BC Assessments are Out Now

[baddogg]

Down in Lantzville, thankfully.

 

[Deewar25]

Down 20% for us! Looks like biggest hit in Langford.

 

[Gong Show]

Up 1% for our place in CR.

 

[scott craven]

Down 2% in Saanich

 

[ReelSlim]

Down just under 2% at or place in Renfrew.

 

[leaseman]

Up by $25K

In the real world, we are probably up $100K

 

[leaseman]

How many of you are getting your doors knocked on by realtors?

 

[scott craven]

Up by $25K

In the real world, we are probably up $100K

I always figure take your municipal accessment and add $100K for actual selling value.

 

[N2013]

How many of you are getting your doors knocked on by realtors?

Not knocked on, but lots of junk in the mail.

 

[The Green Bastard]

Down 1.8% in Metchosin.

 

[Salmon Seeker]

Down 0.75%
Detached house in Abbotsford

 

[Gong Show]

I always figure take your municipal accessment and add $100K for actual selling value.

For quite a few years, maybe the decade, before Covid madness, it was pretty easy to convert on the island to Assessment plus 20%.
The Covid madness blew everything predictable out of the water and it is not so easy to do such a blanket estimate anymore.

 

[Rain City]

For quite a few years, maybe the decade, before Covid madness, it was pretty easy to convert on the island to Assessment plus 20%.
The Covid madness blew everything predictable out of the water and it is not so easy to do such a blanket estimate anymore.

They had mentioned a few years ago that they were trying to play catch-up with reality. That's where some of the big gains came from around 2020. I think.

 

[Alex_c]

For quite a few years, maybe the decade, before Covid madness, it was pretty easy to convert on the island to Assessment plus 20%.
The Covid madness blew everything predictable out of the water and it is not so easy to do such a blanket estimate anymore.

I know someone in CR who sold for under assessment last month. Super nice, reno’d detached SFH. Sat on the market for a few weeks too. In Prince George, stuff was selling for ~30% over assessment up to 2021. I believe there was a huge bump from 2021-2022 which accounted for this. The property my partner owns in PG went up 4.4% this year, but it’s also a huge property with a few buildings on it. We have also sunk tens of thousands into it in the last couple years too, doing 90% of the work ourselves.

Inflated property prices drive up the cost of everything imho, so I am glad they are stabilizing.

 

[Gong Show]

Agreed, have seen some sales at below assessed recently here in CR and the region.

 

[scott craven]

Agreed, have seen some sales at below assessed recently here in CR and the region.

Yes, regionally it is variable.
In major urban centres greed by developer's is ramping up, driving prices higher.

 

[Aquaholic]

Here are Vancouver Island home and strata market trends by community:

Vancouver Island 2024 Property Assessments in the Mail

info.bcassessment.ca

 

[Aces]

Ours went down 2%

 

[searun]

Doesn't really matter if you property values went up or down when it comes to taxation - its all about the mill rate they apply. We were initially advised our taxes in Nanoose were going up by around 15%, but just found out its 17%. I guess for these politicians money really does grow on trees.

The mill rate is the amount of tax payable per dollar of the assessed value of a property. The mill rate is based on "mills." It is a figure that represents the amount per $1,000 of the assessed value of the property, which is used to calculate the amount of property tax.

 

[Reel Gone]

our place went up 4% (Central Saanich) and the second house stayed the same (Saanich)