New Paragraph

Property Taxes

Cory Vance • February 3, 2021

You should have received your 2021 property tax assessments in the mail. Your property assessment reflects the estimated value of your property on July 1, 2020, along with your property characteristics and condition on Dec 31, 2020. How does the city know the condition of your property on a specific date? Good question. How do they even know what sort of upgrades and finishings you have inside your house? The short answer is they do not. So it is important to note a property assessment is NOT to be confused with your current market value. 
 
 If you are thinking about selling your property, it would be best to talk to a realtor who will be able to give you a better idea of current market values along with current market conditions. Need a realtor?  EMAIL me and I can connect you with the best. With the current shortage of supply in the market, some home sellers are selling quicker and for more money than they thought even 6 months ago.   
 
Your value on your property tax assessment CAN and does impact your property taxes. For 2021 the City of Calgary has seen property assessment values decrease by 2% over the previous year. This was based on a typical residential home of $445,000 which is down from $455,000. 
 
City council has proposed an overall tax decrease of 1.66% for 2021, but we will see when they are mailed out in May. 
 
You can estimate your property taxes with the city’s property tax calculator by clicking HERE. 
 
Feel like disputing your property assessment click this LINK2021 key dates

  • Jan. 2 to March 4, 2021 – Customer Review Period
  • May 2021 – property tax bill mailing
  • June 30, 2021 – property tax due date

More questions on property taxes, property values or want to talk mortgages call 403-614-9211 or EMAIL.


Share

RECENT POSTS  

Everything You Need to Know About Second Mortgages

By Cory Vance • October 21, 2025
What Is a Second Mortgage, Really? (It’s Not What Most People Think) If you’ve heard the term “second mortgage” and assumed it refers to the next mortgage you take out after your first one ends, you’re not alone. It’s a common misconception—but the reality is a bit different. A second mortgage isn’t about the order of mortgages over time. It’s actually about the number of loans secured against a single property —at the same time. So, What Exactly Is a Second Mortgage? When you first buy a home, your mortgage is registered on the property in first position . This simply means your lender has the primary legal claim to your property if you ever sell it or default. A second mortgage is another loan that’s added on top of your existing mortgage. It’s registered in second position , meaning the lender only gets paid out after the first mortgage is settled. If you sell your home, any proceeds go toward paying off the first mortgage first, then the second one, and any remaining equity is yours. It’s important to note: You still keep your original mortgage and keep making payments on it —the second mortgage is an entirely separate agreement layered on top. Why Would Anyone Take Out a Second Mortgage? There are a few good reasons homeowners choose this route: You want to tap into your home equity without refinancing your existing mortgage. Your current mortgage has great terms (like a low interest rate), and breaking it would trigger hefty penalties. You need access to funds quickly , and a second mortgage is faster and more flexible than refinancing. One common use? Debt consolidation . If you’re juggling high-interest credit card or personal loan debt, a second mortgage can help reduce your overall interest costs and improve monthly cash flow. Is a Second Mortgage Right for You? A second mortgage can be a smart solution in the right situation—but it’s not always the best move. It depends on your current mortgage terms, your equity, and your financial goals. If you’re curious about how a second mortgage could work for your situation—or if you’re considering your options to improve cash flow or access equity—let’s talk. I’d be happy to walk you through it and help you explore the right path forward. Reach out anytime—we’ll figure it out together.

Reposition Your Debts Through Mortgage Financing

By Cory Vance • October 7, 2025
If you’re a homeowner looking to optimize your finances, consider taking advantage of your home’s equity to reposition any existing debts you may have. If you’ve accumulated consumer debt, the payments required to service these debts can make it difficult to manage your daily finances. A consolidation mortgage might be a great option for you! Simply put, debt repositioning or debt consolidation is when you combine your consumer debt with a mortgage secured to your home. To make this happen, you’ll borrow against your home’s equity. This can mean refinancing an existing mortgage, securing a home equity line of credit, or taking out a second mortgage. Each mortgage option has its advantages which are best outlined in discussion with an independent mortgage professional. Some of the types of debts that you can consolidate are: Credit Card Unsecured Line of Credit Car Loan Student Loans Personal or Payday Loans Most unsecured debt carries a high interest rate because the lender doesn't have any collateral to fall back on should you default on the loan. However, as a mortgage is secured to your home, the lender has collateral and can provide you with lower rates and more favourable terms. Debt consolidation makes sense because it allows you to take high-interest unsecured debts and reposition them into a single low payment. So, when considering the best mortgage for you, getting a low rate is important, but it’s not everything. Your goal should be to lower your overall cost of borrowing. A mortgage that allows for flexibility in prepayments helps with this. It’s not uncommon to find a mortgage at a great rate that allows you to increase your payments by 15% per payment, double your payments, or make a lump sum payment of up to 15% annually. As additional payments go directly to the principal repayment of the loan, once you’ve consolidated all your debts into a single payment, it’s smart to take advantage of your prepayment privileges by paying more than just your minimum required mortgage payment, as this will help you become debt-free sooner. While there is a lot to unpack here, if you’d like to discuss what using a mortgage to reposition your debts could look like for you, here’s a simple plan we can follow: First, we’ll assess your existing debt to income ratio. We’ll establish your home’s equity. We’ll consider all your mortgage options. Lastly, we’ll reposition your debts to help optimize your finances. If this sounds like the plan for you, the best place to start is to connect directly. It would be a pleasure to work with you.

STAY INFORMED

Subscribe to my newsletter

STAY INFORMED