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🏡 Assessed Value vs. Market Value in Edmonton: What’s the Difference?
If you own a home in Edmonton, or you’re thinking of buying or selling one, you’ve probably come across two terms that sound similar but mean very different things: assessed value and market value.
Understanding the difference is key—whether you’re trying to figure out your property taxes, setting a price to sell your home, or deciding if that listing price is a good deal.
Let’s break down what each value means, why they matter, and how they affect you here in Edmonton, Alberta.
📊 What Is Assessed Value?
The assessed value is determined annually by the City of Edmonton’s Assessment and Taxation Branch. This value is used solely for calculating your property taxes—it’s not a direct reflection of your home’s resale value.
How It’s Calculated:
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Based on the estimated market value of your home as of July 1 of the previous year
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Determined using a mass appraisal model—which groups properties with similar characteristics (e.g., size, age, location) to generate values
You can find your assessed value every year in your property assessment notice, usually mailed out in January. You can also look it up online through Edmonton’s Assessment Search Tool.
🏷️ What Is Market Value?
Market value is the price your home would likely sell for in today’s real estate market, based on what a willing buyer would pay, and a willing seller would accept—right now.
Factors that Influence Market Value:
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Current supply and demand
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Recent sales of similar homes
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Condition of the home and any upgrades
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Neighborhood trends (e.g., new schools, transit lines, or commercial developments)
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Broader economic conditions (e.g. mortgage rates, employment levels)
Unlike assessed value, market value is fluid—it can change quickly depending on market conditions.
🔍 Key Differences at a Glance
| Feature | Assessed Value | Market Value |
|---|---|---|
| Purpose | Property taxation | Buying, selling, refinancing |
| Determined by | City of Edmonton | Realtors, appraisers, market |
| Frequency | Updated annually | Changes constantly with the market |
| Based on | July 1 valuation, mass appraisal | Real-time data and property-specific details |
| Where to find it | Assessment notice or city website | Realtor CMA, appraisal, or real estate listing |
🤔 Why They’re Often Different
In Edmonton, it’s normal for assessed and market values to be out of sync. Here’s why:
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Time lag: Assessed values are based on sales data that’s at least six months old.
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Generalization: The city uses mass appraisal, which doesn’t take into account specific renovations or unique home features.
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Market fluctuations: The housing market in Edmonton can shift fast—especially with changes in oil prices, interest rates, or population growth.
For example, if your neighborhood has become a hot spot due to a new LRT line or school, your market value might jump—but your assessed value won’t catch up until the next tax year.
🏠 Why This Matters for Edmonton Homeowners
1. Property Taxes
Your property taxes are based on your assessed value, multiplied by the city’s mill rate. If you believe your assessed value is too high, you can file a complaint with the Assessment Review Board before the deadline which is usually in March.
2. Selling Your Home
When you sell, buyers likely won’t care as much about your assessed value—they care about the market value. Pricing your home based on its assessment may result in underpricing (and leaving money on the table) or overpricing (and scaring off buyers).
Always work with a realtor who can provide a Comparative Market Analysis (CMA) based on recent local sales.
3. Buying a Home
Don’t rely on assessed value to judge whether a listing price is fair. A home with a lower assessed value could still sell for more if it’s been upgraded or is in a desirable location.
4. Refinancing or Applying for a Mortgage
Lenders will order an independent appraisal to determine the current market value—not the assessed value. This appraisal affects your loan-to-value ratio, which impacts your borrowing power and interest rate.
🔧 How to Check Both Values in Edmonton
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To check your assessed value: Visit Edmonton’s Assessment Search using your property address or account number.
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To estimate market value: Talk to a local real estate agent to request a CMA, or hire a certified appraiser. Online tools can offer ballpark estimates, but they don’t replace a professional opinion.
📝 Final Tips for Edmonton Homeowners
✅ Review your assessment annually—especially if your property hasn’t been updated or if market conditions have changed
✅ Appeal early if you believe the assessed value is inaccurate (don’t wait until tax bills arrive!)
✅ Use market value for all real estate transactions, not assessed value
✅ Document upgrades or changes to your home for potential buyers
🧠 Final Thoughts
In Edmonton, assessed value is a tax tool. Market value is what your home is actually worth on the open market. While the two numbers can sometimes be similar, they serve different purposes and are calculated in different ways.
Knowing how both values work—and when each one matters—puts you in a better position whether you’re managing your taxes, buying your dream home, or getting ready to sell.
Need help figuring out your home’s market value? Reach out to a licensed real estate agent or appraiser for expert guidance tailored to your neighborhood.
