Property Assessments

[Ringo]

Up 21% for us in the Tri-Cities area. Still less than the 27% jump that we saw in 2019-20. Will happily pay the property taxes, knowing the alternative would be way pricier in the long run (renting in the LML with two young kids). I'd be more concerned about the growing insurance cost for the next few years, as natural disasters become more frequent and impactful in our region.

Metro Vancouver, Fraser Valley home sales hit record highs in 2021

Record sales were the highlight of 2021 for Metro Vancouver and Fraser Valley real estate. The REBGV says the second year of COVID did little to slow pace.

vancouver.citynews.ca

Summary​

• The REBGV says home sales last year saw a 42.2 per cent increase from 2020, with 43,999 transactions recorded
• Through 2021, REBGV notes many people increased savings, saw flexibility with work, took advantage of low interest rates

 

[wildmanyeah]

tossed about by BC Assessment. If every house on a street is on a 50 foot lot but one and that house is on a 30 foot lot I still find in incomprehensible that the value per square foot of that 30 foot lot is significantly higher.

People don't seem to place that much extra value say if your lot is a thousand squad feet more. They place more value in say if the kitchen is renovated with fancy appliances. Most people don't even want the responsibility of cutting a thousand more squar feet of grass.

If you can subdivide a big lot compared to a small one in the same neighborhood that when there seems to start being a premium for a bigger lot and its often advertised as such by the seller.

just my thoughts anyways when i was looking at houses lot size didn't seem to make a whole lot of difference.

 

[32Knots]

Received an unsolicited offer this year of more than 3x my purchase price. Too bad I can't afford to move.

Assessment up like everyone else's but way low of retail price.

 

[Teja]

15,000 units in the Jericho development plan. It’s going too overpopulate the area. And prices won’t be cheap.

I couldn't agree with you more. It will dramatically change both vehicle traffic (regardless of the Broadway line extension) and use of the public amenities (beaches, Pacific Spirit Park) ... there goes the neighborhood as we know it today. I feel a little hypocritical being NIMBY'istic about it given my own work but am more bothered by the fact that the stakeholders will likely have a clearer path to approvals for a massive development than other developers would have for much smaller development plays. The public consultation to date has felt like lip service.

 

[ab1752]

I've never heard the thesis that smaller lots in the same area are valued more on a psf basis? I have a builder friend who took a wider lot with a single family home on it, subdivided it into "skinny" homes and had a hell of a time selling them, as they didn't fit into the look and feel of the neighborhood. Real estate is a weird thing.

 

[pescador]

I couldn't agree with you more. It will dramatically change both vehicle traffic (regardless of the Broadway line extension) and use of the public amenities (beaches, Pacific Spirit Park) ... there goes the neighborhood as we know it today. I feel a little hypocritical being NIMBY'istic about it given my own work but am more bothered by the fact that the stakeholders will likely have a clearer path to approvals for a massive development than other developers would have for much smaller development plays. The public consultation to date has felt like lip service.

I’m almost certain the approvals were certain from the day the Feds sold the property. All part of reconciliation. Although not positioned that way. With respect to arterial routes, we should all be fighting like hell to have them reopen west Point Grey road.

 

[scott craven]

This thread is veering off course

 

[wildmanyeah]

I've never heard the thesis that smaller lots in the same area are valued more on a psf basis? I have a builder friend who took a wider lot with a single family home on it, subdivided it into "skinny" homes and had a hell of a time selling them, as they didn't fit into the look and feel of the neighborhood. Real estate is a weird thing.

The lots in my area very from 9 thousand square feet to 13 thousand square feet all sell about the same and don't have enough frontange to be subdividable.

The neighborhood is from the 1950 when they gave war vets 5 acres of land on the premise they could not subdivide for 20 years. My house is from the 1970s when the whole neighbourhood got subdivided. So its basically 1970s homes with the odd 1950s home scattered in. Big rectangle lots with small frotanges.

 

[Teja]

This thread is veering off course

Back on track ... my Vancouver assessment was up only 7.1% (below the Class 1 Residential pool increase so that will dampen the City of Vancouver budget impact on property taxes) but our Gulf Island assessment was up 45% (ouch ... well above the Class 1 Residential pool increase so a healthy property tax increase is coming).

BC Assessment will be swamped with appeals this year and aren't staffed to deal with the appeal volume administratively so presumably they will be open to negotiating reductions in certain jurisdictions before January 31, 2022.

 

[banger17]

Our house is 10 years old, 2700 sq feet semi-custom in good part of Nanaimo with ocean and mountain views and bought for $575k in 2016.

assessments since then:
2016 - $570k
2017 - $620k
2018 - $660k
2019 - $705k
2020 - $730k
2021 - $960k

houses In neighborhood similar and not quite as nice as ours sold for $900 - $1m this past summer. As others have said, and assuming a market softening, It’s sure tempting to bail out and take the $6-700k in profits and rent for a year or two and then jump back in. Or is it? Lol.
Who has the crystal ball??

 

[wildmanyeah]

the housing market only goes up

 

[Stosh]

Based on our new property assessments, I’m guessing we can expect some higher tax bills.
Might be time to consider deferring our property taxes.
Has anyone had any negative experiences with deferring their property taxes?
Thanks
Stosh

 

[Corey_lax]

Our house is 10 years old, 2700 sq feet semi-custom in good part of Nanaimo with ocean and mountain views and bought for $575k in 2016.

assessments since then:
2016 - $570k
2017 - $620k
2018 - $660k
2019 - $705k
2020 - $730k
2021 - $960k

houses In neighborhood similar and not quite as nice as ours sold for $900 - $1m this past summer. As others have said, and assuming a market softening, It’s sure tempting to bail out and take the $6-700k in profits and rent for a year or two and then jump back in. Or is it? Lol.
Who has the crystal ball??

You'll never get back..... Pull equity out instead and buy a rental property.

 

[scott craven]

5 years in the deferral program.
Mixed opinions out there but it works for me. At .45 % deferral interest you could invest it and make more money

 

[Stosh]

5 years in the deferral program.
Mixed opinions out there but it works for me. At .45 % deferral interest you could invest it and make more money

Scott
Does your municipality automatically put a lien on your property to guarantee payment?
Thanks
Stosh

 

[scott craven]

I believe it's done through the bc government, but yes essentially.
I've posted this in the wrong place
Sorry

 

[Stosh]

I believe it's done through the bc government, but yes essentially.
I've posted this in the wrong place
Sorry

Scott
Admin moved my post, so you are in the right place.
Thanks
Stosh

 

[Aquaholic]

5 years in the deferral program.
Mixed opinions out there but it works for me. At .45 % deferral interest you could invest it and make more money

Yes, I have had many clients do this. Defer, but still take those funds and do something with them.

 

[Aquaholic]

the housing market only goes up

Over time, yes, but year to year there have been many instances of a drop in market and assessed value. (and appraised)

 

[Aquaholic]

As others have said, and assuming a market softening, It’s sure tempting to bail out and take the $6-700k in profits and rent for a year or two and then jump back in. Or is it? Lol.
Who has the crystal ball??

When I first got my real estate license, I knew of 2 families that tried that. One sold in Dunbar and were never able to buy back in, but the big one was a family that owned on The Golden Mile on Point Grey Road (Chip Wilson's 'hood) and were priced out for good. This was just after the NDP were defeated to a 2 seat party, and activity in all sectors started to improve again.