Property Assessments Now Available

[Tomfoolery]

Mine was up 1% in Central Nanaimo while all those around me were down 2-3%. I am thinking they must have gotten my building permit data from the city. At least the permit value was low. Like hell am I updating any of the outdated info on the place. Are people actually dumb enough to do this?

 

[scott craven]

Ours was down 1/2% in Saanich east.
One thing I've noticed is assessment decreases don't relate to lower property taxes.
They just continue going up.

 

[Tomfoolery]

Ours was down 1/2% in Saanich east.
One thing I've noticed is assessment decreases don't relate to lower property taxes.
They just continue going up.

They should go down a tad based on the mill rate calculation, but in actuality they never go down because if the overall real estate market drops in a city, the city will just raise the mill rate for whatever outcome they need to compensate for the drop in real estate values.

 

[Aquaholic]

Mine was up 1% in Central Nanaimo while all those around me were down 2-3%. I am thinking they must have gotten my building permit data from the city. At least the permit value was low. Like hell am I updating any of the outdated info on the place. Are people actually dumb enough to do this?

They do comb building permits at your local city hall. Hence an increase that cycle. Challenging your assessment is a sure way for them to see what work has been done without permits, which usually raises your assessment during a challenge.

 

[Tomfoolery]

They do comb building permits at your local city hall. Hence an increase that cycle. Challenging your assessment is a sure way for them to see what work has been done without permits, which usually raises your assessment during a challenge.

This exactly! When I did my big reno a few years ago, the building permit portion was actually a much smaller part than the total sum of envelope improvements which didn't require a permit.

 

[Aquaholic]

This exactly! When I did my big reno a few years ago, the building permit portion was actually a much smaller part than the total sum of envelope improvements which didn't require a permit.

Neighbour complaints are also ways they find out about work done but not on the records.

 

[Aces]

Up 5% in Nanaimo

 

[trophywife]

seems like wholehearted attempt at taxing us more than our homes are worth.

realtor says my house in Port Moody has dropped 10% by market value.. yet the assessment went up by 3%?
municipalities are getting greedy and showing it.

 

[Ringo]

seems like wholehearted attempt at taxing us more than our homes are worth.

realtor says my house in Port Moody has dropped 10% by market value.. yet the assessment went up by 3%?
municipalities are getting greedy and showing it.

Heard from a realtor that the average property value in the Tricities area has been down by 3.5%. Mine is down 5%. You should look up similar properties in your neighborhood and if most are showing a reduction in value, you should dispute. No point in being taxed extra if someone’s not doing their job correctly.

 

[trophywife]

Heard from a realtor that the average property value in the Tricities area has been down by 3.5%. Mine is down 5%. You should look up similar properties in your neighborhood and if most are showing a reduction in value, you should dispute. No point in being taxed extra if someone’s not doing their job correctly.

like why would i list my house for 300k less than assessment? or pay on 300k of imaginary value? um, something stinky here.

 

[trophywife]

holy, bamfield down by -13%,, people listed here have been sitting for a while compared with how crazy it went for 3 years after the road announcement.

 

[spring fever]

Note that the assesment for the home owner grant has fallen to 2,075,000 from 2,142,000, That is a decrease of over 3%. So they may be decreasing your assesment but they are also decreasing the home owner grant thresh hold. Smoke and mirrors!!

 

[Aquaholic]

On the Jas Johal show today was someone who works for BC Assessment. This might help with some FAQ's

BC Assessment Notices Rollout. How much have property values changed?

B.C. Assessment notices roll out; how much have property values changed? by The Jas Johal Show

megaphone.link

 

[trophywife]

Neighbour complaints are also ways they find out about work done but not on the records.

i cant believe that. unfounded.. can i tell them my deck is rotten and i need a new roof? i hope my neighbour tells them too.

 

[Thunder21]

-3% on a 5 acre property in Beaver creek and up 4% on 6 acres near Sproat lake. Market is definitely down. Doesn’t seem like much movement on higher priced homes.

 

[Rain City]

Back in May a house across from me sold for 2.56m. This is a 50s bungalow with a basement suite on a larger lot (42x115) with a 8 year old laneway house. That was 300k OVER assessed value at the time. This is directly across from Trout Lake in East Van.

On the flip side, there is a house we were looking at purchasing in Renfrew Heights, closer to my daughters school, on a teeny tiny 33x95 lot that is currently asking for 300k UNDER assessed at 1.265m and has dropped the ask three times now.

It seems as though anything with development potential or multiple dwellings is still holding value, while the small lots with limited mortgage help are nose diving. It'll be interesting to see how this keeps playing out as the boomers die off and leave their adult kids with assets that they'd like to liquidate quickly.

 

[Thunder21]

Back in May a house across from me sold for 2.56m. This is a 50s bungalow with a basement suite on a larger lot (42x115) with a 8 year old laneway house. That was 300k OVER assessed value at the time. This is directly across from Trout Lake in East Van.

On the flip side, there is a house we were looking at purchasing in Renfrew Heights, closer to my daughters school, on a teeny tiny 33x95 lot that is currently asking for 300k UNDER assessed at 1.265m and has dropped the ask three times now.

It seems as though anything with development potential or multiple dwellings is still holding value, while the small lots with limited mortgage help are nose diving. It'll be interesting to see how this keeps playing out as the boomers die off and leave their adult kids with assets that they'd like to liquidate quickly.

I think a lot will depend on how Canada chooses to handle immigration going forward and the foreign buyer ban that is supposed to expire 2027. The FN land claims could scare off investment also.

 

[SpringFever2359]

-3% on a 5 acre property in Beaver creek and up 4% on 6 acres near Sproat lake. Market is definitely down. Doesn’t seem like much movement on higher priced homes.

On VI , Alberni still has decent "buys" with potential for real gains.
Son recently bought his second place through a private estate sale,
(renting his 1st out now)
New place is on an acre out in Cherry Creek.. smart $ to buy there, the valley is a great place to be, with great plans in the works for the water front.

 

[kaelc]

On VI , Alberni still has decent "buys" with potential for real gains.
Son recently bought his second place through a private estate sale,
(renting his 1st out now)
New place is on an acre out in Cherry Creek.. smart $ to buy there, the valley is a great place to be, with great plans in the works for the water front.

Great location, I wonder if it’s going to avoid the overbuild in rentals in other cities. Thousands coming in Victoria, I wouldn’t want to be a landlord here for the next 5-7 years. 1 months free rent has gone up to 2 with a 1 year lease. You can only keep the rental prices high for so long.

 

[Thunder21]

On VI , Alberni still has decent "buys" with potential for real gains.
Son recently bought his second place through a private estate sale,
(renting his 1st out now)
New place is on an acre out in Cherry Creek.. smart $ to buy there, the valley is a great place to be, with great plans in the works for the water front.

Yeah agree. The valley is a decent place to live. I’m developing one acreage into a few lots currently. Not alot of building going on so not sure how it’ll go selling bare land. Might have to build houses to move them.