Vancouver's Real Estate Market

[Fafine]

Up 315k wonder how much the property tax will be this year

[AzNightmare]

Property tax just went up by quite a bit

[meme405]

Okay relax you guys.

1. Just Because your assessment went up 300k doesn't mean shit, unless you plan on selling and living in a cardboard box. Also assessed values are very shite indicators. Yes majority of places might sell for assessed or above, but there are still places that sell for well below assessed.

2. Property taxes dont go up substantially just because your assessed value is now 30% more. The increase in property tax is based upon the price of your place vs others. As an example my assessed in Nvan went up by 300k over the course of ~5 years. My property tax through that period did increase, but not drastically. Because my places assesment grew like others in the area.

What drastically affects your tax assesment, is if you all of a sudden build a brand new house and your value is now double what it was before out pacing all the other properties around yours. Then you are fucked.

[quasi]

Originally Posted by underscore

My place is up 34%, what the actual fuck.

Mine is around the same, actual is probably more based on what other homes on my street have sold for in the last 6 months.

[whitev70r]

Insane ... always thought duplexes (if you have a good neighbour) is the best arrangement. House instead of condo/townhouse, so no $3-400 maintenance fee. But even duplexes are no longer affordable.

East Vancouver half duplex sells at asking price of $1,885,000 in one of last deals for 2021




https://www.straight.com/news/pictur...last-deals-for

On March 6, 2020, a detached home in East Vancouver sold for $1,652,000.

The 1946-era residence at 5755 Prince Albert Street was later demolished and replaced with a duplex, which consists of two homes that share a common wall.

On October 25, 2021, one of the half duplexes came on the market with an asking price of $1,885,000. After 54 days on the market, the five-bedroom and 3.5-bath residence with a new address of 5753 Prince Albert Street sold for the same listing price. The December 18 deal of $1,885,000 was reported Friday (December 31).

Meanwhile, the other duplex was listed on November 18 for a higher price.

The asking price for the remaining home, which retained the old 5755 Prince Albert Street, is almost two million dollars or $1,989,000 to be exact.

[GIZZ]

For a second there it felt like I got a raise.

My house went up over half a mil, I figured they finally included the backhouse/shop but reading the details they didn't. It might be time to sell.

[Tapioca]

Your escalating assessments shouldn't be a surprise if you've been following the market. If anything, they are under-assessed since the market for ground-oriented homes continued to be hot in the fall.

My assessment went up about 29%, but the property is still under assessed considering the last sale on our block.

If anything, everyone who has a mortgage should consider refinancing and using that equity for investments.

[Euro7r]

Whether it goes up $300K or down $300K, makes little impact overall unless you have plans to sell the home. At this rate, I think I'll just be living with my parents down the road when I have kids LOL.

[westopher]

Originally Posted by Tapioca

If anything, everyone who has a mortgage should consider refinancing and using that equity for a 1980/90s sports car.

Fixed.

[donk.]

I like to pretend I get a large bonus on Jan 1
And by large, I mean like 20% of some of you guys raking in 300k

[Hehe]

I don't get the new 2022 assessment. There was hardly any transaction on the road/immediate area I live (all old-timers with owners of 30+ years, one of the reasons I bought the area as I didn't want new owner/tenants to come and go) except mine and I bought it a year ago. Even extending the area a bit, all transactions within the last 12mth were pretty much at 2021 assessment on average if not lower.

And somehow that pushed to a new ATH, higher than the previous peak assessment of 2017.

Like, I was expecting an increase... yes. But not exploding by 30% when there's hardly anything going on. If anything, I was expecting a relatively flat for the area.

I just hope there isn't too much of a surprise when tax bill gets here.

[whitev70r]

So the municipal government is fighting uncontrolled rise of property value (in public) and in the same dept, they jack up assessment values to bring in more property tax. Hmmmm ....

... is this what is happening?

