^^^ (Shirk's post)
I was just about to say the same thing. Click around on the DNV Property Viewer and you'll find that for many properties, the building isn't worth more than 10-15% of the total assessed value.
A friend of mine's property is assessed at almost $870k, but the house is only $20k of that, and it's a perfectly good house.
If we are talking about Vancouver, $200/ft2 would be closer to actual. Even then, that is for a moderate quality house.
And the smaller the house, the higher the cost per square foot.
It's cheaper to add 500sqft to a 2000 sqft house (not an addition/reno, but building it larger in the first place) than it is to build a 500sqft house.
Noone can build a 1000sqft house in Vancouver for 200K
My assessment shows the house as 42% of total assessed value. But the house is less than 4 years old.
That does highlight an important aspect of home ownership that many don't really understand: a principal residence is actually two different assets - the house (a depreciating asset) and the property (subject to market valuation, though usually appreciates over time.
It's generally and article of faith that the property value appreciates faster than the building value depreciates, but that's no guarantee.
When one person suffers from a delusion, it is called insanity.
When many people suffer from a delusion, it is called religion.
You're making an assumption about the percentage of financing. I've read a number of stories of boomers downsizing and/or putting in significant amounts to help their kids.
But I agree we don't have the data on this - so my anecdotal speculation is as good as yours.
I have a feeling that boomers won't be selling their houses and downsizing to condos en masse for a while, especially if their mortgages are paid off. There aren't a lot of new detached home lots being put up in Vancouver and condo prices are kept proportionally lower because the supply side for condos is much higher.
Boomers will repair/renovate/refinance their detached homes (with renovations done at the fraction of a condo purchase - financed by equity, and also increasing the resale value) and continue to live in them (possibly with family or extended family) for as long as possible while single-home lots appreciate in price.
If we are talking about Vancouver, $200/ft2 would be closer to actual. Even then, that is for a moderate quality house.
I tried to be conservative so I wouldn't get called out….got called out for being conservative….lol.
I don't understand why people always yack on about assessed values of property. It seems real estate is only worth as much as the market will pay for it. If property taxes are calculated off of assessments then it is in the best interest to keep property values on the up as governments look for increased money to come in
Why slag free swag?:rolleyes:
ummm, as your doctor i recommend against riding with a scaphoid fracture.
I tried to be conservative so I wouldn't get called out….got called out for being conservative….lol.
Welcome to NSMB. 
My brother just built a house in Vancouver so I had a good idea on what it costs.
City of Van is more expensive to build in than any other place in Metro Van due to the extra requirements because of their own codes, standards [HTML_REMOVED] requirements.
I don't understand why people always yack on about assessed values of property. It seems real estate is only worth as much as the market will pay for it. If property taxes are calculated off of assessments then it is in the best interest to keep property values on the up as governments look for increased money to come in
Increase in what - capital gains?
Real estate agents are there ones making more money. They're the ones benefiting from pushing prices up.
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp
Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells
Increase in what - capital gains?
Real estate agents are there ones making more money. They're the ones benefiting from pushing prices up.
increase in ppty taxes. as the assessed value goes up so does the amt of ppty tax paid by the owner.
We don't know what our limits are, so to start something with the idea of being limited actually ends up limiting us.
Ellen Langer
increase in ppty taxes. as the assessed value goes up so does the amt of ppty tax paid by the owner.
Their percentage of the whole goes up, but if prices are going up throughout the community then the amount they pay in taxes will stay the same. So if your assessment doubles but so does everyone else's, you will pay the danger property tax.
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp
Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells
Their percentage of the whole goes up, but if prices are going up throughout the community then the amount they pay in taxes will stay the same. So if your assessment doubles but so does everyone else's, you will pay the danger property tax.
what's a danger property tax?
We don't know what our limits are, so to start something with the idea of being limited actually ends up limiting us.
Ellen Langer
its a tax for Courtenay residents……???
its a tax for Courtenay residents……???
golf clap
We don't know what our limits are, so to start something with the idea of being limited actually ends up limiting us.
Ellen Langer
Spellcheck with the death of us all.
Wrong. Always.
Spelunk with the death of us all.
Whaa?
Pastor of Muppets
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