City of Saskatoon Assessments vs Actual House Values
by Cam Bird
on Wednesday, December 20th, 2017 at 12:21am.
Learn more about what a buyer will pay for a home in communities throughout Saskatoon and find out how that compares to the City of Saskatoon assessed property values.
Hello there, Cam Bird from RE/MAX Saskatoon. Just want to give you an update on Market Evaluations. A lot of times Sellers have checked on city of Saskatoon Assessment Notices to check what their home is worth; what sellers may not know is the city assessments are from January 1, 2015. Coming in 2018, there is a big difference between the values of these properties & what that assessed value is. Unfortunately, houses are not all at the value it was once assessed at back in January 2015.
For example, I did an Evaluation in the subdivision of King George. From comparable sales & active listings my suggestion was to be priced around $125,000. However, the Seller had checked the City Assessment which was $160,000.
We have done some homework on comparable sales & their assessed value.
In Meadow Green Area a house sold in November 2017 for $218,000. The assessed value of the property was $302,000.
In the North end of Saskatoon, Silverwood Heights, a home sold for $585,000 and the assessed value was $730,000.
In Briarwood, the City of Saskatoon Assessment was $733,000 and the selling price was $684,000.
In Silverwood, a home's assessed value was $382,000 and the selling price was $320,000.
So if you are paying attention to the City of Saskatoon property assessments it is very difficult to get a true value of your property. I would guess that around 95% of homes are selling below the assessed value. The only way a home sells at assessed value and above the assessed value is when numerous upgrades have been done on the home such as kitchens, bathrooms and basement developments.
If you truly wish to know what your home is worth, please don’t hesitate to give us a call.