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12-30-2022, 06:55 PM
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#24251 | | I contribute to threads in the offtopic forum
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Originally Posted by sdubfid  New assessments are up for you greedy capitalists | Up 17% to 2.562m though the house was still under construction when it was assessed the year before. Now I have a starting point to measure how far it'll fall in 2023.
Seems like most places were up high single percents - my parents house was up 8%, in-laws 5%.
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12-30-2022, 08:03 PM
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#24252 | | RS.net, helping ugly ppl have sex since 2001
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+20% which is realistically what the place was asking for the last couple years anyhow (and still is, neighbouring unit sold for this price last week). In-laws place in kits is down 1%.
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12-30-2022, 09:53 PM
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#24253 | | Rs has made me the woman i am today!
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+10% but property tax is +5% lol
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12-31-2022, 01:03 AM
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#24254 | | Orgasm Donor & Alatar owned my ass twice!
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Hmm... my place's assessment went up by 13%, but I thought the market was supposed to be cooler already back in July, both in terms of the number of sales (which had dropped big time) as well as the transaction prices (which only dropped a bit).
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12-31-2022, 02:17 AM
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#24255 | | I contribute to threads in the offtopic forum
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Mine went up the standard 20% for most people I guess but the house itself went up 40%, not sure how they figured that...
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12-31-2022, 08:12 AM
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#24256 | | I contribute to threads in the offtopic forum
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Originally Posted by Traum Hmm... my place's assessment went up by 13%, but I thought the market was supposed to be cooler already back in July, both in terms of the number of sales (which had dropped big time) as well as the transaction prices (which only dropped a bit). | Market was cooler but, at that point, there was very little data showing prices going down. It was mostly anecdotal cases - even now, I'm not really seeing prices drop that much. There's less volume which seems to be keeping the prices from really dropping (eg. duplexes in Van/Burnaby cost the same as they did a year ago from what I can see).
I'm not sure we'll see real drops in prices (>10%) for another year - not enough supply right now to force prices down in a real way.
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12-31-2022, 08:24 AM
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#24257 | | Willing to sell a family member for a few minutes on RS
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Are price drops based on asking or selling prices? Or both? Even if asking prices have dropped nothing at all it seems like selling would be way down from the absurd overbidding and inspection free sales on mouldy shit shacks.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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12-31-2022, 08:51 AM
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#24258 | | I contribute to threads in the offtopic forum
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Originally Posted by westopher Are price drops based on asking or selling prices? Or both? Even if asking prices have dropped nothing at all it seems like selling would be way down from the absurd overbidding and inspection free sales on mouldy shit shacks. | Based on selling prices as asking means nothing. By July selling prices hadn't really dropped that much - it was more here and there cases and I figure BC Assessment needs more than just spot data, it probably looks over 3-6 months of selling data.
Even now when I browse sold for Zealty I'm not really seeing prices drop much (if any). I only monitor SFH/Duplexes in Van/Burnaby though but that stuff is still selling for mucho $$$. A 1800-2000sf duplex in East Van is still a $1.7-1.9m type of sale which is what it was going for a year ago - maybe it's slipped $50-100k but that's it.
I'm sure it'll slip more soon though, I just haven't seen that much of a drop yet for the markets I watch.
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12-31-2022, 09:57 AM
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#24259 | | To me, there is the Internet and there is RS
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My place is up 11%, and now assessed at over double what I paid for it in 2013. Insanity.
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12-31-2022, 09:59 AM
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#24260 | | RS.net, helping ugly ppl have sex since 2001
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i got a feeling this RE thing is just like the Gas prices. Everyone said when it hit 2+ dollars a litre you'll see less cars on the road. Bullshit, people just make other cuts to accommodate. Exactly the same with the housing, if not even more so. People will sacrifice everything just to keep their houses and will only let it go "cheap" if they are seriously seriously financially impacted.
I dont think we'll see prices drop anytime soon. People rather saw off their left leg then to sell their houses at a loss.
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12-31-2022, 10:56 AM
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#24261 | | Willing to sell a family member for a few minutes on RS
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It's hard to say, because stretching $50-100 a month is way the fuck off stretching $1000-$2500 a month. One means you have to go out for burgers instead of savio volpe, the other means your family can't eat, you have to sell your car and buy blankets because you can't afford heat.
