There's no single reason as to what cooled the market however policy induced market correction likely suppressed any immediate upswing in the interim, which is what policy driven legislation is meant to do. The market came to a grind in summer 2016 when the FBT came into play - but that was something new to many vested players in the market which was bull since the early 2000s. None of us knew what to expect and I think that was the reason the market reacted 180, yet returned to normalcy by next spring.

The effects from EHT and Spec Tax was more encompassing which is why I think it has created more resistance in the market and why the destination of where the recovery will lead is a little more unknown. Our boards loves the "glass half full" perspective so even with what looks like improving sales numbers for the past 5 consecutive months, prices are still down y-o-y.

There is still reason be bullish in the market:

1. The run-up from the last 20 years and the amount of increased equity from many homeowners looking to spend that new wealth within the market.
2. Significant re-development/gentrification and displacement. This causes huge trickle down effects in the market. Look at all the working class neighbourhoods being uprooted and "bougied".
3. Presale construction and deliberate inventory control.

Unless policy controls are in place at the federal level, there is reason for people to be optimistic at the market as it feels like the sellers and buyers this time can wait it out, in other words, the bottom isn't falling out.

I see prices trending down in 2020. There's plenty of good homes on the market which have been sitting on the market for months. Also, homes that are selling and were priced right are still selling under ask. I feel like some realtors and sellers are still stuck in 2017 and hoping for a miracle but at some point they'll have to face reality and readjust prices for the current market come Spring.

I was looking at a condo that's been on the market for 130+ days. Viewed it, it was listed for 500 and assessed at 515. Offered 470 - needed little things fixed here and there, and the unit next door was a bit bigger, better shape, and one extra parking stall.

The owner seemed like a hothead when he was leaving (got there really early and saw him yelling at his wife as they were leaving).

He was really pissed at my 470 offer and didn't counter.

Now his assessment has gone from 500 to 467. I wonder if I should contact him again and see if they would consider my offer now. I don't need to be friends with the guy, I just think his place is perfect for what I want. But i have a limit to what I can spend, and if it was such a good price, why would it be on the market for so long?

If you like the home, write again. Depending on the comps I'd write a lower offer - who cares if the seller balks as long as the price is in-line. If they need to sell eventually they'll come to terms just a matter of when.

I've seen repeatedly where stale listings get re-listed, same price (sometimes higher), same pics, remarks then immediately get sold, often at a better price then one would expect so don't wait too long in case that happens.

My place dropped 15%. I laugh, but I hurt inside. Lol.

100%, it's a one way street they'll use to as an excuse to raise them but they are seldom lowering them ever.

The house behind me sold on Nov 25th, 7k over asking at 1.55, new assessment is 1.23. East Van. Not bad for the Neighbor

Your assessment only affects what proportion of the overall taxes you pay. If everyone drops 10% your taxes stay the same. If everyone goes up 10% your taxes stay the same. But if everyone drops 10% and you only drop 5%, yours will go up. If everyone goes up 10% and you only go up 5%, your taxes go down.

Oh I wouldn't be so sure about that. :lol

Just saw on TV that insurance for condo buildings went up 300% (one example for a strata went from $95K to $300K per year). That's going to directly affect strata fees. Will this have any effect on the condo market?

My house went up $8k

15% drop. East Van detached.

Saanich detached down 4%
In reality last 3 previous years it went up 9%, 14%, 14%

Is that how it works? thanks!

It says my house went down 19%, the average is 11%. My condo went down 13%, the Vancouver average is 10%. So I should see a reduction is taxes on both? I'll believe it when I see it.

Everything is so damn expensive here. And now I lost $475G overnight, lol.

The TH we sold went down 17%; the one we just bought, dropped 3%. Whew.

i know a handful of couples living in condos that started families by moving back to their parents basement/laneway/their parents downsized to the laneway

i can understand why people dont wanna pay strata...and it's not so mucha stigma in some cultures

multi-generational living isn't new to vancouver, but it's only gonna become more common/accepted

What do you guys think of those older Vancouver homes with triplex or quadplex? Apparently, it functions as a strata, common repairs are shared. You gotta really like the other owners though. What is the price range of one of these units? Are we talking $400K or $700K?

Our strata INSURANCE went up by 265%... its ridiculous

^ WUT?!! Is that because of the insurance?

Wait. So assuming most highrise strata is 250-300, you're saying yours is now, well over $600/mo? Fts

Up 265% would be over $900 ($250 x 3.65 = $912.50)

Multiplied by 1 + (% increase / 100)

My bad all..

I dont know why it didnt quote this earlier... but what i meant was the strata insurance went up by 265%.

That's how it was always explained to me, and logically it makes sense. Though unless the total tax amount the city wants is identical to last year the actual taxes you pay might not be down 8% and 3%. It sure would end a lot of confusion if it just said that on your property taxes.

This is probably the news story that you watched?

https://globalnews.ca/news/6363104/l...ce-deductible/

Coles notes:

- strata deductible going up from $5k to $250k
- strata insurance premium going up from $97k to $371k
- the building is 3 yrs new and never had a claim before

So you can't afford a house in Metro Vancouver because the prices are too high. And then you can't afford an apartment either because the insurance premiums and deductibles are too high.

Great... this is just great...

^ Yup, that's the one. I got my figures a bit off, it's even worst than what I said before!