2012 Tax Assessments now available

An Observer points out that the most recent property tax assessment values are now available on the BC Assesment website:

If you’re curious about the assessed value of your property, your neighbors property or that cute little tear-down you’ve got your eye on you can find it here for the next couple of months:

http://evaluebc.bcassessment.ca/

Property values are assessed in July, so these assessments represent the tax market value at that time.

Since prices have been falling in Vancouver since last summer we’re at an interesting stage of the market cycle – basically most property that’s selling right now is selling for ‘less than assessed value’ so watch for that phrase to pop up a lot in new listings.

Another point to keep in mind since it always seems to pop up in discussion of property tax: In Vancouver taxes are based on a balance across properties.  This means that just because house prices go up, that doesn’t mean tax income goes up.

The only important thing is your homes value in comparison to neighbouring homes – the total tax load is split up between all homes, so if all home prices drop by 20% across the board all tax bills will remain the same (unless the city decides they need to bring in more tax money).

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asalvari1
Guest
asalvari1

Re: taxes@Anonymous

God, I cant believe how many relatively smart people do not understand the taxes. They can spend millions on property and cant figure out property taxes.

I did try to explain to them couple of times, eventually giving up on this impossible task.

I think that most of the people here has same experience…

Anonymous
Guest
Anonymous

….Hopefully our taxes will come down a bit as well, since we do not plan to sell for many years…..

The taxes you pay is based on the assessment but scaled by the mil rate. You’re taxes are not going down, no matter what happens. Ever!

Anonymous
Guest
Anonymous

……While still a bit of room to move, Whistler is starting to look somewhat attractive at these prices.
Alpine resort living just over an hour away from a major city…hmmm……

I assume that major city you’re referring too is Squamish because there’s no way, unlike what a Whistler Realtor would tell you, that Vancouver is ‘just over an hour’ away.

VMD
Member

Dec 2012 vs 2011 SFH sales stats:

Richmond: still sinking
Sales: -29%
Ratio: 54% vs 73%
HPI: -6.5% (-4.2%,-4.0%,-4.2%,-3.7%) (YoY % change of past months)  

Vancouver West:
Sales: -21%
Ratio: 51% vs 70%
HPI: -5.5% (-8.4%,-7.7%,-6.5%,-3.7%,0%)

Vancouver East: what happened to the hottest market in early 2012?
Sales: -43%
Ratio: 87% vs 127%
HPI: +0.2% (+0.5%,+1.9%,+3.2%,+4.8%,+5.5%)

Burnaby: HPI going negative YoY in 3..2…
Sales: -42%
Ratio: 103% vs 98%
HPI: +0.4% (+1.5%,+2.4%,+4.2%,+5.2%)

Coquitlam: another ‘hot’ market in early 2012.
Sales: -39%
Ratio: 94% vs 135%
HPI: +2.9% (+2.6%,+2.8%,+3.6%,+3.7%,+4.3%)

West Coast Woman
Guest
West Coast Woman

Since this post was about new (2013)Tax Assessments, I will gladly report that our westside (Quilchena) house assessment WENT DOWN $263,000, or about 11.8% from the 2012 assessed value! Last year we had an “extraordinary” assessment, with the valuation up between 50-60%, along with a large increase in taxes.

So after 10+ years of increasing assessments, assessed values are finally starting to come back down to reality. Hopefully our taxes will come down a bit as well, since we do not plan to sell for many years.

Gah
Guest
Gah

Can someone please enlighten me? The CBC article on the Decemeber results states the following:

“The board strips out the price of the most expensive homes in calculating its monthly average, the December index.”

Is this new? I don’t remember them carving out the high end of the market when things were going up, were they? Is this more manipulation of the HPI? I’m not too much of a tin hat kind of guy, but as an accountant, something really doesn’t smell right with this.

Source: http://www.cbc.ca/news/canada/british-columbia/story/2013/01/03/business-vancouver-real-estate.html

jay
Guest

Honey, I am Baaaaack!

Assessed value: $14,337,000 It did not sell in the last few months, now back with the same price: $23,800,000. Where is Lai Changxing when we need you?

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V983132&REBoards=All&From=MLS

VHB
Member
VHB

Hi Ham. Yes, the timing of new years could matter. That’s why I’m reserving judgment until next week. I’m just a bit surprised that many seem exuberant about listings days in the low 200s. We need to see listings 300+ if this is going to be a bear’s picnic of a January. And we ain’t seen it yet.

HAM Solo
Guest
HAM Solo

@ VHB

Midweek New Years day may explain relatively slower start to 2013 than either ’11 or ’12. Downtown is still a little empty and with school out, some holidays may be still going on.

macafee is cool
Guest
macafee is cool

anon: ” Incompetent or stupid or both ”

or corrupt.

Anonymous
Guest
Anonymous

…It might explain why the UWO Business School consistently ranks higher than the one at UBC…..

Yep, time to retire Tsurd. Incompetent or stupid or both is no way to go through life son.

Landbaron
Guest
Landbaron

@Girlbear

While still a bit of room to move, Whistler is starting to look somewhat attractive at these prices.

