I wonder is it possible to get the gov to re-assest the property since we all know the market value is going down so the assessment should be down as well.

You can dispute it for tax purposes I believe.

Our house went down about 3% where as my parents in Surrey went up about 4%

You can view your assessment online now - just go to the BC Assessment homepage and type in your address.

The assessed values for 2019 tax purposes are the market values as of July 1, 2018. The real estate market pretty much softened all across the Lower Mainland after the summer.

Both my parents' place in Richmond (9%) and the in-laws' place in Burnaby (2%) down from last year.

Everyone I know on the island is up 5-10%

My condo in Vancouver went up by 8% :speechless:

Agree that the current market does not reflect the July 1 assessed values.

Got a mortgage and finally took delivery of my pre-sale in June 2018. Fairly happy since I locked in the price in 2014 - $480K on a 2br/2ba apartment in the Marine Gateway area. Wish I had more space and a garage to work on cars etc... but that's life. We'll see how it is moving forward.

Sell it and and buy a house in Surrey :alonehappy:

vancouver values go down, i'm sure our property taxes will still go up EleGiggle

What the fuck my condo in Richmond up 15%, :fuuuuu: taxes

:pokerface: GF and I don't want to get shot.

On a more serious note, the location is hard to beat - I work at Metrotown, GF works at VGH area, so it's convenient. Hopefully detached prices keep going down, that way our DINK asses can actually afford something....

Richmond here and its still showing 2018 assessments. Guess I gotta wait a bit before they update?

My place is in Richmond and it is current.

anyone with experience? im guessing its difficult as they would have to reassess ur whole building or all similar units in ur area

I think the problem is that when they pull up a comparable in the neighborhood that sold for over asking, your SOL

Ours went up 11% (1 br/Vancouver). I agree that it may not necessarily represent the current market, at the same time even though it is indeed harder to buy now than it was a year ago, those who are looking to get into their first home will realistically be looking at 1bedroom condos. My bet is those will retain a bit more stability than townhouses and detached homes with the correction happening. In the long term people will always need somewhere to live and like Westopher said, as long as you can afford your home, you’ll be good in the long term.

Eventually the price drops will trickle down from Luxury SFH to standard SFH to duplexes to townhomes and then to condos. This played out when prices went up and will play out in the exact same way as prices come down. Hold onto you r hats everyone, 2019 will be a very interesting year.

Opened ours up in the mail today. 2br 2bth in Langley beside the mall - change of 32%

^^^

Clayton Heights condo +27%. 2017 was +33%

The question is, will anyone buy a condo at this stupid price?

I gotta say, this is an impressive thread nearly 7 years in the making.

Let's just take a moment and remember the very first post:


Kind of funny the parallels between that 7 year old article and now.
Although now I think now things have actually slowed down. Question is, how much?
Personally, I don't think we're ever reaching 2012 levels.

anyone know if diesel_test ever kicked his gambling habit?

in kelowna prices are still climbing altho slower than it has been. my assessment is up about 6-7%, which brings it to about 30% over the last 3 years. year over year average prices are up 1-2% in kelowna. however volume is way down and a survey of brokers said NEW first time buyers being approved are down like 70% in the last year.

good job whoever pulled the strings. "making home ownership affordable for british columbians" has ended up making it nearly impossible for first time home owners to enter the market.

dont know about the Interior but it was already fucked before the politicians decided to do anything...damned if they do, damned if they don't

that is true. it has really all compounded at the same time tho. big increases to interest rates, the 'stress test', and other borrowing cooling measures.

i really did think the best thing any government has tried to do was the mortgage downpayment match that the liberals put in. it wasn't taken advantage of, and there were some issues with it (like it being a lending source for a downpayment when mortgage lenders shy away from that).

you guys are fucked for single detatched ownership in the 604, but for the rest of the province, even at the current average prices, carrying costs of a mortgage are within reach for a big portion of people, but coming up with the downpayment, PTT and other closing costs are a huge barrier.

Saving up enough for a down payment has never been easy, and that is why it is increasingly common for first time home buyers to tap into the bank of mom & dad:

https://vancouversun.com/news/local-...d-b-c-notaries

^ It's true that it isn't easy to save up for a down payment but it also doesn't help when a lot of the 18-30 year old's have to much of an ego/pride and must live in a 1900$ piece of shit condo. Suck it up and stay with mom and dad if you can. I've no shame admitting that I did it and was able to put down 20% on a place in only a few years. Fuck what people think. When you can bank 70% of your pay check it's amazing how fast you see your account rise. With me and the girlfriend together our mortgage is less than some of our friends rent.

Will I ever be able to purchase a detached home? I hope so... but for the time being owning something is better than paying off someone else's mortgage.