2016 BC Property Assessment

books flight to NARTH

fills one suitcase with paper bags and penecillin

Had a few minutes to compare asking prices of recently listed houses to their assessed values.

If you look at houses that have been listed for months - they're usually asking more than the July 1 assessment. I interpret this as these houses are not really for sale - but the owner will sell them if a stupid price is offered. I saw lots of this when I was buying: no one living in the house, and price is clearly too high, but they wouldnt budge on price and let me walk despite the house sitting. Some even raised their prices after!!!!!

Narrowing the list to only recently listed houses (last few weeks) likely results in a sample of homes that are really for sale and the seller wants to move the house. The first half a dozen or so I pulled up are all asking under their assessment. Some ~15% less.

Im sure we will see some weakness. Shows the assessments dont mean much!

Jon ?!

Hey bud!

It doesnt matter until THE DAY you go to sell the house, and even then your assessment only matters a little bit - its irrelevant to either the buyer or the seller depending upon what the market has done in the time since!

And just remember, values that go up so quickly go down equally quickly. Dont bank on the assessment!

tru

I think I am just going to note that it was snowing when I got my property assessment that the conditions were too difficult to pay my property taxes. Seems to work for City of Vancouver garbage / recycling, not to mention that I can skate down my street. Must work for paying taxes too.

I wonder if Chip Wilson Way gets sanded and salted by the city.

Mine is up 44% in West Van 16/15. Its nonsense. Its also based upon July 1, close in time to where we peaked last year; the real estate market has changed a lot since then.

Market value is probably down 10% from July. Put in whatever number you want at whatever date and it is still irrelevant.

It doesnt matter until THE DAY you go to sell the house, and even then your assessment only matters a little bit - its irrelevant to either the buyer or the seller depending upon what the market has done in the time since!

And just remember, values that go up so quickly go down equally quickly. Dont bank on the assessment!

owned a house for over 20yrs and have not seen them drop as fast as they went up and have continued to climb .

I'm up 47% and goodbye to the homeowners grant…yay.

owned a house for over 20yrs and have not seen them drop as fast as they went up and have continued to climb .

The last 20 years has been nothing but an unprecedented BOOM for Canadian housing. Ive owned a house for 17 and participated in it. In Vancouver (but also Toronto), if you made a smart real estate move 15 years ago, ie leveraged up and extended yourself, you've probably made more after tax money simply by owning a home than any normal profession - doc, lawyer - doesnt matter. That is not what owning a HOME is supposed to be like but that is exactly what owning an assets that sees a speculative investment is like. My assessment is up 44% y/y. Look at history - homes appreciate on average ~1/10th of that - all things regress to the mean over time.

I dont think that we are going to see extreme weakness but I do think all of our July 2017 assessments can be down 20% or even 25% y/y. If we find out that foreigners can walk away from the houses if they're underwater and, if they have mortgages through Canadian banks and the banks cant go after them due to national borders, look out.

I pay my taxes in 2 installments, February and July. My 2016 Feb was $1975, this year it's $2350. The July portion was $2700. So either the province and city can't add numbers (quite likely the way they work) or the 3.9% increase is total BS! Based on what I paid last year, it would have meant a $180 increase, and so far I am seeing an increase of $375 on just the smaller portion of the taxes.

I am definitely thinking to defer taxes. Not over 55 so the rate is 2.70% interest vs the 0.7% if you are over 55.

What are the pros and cons. I figure take the $5K in taxes in put directly into RRSP? What do ye say?

owned a house for over 20yrs and have not seen them drop as fast as they went up and have continued to climb .

but nowdays its really about Vangroovy being Vangroovy propped up by many factors so many of you havent seen any boom bust cycles so only the old fucks have and … I think I might be the token oldfuck

So I'm gona play the old fuck card and say thats cuz yer just a kid, in 81-82 I had a house in PoCo go from 82K to 150K and back down again to 87K in [HTML_REMOVED] 2 years for a net rise of 6% all this was proven in court during divorce proceedings so it ain't bs

and after that the 80's sucked for house prices,yeah the dollar amounts are chump change in todays world but calculate the % amounts and its crazy

but nowdays its really about Vangroovy being Vangroovy propped up by many factors so many of you havent seen any boom bust cycles so only the old fucks have and … I think I might be the token oldfuck

So I'm gona play the old fuck card and say thats cuz yer just a kid, in 81-82 I had a house in PoCo go from 82K to 150K and back down again to 87K in [HTML_REMOVED] 2 years for a net rise of 6% all this was proven in court during divorce proceedings so it ain't bs

and after that the 80's sucked for house prices,yeah the dollar amounts are chump change in todays world but calculate the % amounts and its crazy

I,m 48 so yeah I,m young :) and if I remember from what my parents went thru it was not the houses pricing rising and falling . It was from a huge increase in interest rates , payments doubled pretty much over night for some .

I,m 48 so yeah I,m young :) and if I remember from what my parents went thru it was not the houses pricing rising and falling . It was from a huge increase in interest rates , payments doubled pretty much over night for some .

yup - that's what happened to my parents. rates went up to 20% in a matter of months and they got caught holding an investment property they couldn't sell. went from owning a home mortgage free to nothing in less than a year.

I'm up 47% and goodbye to the homeowners grant…yay.

I don't believe it's goodbye to the grant (correct me if I'm wrong) but a reduction on the grant based on the amount over the threshold of $1.2M.

I don't believe it's goodbye to the grant (correct me if I'm wrong) but a reduction on the grant based on the amount over the threshold of $1.2M.

bingo! this is how I understand it as well. I could be wrong as well