Property Assessments

[Stizzla]

Tough time to be a developer to find projects where the numbers make sense. I just lucked out last week and found a solid buy in Dean park with insane views. Should be a fun spring/summer project.

sold my current house for double what I bought it for new in 2016 and I’m moving into my newest build next month. Not a boring time in my life!

 

[Fishalot]

It's really screwed up, our adult kids can never afford to buy a house in the city they were born in until mom and dad pack it in.

Absolutely agree. I do wonder what will happen in the future when an entire generation can not buy a house and realize it’s never changing. It certainly has been a foundational goal for many generations. Very sad.
For those of us who own a house it makes no difference what the value is your standard of living doesn’t change. I like many am risk adverse and not going to borrow the increased “equity” which can change quickly as many have learnt. Great for realtors, lawyers and government, all do well by inflated prices. Not the same for majority.

 

[Bill 310]

I have appealed my taxes on more than one occasion. My objective is to maintain as much of the Home Owner's Grant as possible.

One thing I learned the hard way is that the person at BC Assessment who is assigned to you while you prepare your appeal is the same person who will argue against your appeal at the Board.

 

[tubber]

+246k.
The website plays into the creepy nature of people looking up friends, neighbours, and relatives.
My childhood 16k home in Richmond is up to 1.8 and Uncle Bob's W.Van waterfront is up 2.1 mil to 10.9.

 

[sir-vivor]

Ours is up over 50% in Nanoose Bay. Does that mean I'm rich?

Sure does! Until it gets to a point you cant afford the taxes , but at least then u can equity finance to pay them until it gets to a point you 've ate up all the equity, then u loose the house and then start all over. Before if u were mtg free it ment something but now I'm not so sure

 

[Kilwinning]

Up 359,000 , 43.5% in the boondocks of PortAlberni

 

[Foxsea]

Absolutely agree. I do wonder what will happen in the future when an entire generation can not buy a house and realize it’s never changing. It certainly has been a foundational goal for many generations. Very sad.
For those of us who own a house it makes no difference what the value is your standard of living doesn’t change. I like many am risk adverse and not going to borrow the increased “equity” which can change quickly as many have learnt. Great for realtors, lawyers and government, all do well by inflated prices. Not the same for majority.

The next generation are buying the few houses offered for sale but they may not be the locals. Interest rates, qualifying equity requirements, means tests, taxes and other futile attempts to influence the real estate markets lower have no effect on wealthy, cash buyers. The world recognizes value in the Canadian market and money floods in. Analysts suggest this price escalation may be the new normal for the foreseeable future.

 

[Corey_lax]

Tough time to be a developer to find projects where the numbers make sense. I just lucked out last week and found a solid buy in Dean park with insane views. Should be a fun spring/summer project.

sold my current house for double what I bought it for new in 2016 and I’m moving into my newest build next month. Not a boring time in my life!

The big boys already own the land for 10+ years before they think about developing it. The price always goes up. Rent multiple properties for ten years at a small profit and then build condos and make a $200k per unit

 

[BigBird007]

43% for me but my neighbourhood was under assessed due to the lack of sales in the neighbourhood for the last few years.

 

[Corey_lax]

We put an offer on a typical late 80’s house in Pitt meadows a couple weeks ago. The asking price was $1,229,000 and we went 1,420,000.

a person that desperately needed a house more than us should have paid 1.5m for that house and I would have been fine with that but not what I wanted to do, but it ended up selling for 1,710,000. People are just tossing around hundreds of thousands around like nothing. That just makes every house in that neighborhood thin me they should get 1.7 and then they all sell for that even though people can’t afford it.

I wonder how many people actually move into these houses. I’ve seen many houses in the last year be flipped in four months for 500k profit. But everything keeps selling so what can you do

 

[Snagly]

The amount is one thing up Skeena Valley way, but can anyone explain the trend?

2022: +30%
2021: (12%)
2020 +27%
2019 +8%

There aren't a lot of transactions nearby, so I guess it's a finger-in-the-air exercise.

 

[Stizzla]

The big boys already own the land for 10+ years before they think about developing it. The price always goes up. Rent multiple properties for ten years at a small profit and then build condos and make a $200k per unit

Compared to that I’m itty bitty. With the cost of land I don’t have the capital to buy something and hold. Very expensive money being used over here.
all I can do is find the best opportunity at any given time and do it as efficiently as possible.
Although I must say a couple of my employer’s properties had some significant delays which usually is profit crushing, but in this case brought hundreds of thousands in additional profit!

 

[Viking]

Up 400k in white rock. The problem is houses are selling around here for way over assessed value.

 

[Stizzla]

That’s happening everywhere.

 

[Andrew P]

We are likely to see those prices keep rising for years, pandemic or not. Interest rates could dampen a bit but the demographic wave of the millennials nearing median first time home buyer age is coming...and there is no supply.

 

[SpringVelocity]

It's really screwed up, our adult kids can never afford to buy a house in the city they were born in until mom and dad pack it in.

I know it kind of sucks.

 

[Rain City]

Compared to that I’m itty bitty. With the cost of land I don’t have the capital to buy something and hold. Very expensive money being used over here.
all I can do is find the best opportunity at any given time and do it as efficiently as possible.
Although I must say a couple of my employer’s properties had some significant delays which usually is profit crushing, but in this case brought hundreds of thousands in additional profit!

I know a few developers that said they would have made more money in the past 20 years had they just bought a couple lots and rented them instead of building and flipping twenty houses. 90% of a development play is timing. My dad is/ was a better builder than most developers today. Problem was he attempted it in the late 80s to mid 90s. Ended up giving two houses to the bank and still paying mortgages on them.

 

[wildmanyeah]

We are likely to see those prices keep rising for years, pandemic or not. Interest rates could dampen a bit but the demographic wave of the millennials nearing median first time home buyer age is coming...and there is no supply.

any interest rate increase will crush this market

 

[scott craven]

any interest rate increase will crush this market

Agreed, the government and bank of Canada have to be extremely careful or we could see a collapse like we've never seen.

 

[Andrew P]

any interest rate increase will crush this market

We'll see. I was of the mindset that any increase would squash it too, but I now believe the supply/demand balance will keep those prices up for some time. There is a huge bulge of the population in their 30s. They all want houses and the boomers are helping them get into the market with record setting 'gifting'/down payment lending. Time will tell.

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000501