The affordability crisis is worlds worse by their mitigation measures. We adjusted our house shopping from considering stretching for a 1.1+ million townhouse to looking at 800k 2 bedrooms, and those places we are looking at are the exact same types of places as before the hikes.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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12-31-2022, 11:05 AM
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#24262 | | RS.net, helping ugly ppl have sex since 2001
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There is going to be a lot of hurt people, but it’s not going to offset the 1/2 million people per year coming to Canada.
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12-31-2022, 11:10 AM
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#24263 | | Network Admin Team
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2021 assessed - 654
Sold in July 2022 at 799
latest assessed - 751
Last comp (same size and in better condition) in the complex sold in Sept 2022 at 695
Depends on where you're looking I guess. Prices may not "crashed" but the market has at least stabilized in some areas.
I've seen some recent townhouse sales in Coquitlam with some big reductions for a quick sale due to ppl being able to upgrade for something nicer or bigger that was out of reach a yr or two ago
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12-31-2022, 11:48 AM
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#24264 | | RS has made me the bitter person i am today!
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Up 11.5%  but still lower than what private assessed it at at around that time last year.
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12-31-2022, 01:30 PM
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#24265 | | Willing to sell body for a few minutes on RS
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My house in Cloverdale up just over 15%, I can't see it selling for that assessed value today but whatever.
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12-31-2022, 04:25 PM
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#24266 | | I'm invisible
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The assessment of my 3 bedroom, 15 year old townhouse in Richmond went up 14% compared to last year.
Last year: 954,000
This year: 1,087,000
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12-31-2022, 06:30 PM
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#24267 | | I STILL don't get it
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My 2020 east van duplex assessment is only up a dismal 6.9% compared to all these double digit numbers in this thread 
$1,505 vs PY $1,407
I'm surprised it is still assessed higher than last year because I thought the "peak" was in early Spring 2022...supposedly
Last edited by ssjGoku69; 12-31-2022 at 08:26 PM.
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12-31-2022, 10:02 PM
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#24268 | | I subscribe to the Fight Club ONLY
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Originally Posted by westopher It's hard to say, because stretching $50-100 a month is way the fuck off stretching $1000-$2500 a month. One means you have to go out for burgers instead of savio volpe, the other means your family can't eat, you have to sell your car and buy blankets because you can't afford heat.
The affordability crisis is worlds worse by their mitigation measures. We adjusted our house shopping from considering stretching for a 1.1+ million townhouse to looking at 800k 2 bedrooms, and those places we are looking at are the exact same types of places as before the hikes. | very smart of you. I learned this the hard way and I had to plan hard with my wife who is new to financial planning.
1-2% hike in percent is a lot.
For 2k a yr / 200 dollars a month, SURE, let's not go out for 1 fancy meal.
$1M mortgage at 2% is $20,000 more a year.
That's 2k a MONTH.
ASIDE from your mortgage, do you save that much and have that huge of a floating money to play with. ANOTHER $2k a month ADDITIONAL is a LOT.
It was a huge reality to educate given when people save only 2-3 months ahead. Quote:
Originally Posted by rb 2021 assessed - 654
Sold in July 2022 at 799
latest assessed - 751
Last comp (same size and in better condition) in the complex sold in Sept 2022 at 695
Depends on where you're looking I guess. Prices may not "crashed" but the market has at least stabilized in some areas. | In some areas, it's true. I also do NOT like realtors who are using this as a scare tactics. They want to close as soon as possible and telling them there are no other offers, so you better take it before it goes lower.
What I'm really hoping for are the pre-sales that are coming up.
I know 4-5 new couples having a tough time trying to get the mortgage now to move into the new places.
1) Yes you can get another 10-20k from family for down payment.
2) BUT when it comes to the bank, you CAN'T go and borrow anymore cause you're income is maxed.
Unless you can dump in 200k more, you ain't getting approved along with the strict stress test rates.
3) I have seen a lot of professionals scared of losing their job.
1st job, at 200k, now it's round 3 of lay offs, and he/she is not revenue generating. They are competing with other 500 people who were also laid off and they know they can't find the same jobs as before with the same pay.
4) Now they have a burden of mortagage renewing and it's 3% higher than before.
Last edited by 6793026; 12-31-2022 at 10:19 PM.
