BC Assessments for 2012

BC Assessments are available for viewing for a limited time. These are based on sales at and around July 2011. A little bird told me a few people are getting some interesting increases in the mail. Given our collective nous, perhaps we can figure out which property types and neighbourhoods are going to see some marked increases in property tax outlays this year and give some guesses as to how much. Remember that the City of Vancouver uses 3 year averaging and that it’s the assessment value relative to all other properties, not the absolute value, that determines property tax outlay. As well there has been a shift in property taxes from businesses to households, something that is slated to end this year. One might think that a few households are going to be rather upset if redistribution were to continue.

I haven’t looked at the numbers yet but my guess is that detached houses, especially in west side neighbourhoods, are going to see the biggest tax rise this year, with condos seeing the least rise.

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Don Lapre
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Don Lapre

FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!FIRST!!!!!!!

pricedoutfornow
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pricedoutfornow

The condo I rent has not increased in value in the time I've lived here (going on two years). If we'd bought it, it would cost us $1000 more a month than we pay in rent (with 10% down). So much for "building equity".

Some Guy
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Some Guy

Talked to a friend who has a place in Tri-Cities at the low end of the market and the recent assessment was down almost 15% year over year (~$215k this year vs ~$245k last year) – wasn't too pleased (peak purchase price was close to $280k back in 2008, that's over a 30% loss since the peak, in real terms).

I reasoned that at least if their assessment was down and most people (in the detached segment) were up year over year, then that should result in lower property taxes, but that didn't seem to help much.

Bob Arctor
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Bob Arctor

<a href='http://www.vancouversun.com/business/More+gains+home+prices+expected/5984371/story.html&#039; rel="nofollow">"More gains in home prices expected"

"Widespread calls for a major real estate correction in 2012 simply can't be justified," Royal LePage CEO Phil Soper said in a statement.

I like how they acknowledge price declines in Vancouver but forecast appreciation.

Anonymous
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Anonymous

who has been corrected? Royal LePage or people in this blog or the basement residents? i take Royal Lepage anyday!

Dan
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Dan

You guys will love this one…Vancouver made the top 9!

http://i.imgur.com/K8947.png

Yahoo
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Yahoo

@pricedoutfornow:

The condo I rent has not increased in value in the time I’ve lived here (going on two years). If we’d bought it, it would cost us $1000 more a month than we pay in rent (with 10% down).

But just think, for a mere $24,000 (+ 10% down) you could have had the right to paint the walls crazy colors, attend strata meetings and be responsible for maintenance.

Many Franks
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Celebrating green transportation in 2012 with our first bicycle dashcam.
http://realestateagentsincars.tumblr.com/post/156

pricedoutfornow
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pricedoutfornow

@Yahoo:

Great, well worth it. I wouldn't buy this place if it were 60% less. Looks nice on the outside but I swear it's made out of cardboard.

victoria
Member
victoria

More gains in home prices…

Well then now it is settled. I guess my house is the only house in Victoria that has gone down 10%. Are people out to get me????? 🙂

registered
Member
registered

12 pricedoutfornow Says: "Looks nice on the outside but I swear it’s made out of cardboard."

It'll be interesting to see how the market judges their livability without unprecedented appreciation. "What was it I found appealing about listening to my neighbours fight, pace and flush again?"

oneangryslav2
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oneangryslav2

@Some Guy:

…that’s over a 30% loss since the peak, in real terms…

It's actually a 30% loss in nominal terms, a bit more in real terms.

I reasoned that at least if their assessment was down and most people (in the detached segment) were up year over year, then that should result in lower property taxes, but that didn’t seem to help much.

I understand your logic and I think you were probably having a little bit of fun with him, but I don't think it'll soften the blow for this guy. Had he purchased at peak, his 65K loss (which doesn't include commissions, taxes, etc.) would be offset by a decrease in property taxes of, at most, a couple of hundred dollars a year. 😉

Not much of a name...
Member
Not much of a name...

@jesse: Sometimes the math gets lost of people. A better way to show this are what percentage declines would the market need to see to erase the prices increases over the last few years. Sorry, I'm a little too lazy/busy at the moment to do it.

patriotz
Member

@Not much of a name…:

"A better way to show this are what percentage declines would the market need to see to erase the prices increases over the last few years. Sorry, I’m a little too lazy/busy at the moment to do it."

You just need to read Jesse's table right to left.

You're a hell of lazy guy. 🙂

Re-diculous
Member
Re-diculous

So here's Bernanke and other "experts" predicting a soft landing in the U.S. in 2006.

http://www.theglobeandmail.com/globe-investor/inv

…sound familiar to what we are hearing from Canadian banks today? Summary: no one knows how bad this might get.

Best place on meth
Member
Best place on meth

I know it's only Arkansas and not as fabulous as Vancouver, but 1.8 million?

http://realestate.yahoo.com/promo/an-american-cas

Dabster
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Dabster

@Best place on meth:

Here is a typical Vancouver castle for about the same price. Which one to chose would be a tough dilema.

http://www.vancouver-west-homes.com/listing/V9240

Anonymous
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Anonymous

@Dabster:

It will be much easier to furnish the place in BC with plastic garden furniture. In a pseudo-castle one has to be very aware of interior design, not to mention the difficulty in cleaning the high ceilings (plus, the multiple windows don't clean themselves). The BC deal makes more sense; you'll avoid that whole, "No, not Kansas, Arkansas" conversation with people and can just say you live close to White Rock.

Best place on meth
Member
Best place on meth

@Bob Arctor:

That’s some groundbreaking news.

“Royal LePage cheerleaders say real estate never goes down”.

Anonymous
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Anonymous

still the same people with nothing else to do.

paulb.
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paulb.

New Listings 232

Price Changes 48

Sold Listings 48

TI:11879

http://www.laurenandpaul.ca

wpDiscuz