After discussing Canmore property assessments with several friends, it appears to me everyone received a whopping increase in their assessment this year.
When I adjust my 2022 assessment to the value that it would have been if the increase from 2021 was in line with the increases for the previous five years, my 2023 assessment increase is calculated to be 32 per cent over the adjusted 2022 assessment. What is going on?
My average annual assessment increase for the past five years was around 15 per cent. Why the big 2023 increase?
It is my understanding our assessments should be approximately the fair market value of our properties. Does this mean that the fair market value of most Canmore properties has increased by 32 per cent?
Is this significant increase in property assessment because the demand for property in Canmore has exceeded the supply?
If this is the cause of the unusually high assessment increase this year, I wonder what will happen in the future if Canmore council, and the “Now that I am here, I don’t want anyone else to come” crowd succeed in shutting down the Three Sisters Village and Smith Creek area structure plans.
When Canmore reaches total buildout and the supply of new accommodations dries up while the demand is still strong, will assessed property values skyrocket?
Also, when we approach total buildout, what will happen to all the folks that work in the construction industry? Will they be forced to sell their high-priced homes and move to areas that are more development friendly?
Will only deep pocket people be able to afford the homes that are vacated by departing construction workers?
It appears to me that it would be wise for the Town of Canmore to stop opposing the Three Sisters Mountain Villages Properties Limited developments and negotiate a plan that will gradually develop their lands over the next 25 to 30 years in order to dribble new accommodations into the market to keep up with demand which should help slow property value increases and provide long-term work for Canmore construction workers and related industries.
One other benefit of supporting the development of TSMVPL land is tax revenues from developed land are significantly higher than revenues from undeveloped land.
Ever since the 1995 introduction of the Canmore Clause or Section 619 in the Municipal Government Act, tribunals and courts have tried to explain to Canmore councils there is a limit to the restrictions that small town councils can place on the development of private property.
Why not stop the court challenges and divert the related legal fee budget to a snow removal fund?