,” said Lance Wehlage, an accredited municipal assessor with Benchmark, of Canmore.
“It’s a little bit of a wider range for the Town in various different pockets. … Not every property increases or decreases at the same rate.”
The bulk of the taxable assessment is residential at $9.022 billion followed by non-residential at $1.59 billion. Total exempt from taxes make up $708 million.
Nearly half of taxable parcels are 5,034 residential condo units and 3,587 for single-detached homes. The assessment found 1,910 commercial and industrial units.
The total market change, according to the assessment, was 8.4 per cent for residential and 14.4 per cent for non-residential, totalling 9.2 per cent overall. However, the assessor’s report noted market value can fluctuate and “do not result in new revenue to the Town.”
It found 1818 Mountain Ave. residential condos had a 25 per cent increase and 1001 Cougar Creek residential condos were 19.5 per cent above market change. The re-inspection areas for the past year were Homesteads, the older part of Three Sisters Drive, Rundleview, Hubman Landing, Riva and Prospect Heights and South Canmore fourplexes.
Non-residential higher than average market changes were Three Sisters Mountain Village Properties Limited (TSMVPL) lands in the Three Sisters Village and Smith Creek area structure plans (ASPs), which increased 130.9 per cent.
Wehlage said that was due to council having approved the two ASPs. However, since the Land and Property Rights Tribunal ordered the two plans to move forward in 2022 and the Town didn’t apply for a stay on the decision, TSMVPL was able to begin the development process at any time. The Town and TSMVPL came to an agreement prior to the Court of Appeal hearing the case last April, but it didn’t nullify the ability to continue with development prior to a council adoption.
The Court of Appeal supported the tribunal’s decisions, leading to the formal council adoption last October erased any future legal challenges from the municipality on the high level guiding documents.
Areas of notable growth were Arnica Lodge residential condos in Spring Creek Mountain Village, Skyline Peaks visitor accommodation condos and 209 Stewart Creek Rise residential condos in Three Sisters Mountain Village.
Wehlage said a factor for the increase was hotels in the community recovering from the COVID-19 pandemic. He said they use increment expenses from hotels and use the past three years of information to calculate the total.
“Over the COVID years, there was a significant decrease in the financials of hotels and two years ago hotels decreased because of that,” he said. “Now that the hotels are coming back online and the income increasing again and the COVID years are falling off, that’s ultimately why we’re seeing these significant increases in market value as the hotels restore to more normalized operating income.”
The overall taxable change was 10.2 per cent for residential properties and 17.8 per cent for non-residential. In 2022, it was 23.2 per cent for residential and 20.7 per cent for non-residential.
Alberta legislation requires an annual assessment, with market value as of July 1, 2023, and physical condition as of Dec. 31, 2023.
The assessment notice mail-out took place Feb. 13, with a complaint deadline of April 22.
TOWN OF CANMORE 2023 ASSESSMENT ROLL FOR 2024 TAXATION
- Total Assessment: $11.867 billion
- Total assessable parcels: 13,061
- Residential condo units: 5,034
- Single-detached homes: 3,587
- Commercial and industrial units: 1,910
TAXABLE ASSESSMENT BASE
- Residential: $9.022 billion
- Non-residential: $1.590 billion
- Non-residential-linear: $$54.395 million
- Designated industrial property non-residential: $1.382 million
- Designated industrial property machinery and equipment: $411,370
MARKET CHANGE
- Residential: 8.4 per cent
- Non-residential: 14.4 per cent
- Total: 9.2 per cent
ASSESSMENT GROWTH
- Residential: $158.73 million
- Non-residential: $54.22 million
- Total: $212.95 million