Alpine resort living just over an hour away from a major city…hmmm

VHB
Member
VHB

Here are the January norms:

		
year	sell	list	sell/list
2001	1225	3395	36.1%
2002	2248	3626	62.0%
2003	1966	3810	51.6%
2004	1954	3039	64.3%
2005	1697	3360	50.5%
2006	1924	3471	55.4%
2007	1806	4067	44.4%
2008	1819	4675	38.9%
2009	762	3700	20.6%
2010	1923	5147	37.4%
2011	1819	4801	37.9%
2012	1577	5756	27.4%
Mean	1727	4071	42.4%
median	1819	3755	47.5%

Here are sales and listings in Jan 2012:

3-Jan	45	259	17.4%
4-Jan	65	288	22.6%
5-Jan	30	231	13.0%
6-Jan	76	217	35.0%
7-Jan			
8-Jan			
9-Jan	43	376	11.4%
10-Jan	94	351	26.8%
11-Jan	59	266	22.2%
12-Jan	48	232	20.7%
13-Jan	55	218	25.2%
14-Jan			
15-Jan			
16-Jan	65	428	15.2%
17-Jan	82	324	25.3%
18-Jan	57	273	20.9%
19-Jan	100	234	42.7%
20-Jan	98	250	39.2%
21-Jan			
22-Jan			
23-Jan	73	307	23.8%
24-Jan	117	330	35.5%
25-Jan	62	218	28.4%
26-Jan	95	176	54.0%
27-Jan	94	214	43.9%
28-Jan			
29-Jan			
30-Jan	123	292	42.1%
31-Jan	112	278	40.3%

And here is Jan 2011:

4-Jan	88	267	33.0%
5-Jan	76	250	30.4%
6-Jan	40	165	24.2%
7-Jan	86	177	48.6%
8-Jan			
9-Jan			
10-Jan	98	266	36.8%
11-Jan	44	261	16.9%
12-Jan	73	186	39.2%
13-Jan	74	200	37.0%
14-Jan	58	171	33.9%
15-Jan			
16-Jan			
17-Jan	119	292	40.8%
18-Jan	90	272	33.1%
19-Jan	129	257	50.2%
20-Jan	79	247	32.0%
21-Jan	75	225	33.3%
22-Jan			
23-Jan			
24-Jan	123	287	42.9%
25-Jan	101	234	43.2%
26-Jan	142	270	52.6%
27-Jan	130	250	52.0%
28-Jan	115	270	42.6%
29-Jan			
30-Jan			
31-Jan	136	273	49.8%

I think the numbers so far in 2013 are leaning bearish, but they’re certainly not OMG bearish; at least not yet.

Give me a couple 300+ listings days in the next week and we can start calling it bear season. But with only a bit over 200 listings per day it’s not a hugely bearish start to 2013 yet.

RaggedyRenter
Member
RaggedyRenter

@Waiting to exhale
If you’re referring to my post, I didn’t expect HAM investment but I didn’t expect there will be any capital flight out of Vancouver either. I was the first to brought up the theory Lai Changxing being deported here would deter HAM investment. Somebody has to play the devil’s advocate and discuss all possibilities, not just ones that would support the bearish argument. Cheers mate 🙂

@Jesse
Excellent answer. That and these two posts from Ben pretty much covered all the exits. Number 8 is particularly jarring IMO.
http://theeconomicanalyst.com/content/10-canadian-housing-and-economic-trends-watch-2013-part-1
http://theeconomicanalyst.com/content/10-canadian-housing-and-economic-trends-watch-2013-part-2

Inquisitive
Guest
Inquisitive

How much negative equity until and office worker moonlights as a prostitute?

Girlbear
Guest
Girlbear

Was talking to a friend who bought a condo at Whistler for $290k a few years back. He said identical unit just sold for $150k in his building.

Different market, and yes we all know Whistler is dead, but interesting nonetheless.

VMD
Member

@jay #111
Yes, the SFH map will be coming either late night tonight or by tomorrow morning. I’ll have another battle of my own if I keep camping in front of the monitor for another 2-3 hours…

preview: the Bears captured several more SFH zones in December

piklishi
Guest
piklishi

@53southseacompany Thanks for the link, I just watched a clown on BNN trying to make himself believe that there will be no crash. I am still laughing at Muir. One question that I have is what is going to say in 6 months when the bubble will burst? Or maybe we will not see him on interviews/newspapers anymore…

I have this good feeling that the bubble is about to pop, I just know it, oh boy!

Group masterbator #44
Guest
Group masterbator #44

@VDM

Good work. Keep it coming!

jay
Guest

VMD says:
“Battle of Vancouver: Condo Front – Dec/12 Map update complete
– Bear Forces forcefully claimed highly strategic Richmond”.

Thanks, was there a map for SFH battle?

Simple
Guest
Simple

Looks like this sinking ship has begun to list.

b5baxter
Member

@Makaya

Great G and M article.

Interesting the difference in analysis between this academic and a certain one from UBC.

It might explain why the UWO Business School consistently ranks higher than the one at UBC.

southseacompany
Member
southseacompany

Here’s the Global video link: Starts with ‘blood bath for resi sales’, then goes to Muir, new face Levy (‘there is no property bubble, period’), and ‘prices are holding’ final line.

“News Hour – New real estate numbers Thu, Jan 3 – The Greater Vancouver real estate board says both “home sales” and “new listings” fell sharply last month, but the prices are only down slightly. Jas Johal has the details.”

http://www.globaltvbc.com/video/new+real+estate+numbers/video.html?v=2322961075&p=1&s=dd#video

Many Franks
Guest
Active Member
Many Franks

@VMD: Let me just say that I’m thoroughly enjoying this.

VMD
Member

Battle of Vancouver: Condo Front – Dec/12 Map update complete
– Bear Forces forcefully claimed highly strategic Richmond
– Bear Forces now control the entire pacific waterfront and YVR airport, cutting off Bull’s access to HAM (Hostile Asian Mercenaries)
– North Vancouver Bull Forces are being decimated from 6 tanks down to 1. It may be next to fall.
– Bear Forces however lost Langley & Burnaby East to Bulls.
– Burnaby East was +5.8% MoM, +7.2% in 3mo. Likely just a transient counter-attack.