[Fafine]

Originally Posted by Hehe

I don't get the new 2022 assessment. There was hardly any transaction on the road/immediate area I live (all old-timers with owners of 30+ years, one of the reasons I bought the area as I didn't want new owner/tenants to come and go) except mine and I bought it a year ago. Even extending the area a bit, all transactions within the last 12mth were pretty much at 2021 assessment on average if not lower.

And somehow that pushed to a new ATH, higher than the previous peak assessment of 2017.

Like, I was expecting an increase... yes. But not exploding by 30% when there's hardly anything going on. If anything, I was expecting a relatively flat for the area.

I just hope there isn't too much of a surprise when tax bill gets here.

No surprise for property taxes, base rate x bc assement
https://vancouver.ca/home-property-d...sidential.aspx

This site has the rates for other cities,
https://wowa.ca/taxes/bc-property-tax

[underscore]

Here everything seemed to be selling for assessed + 15% last year, so I'm curious if that will hold true or if assessed will actually match/be above selling now.

Your assessment going up doesn't really affect your taxes, unless your assessment increased by a much larger percentage than the rest of the city. If your taxes increase then they were going to do so whether everyones assessment went up 0% or 10% or whatever. The total amount needed in taxes is the same either way, it's just what your share of that ends up being.

[Tapioca]

Originally Posted by westopher

Fixed.

I didn't specify type of investment because ICE cars from that era are now going up in value.

[westopher]

Can’t drive stocks or post them on IG for validation.
On that note though, people that post their investment portfolios on IG are the most cringe motherfuckers I have ever seen.

[Hehe]

^

It's all intentional. I've seen mofos posting portfolio in 7-8 figures just to get laid for free, or portfolio doing YOLO that goes 1000%+ just so that people care about what they thing. Even though the portfolio is only a few grand.

The shocking part is not that people do that... it's that it works.

[twitchyzero]

even the bldg assessment of older home is up?

like watching a rusted toyota ask for 25k

[Spectre_Cdn]

Yeah. My parent’s 40 year old home has its building value go up even though there are more problems last year than previous

Blame the lumber and labour prices?

[van_driver]

Anyone else in dt getting burnt ? Assessment down 10% over last year and 20% less than what I paid 3 years ago

[jing]

Coq family home up 27%
Van wife family home up 17%
Bby TH up 12%

E36M up 100% hopefully lmao

[donk.]

Anyone got links to these IG investment portfolio pics?

Don't have ig, but want to cringe/judge

[Traum]

Originally Posted by Spectre_Cdn

Yeah. My parent’s 40 year old home has its building value go up even though there are more problems last year than previous

Blame the lumber and labour prices?

I have never understood why BC Assessment bothered with the separate land and building values, and if you happen to talk to any of the CoV agents, they can't really give you any reasonable explanation at all, other than how the total figure represents the entire assessed value of your home. It's all BS and I wish they'd just adopt a single number for simplicity's sake.

Originally Posted by Hehe

^
It's all intentional. I've seen mofos posting portfolio in 7-8 figures just to get laid for free, or portfolio doing YOLO that goes 1000%+ just so that people care about what they thing. Even though the portfolio is only a few grand.

The shocking part is not that people do that... it's that it works.

It's pretty sad to know that someone would have to show off a 7 - 8 figure portfolio just to get laid. Any guy with a clear head on his shoulder and a bit of confidence ought to be able to do that. Besides, if someone is really rocking a 7 - 8 figure portfolio, what is $500 - $1k to them? Just hire a "professional" and call it a day if you don't want any strings attached, or spend a couple thousand a month to get a short to medium term arrangement going. Gesh...

[meme405]

you want increase. check this out:

https://www.bcassessment.ca//Propert...AwMDAzWEs3OQ==

place is listed for sale.

[whitev70r]

^ that's what I'm getting at. Municipalities jacking up assessment and then city hall mayors and councillors all saying that they need to control the ridiculous rise of real estate prices ... both coming from the same office.