BC, economy, prices

2012 Tax Assessments now available

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129 Comments

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

Re: taxes

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…

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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!

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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.

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VMD

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%)

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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.

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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

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jay

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

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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.

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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.

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macafee is cool

anon: ” Incompetent or stupid or both ”

or corrupt.

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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.

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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

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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… Read more »

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RaggedyRenter

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 🙂


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

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Inquisitive

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

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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.

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VMD

#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

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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!

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Group masterbator #44

@VDM

Good work. Keep it coming!

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jay

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?

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Simple

Looks like this sinking ship has begun to list.

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b5baxter

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.

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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

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Many Franks

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

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VMD

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.

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