Saskatoon’s latest property reassessments reveal a mixed picture for commercial properties, with an overall decline of about 2% in value. This includes significant drops in office and retail properties, which saw reductions of 17% and 10%, respectively. Industrial properties, however, bucked the trend, with an increase of 10%. While the market shifts are still playing out, the dip in commercial property values marks a contrast to the substantial increases experienced in the last reassessment cycle.

For businesses, this reassessment cycle is seen as a welcome relief compared to the sharp rises in property values they faced previously. In 2021, commercial properties experienced significant hikes, particularly in office and retail spaces. This time around, the more modest changes could  provide some much needed financial relief. 

Today, the Chamber is attending the city’s Finance Committee meeting to hear the administration's presentation on the reassessment process. With commercial property values generally lower this cycle, we are  focused on understanding how these changes will affect local businesses. They are also emphasizing the need for property tax reform, as the current model, which lacks regular updates, forces both business owners and homeowners to deal with unpredictable market fluctuations.