Leduc median home prices see increase in assessed value

LEDUC -- The assessed value of residential properties in the City of Leduc rose significantly from 2023 to 2024.

This is according to new data presented by the City's Chief Financial Officer Gene Peskins, which shows that single family homes have seen a considerable increase in assessed value year-over-year. Peskins says the median assessed value for a single family home in Leduc went from $381,000 in 2023 all the way up to $404,000 last year.

Meantime, multi-family properties saw the largest increase in assessed value, rising from $942,000 in 2023 to $1,045,000 last year.

"We've seen a big increase in market value for multi-family," said Peskins during Monday's council meeting. "That's gone up by 12 per cent, which is more than the average increase, and could have an impact on taxes."

The median assessed value for condos also rose from $194,000 in 2023 to $209,000 in 2024. For non-residential properties, there was an overall assessment increase of 6.8 per cent from 2023 to 2024, with 4.1 of that percentage being attributed to inflation.

As a part of their 2024 Assessment, 15,601 properties were assessed -- 13,966 of which being residential properties.