Bonnyville property values down 2%, business class down 3% in 2023

From July 2020 to June 2023, there were 34 foreclosures that led to bank repossessions and 48 bank sales. 

The overall values of properties in Bonnyville have dropped by two per cent, recent figures presented to town council show.

The Accurate Assessment Group presented their analysis on March 26, with residential assessments down two per cent and non-residential down by three per cent compared to 2022.

“It’s not good numbers for the Town of Bonnyville,” said Mayor Elisa Brosseau on The Morning After. 

“We lagged coming out of COVID. We were very slow and growing our market backup 2022 saw a little bit of an increase, but now we’re seeing those residential and non-residential assessments come down.” 

The Town is divided into four sections, so that in a four-year interval, each home in Bonnyville is inspected. Every year, the assessment is re-evaluated.

The 2023 figures are almost identical to 2021, higher than 2020, but below 2019 values as well, meaning that in the last five years, assessment is very similar.

However, the business class of non-residential, was the lowest in 2023 of the past five years.

Just under 42 per cent of homeowners, 1240 homes, will see a decrease in property value of between $1,000-$9,999, and just under 26 per cent, 767 properties, will see a decrease of $10,000-$24,999.

In comparison, only nine per cent, 267 homes, will an increase in property value of between $1,000-$9,999, and six per cent, 181 homes, will see an increase of $10,000-$24,999.

Assessment specialist Bob Daudelin said that of the total of 11 communities he assesses, Bonnyville had the highest number of foreclosures, with 34 bank repos from July 2020 to June 2023, and 48 bank sales.

Brosseau said that was an eye-opening statistic.

“I think it coincides with our economy. Ups and downs, and we just can’t sustain the people,” she said. 

However, due to changes in legislation, farmland value was up 266 per cent, to $1.44 million.

These property values help determine the mill rate, which will be set the same time as the final budget is passed, and determine the amount of real tax someone will pay to the municipality.

Homeowners can contact the Town if they have questions or concerns about their property value. The full report shown to council can be seen here.