HELLO 👋 Edmonton homeowners and future buyers, here’s the scoop on the latest property tax news! 🏠 The city council is looking at an 8.1% tax hike for 2025, and while it’s less than the 13% increase originally on the table, it’s still something to think about—especially if you’re considering buying or selling a home soon.
So, What’s the Deal With the Tax Increase?
Next year, Edmonton property owners will pay about $62 more for every $100,000 in assessed property value. Why? Edmonton’s growing, and inflation has upped the cost of keeping the city running. As the city’s Chief Financial Officer, Stacey Padbury, explains, we need this bump just to maintain current services. And 2026 could see a similar hike if trends continue.
Now, here’s where it gets interesting for buyers and sellers:
Why Buy Now?
If you’re on the fence about buying, a property tax increase might feel like a downside—but think of it as an opportunity. Here’s why:
1. **Lock In at Lower Rates**: Getting into a home now means you’ll avoid higher tax assessments that may come if property values increase further down the road.
2. **Growth Benefits**: With Edmonton expanding, you’re not just buying a home; you’re investing in a city that’s becoming even more vibrant! Think of the amenities, services, and developments that come along with this kind of growth. 📈
3. **Get Ahead of Inflation**: The current rate increase reflects rising costs, and future hikes are likely. Investing in property now could help you hedge against the cost of renting and inflation. Plus, you’re building equity rather than just paying rent!
Thinking of Selling? Now Could Be Ideal!
If you’ve been waiting to list, here’s why now could be the right moment:
1. **Strong Buyer Interest**: With a modest tax hike instead of the initially proposed 13%, buyers who might have been hesitant are likely still looking for their Edmonton dream home. That means more interest in your listing! 🔑
2. **Edmonton’s Upward Momentum**: With the city’s growth and demand, home values are expected to stay steady or even rise. Listing now could help you capitalize on that demand and the appeal of Edmonton’s vibrant future.
3. **Move Before Future Hikes**: If you’re thinking about relocating or downsizing, selling now helps you avoid paying higher property taxes in future years, freeing up more of your equity for your next big move!
What’s Next?
Mayor Amarjeet Sohi is hopeful he can work with city council to reduce the increase further. Council will debate budget adjustments next month, so there’s more to come on what this means for property owners.
Bottom line: whether you’re buying or selling, Edmonton’s evolving real estate market is full of potential. You’re not just making a move—you’re investing in a city that’s growing, thriving, and full of opportunities. So, are you ready to make your move? 😉