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12-31-2022, 10:30 PM
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#24269 | | in the butt
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Speaking of presales, I'm hoping Port Moody council stops picking their noses and finally gives Flavelle Mill plans the go ahead
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12-31-2022, 11:36 PM
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#24270 | | Network Admin Team
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For those looking at newly built units in Vancouver, apparently vacancy tax kicks in after 6-months from the date of the building getting occupancy. If the developer doesn't want to rent out a newly built and expensive unit, they might be willing to play ball in terms of sales price. The owner / developer I use to work for apparently blows a gasket every time he has to pay that bill for the unsold overpriced multi-million dollar penthouse's lol
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01-01-2023, 09:37 AM
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#24271 | | Rs has made me the woman i am today!
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I took a quick peek. Comparable houses to ours is still asking for 2.6-2.9m. I thought things would have come down a bit. I understand that asking =\= selling, but when the avg asking is there I doubt the houses are selling at 2.2m.
Our old townhouse value was bumped up to 901k. We sold it for 787k back in May 2021. It really hasn't gone up much and we had the highest transaction price for our layout for awhile. I think the next highest was right around 800k. The strata did have a rental restriction, no rentals allowed. With the new rules banning the ban, it would definitely be worth more than before, but it seems a little speculative if it went up based on that.
I think it'll be telling once the large amount of in progress presales complete. From my observations there hasn't been a ton of new presales coming up recently. There's also what looks like a 8 unit townhouse on 33rd ave, east of Nanaimo that seems to have stalled and may have went bankrupt. I haven't seen any work on it for a few months.
Real estate prices lag, and like what a few of you mentioned, people would stop eating before they would want to lose their home. We'll have to see how long this rate holds and if things drop or if they'll signal a drop.
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01-01-2023, 09:53 AM
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#24272 | | I subscribe to the Fight Club ONLY
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People can stop eating for 1 yr and dig a bit into savings and family helping out; selling their toys, cheaper vacations etc.
It's when year 2 comes into play and when their job gets lost, or a baby on the way... that's when family and mortgages starts to really hurt.
I can't see the fed dropping interest rates say in FY 23 in Q4.."hi everyone, the market is stable, let's drop the rates down 2%"....
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01-01-2023, 11:52 AM
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#24273 | | RS controls my life!
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Prices are definitely declining. Seems like some of you guys' anecdotal views might be biased based on where and how you guys are measuring the market.
Look at MLS Home Price Index from Real Estate Board of Greater Vancouver which is much more robust and comprehensive in the data collection. https://www.rebgv.org/content/rebgv-...omparison.html
Last 6 month as of Nov 2022
Lower Mainland: Detached -13.9%, Townhomes -11.3%
Vancouver East: -11.8%, Townhomes -8.2%
Vancouver West: -10.4%, Townhomes -6.7%
It hasn't even been one year since the rise in interest rates and rates haven't peaked yet either. Even with inflation coming down, BoC governor is steadfast in his 2% inflation target which means even after inflation peaks, it will probably be a while for rates to come back down meaningfully.
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01-01-2023, 12:59 PM
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#24274 | | Rs has made me the woman i am today!
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I've had my place listed up for sale for a few weeks. Some of the expectations are people are pretty stupid, and a few time wasters. One example is "they don't want to live near construction". My place is at River District, construction left and right. Anywhere Oakridge, Brentwood, Metrotown, Cambie, areas that are growing have construction. Might as well wait 10 years when construction is done then or go buy a house on a quiet residential inside street. Another example was "oh I don't like the floor plan", literally this was a scheduled by appointment viewing. The fucking floorplan is listed on the listing, this is standard with every listing (how could you not know or see the floorplan). The buyer agent should have already briefed them with details (I guess many agents are useless and likely didn't).
It's irritating when buyers should already know the obvious. Like you wouldn't go to Metrotown and expect it to be "no construction". I get the fact that people spending all this money, they should have right to their own opinion, but some of this seems bullshit. Like if they are stating physical things they don't like about the unit, that's another thing. Eg. Kitchen too small or cabinets too tiny etc.
Just my rant to start the new year.
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01-01-2023, 02:22 PM
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#24275 | | in the butt
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Floorplan is one of those things that may look good on paper, but then you show up and realize it's not good in person. you know, kind of like seeing a Rotten Ronnies ad for a burger, and then you get it, and it looks like smushed shit
The construction thing tho.... Cue first world problems. God forbid they buy a unit in a developed area, and next month their neighbors start a 5 month Reno 
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