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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Name taken
Guest
Name taken

Trying to talk sense into those assessment clowns is useless. They arbitrarily filter out stuff that does not fit their desires. Like for example dismissing sales that were done under pressure by the court. I wonder what will they say when the market gets flooded with sales that are forced- how will they dismiss those sales as not part of the market then?

patriotz
Member

Early risers can catch Phil Sopor of Royal LePage on Canada AM 7:15 local time. He gives the standard “soft landing” pitch where he admits that prices have been outpacing incomes but claims that prices will stay flat and incomes will catch up. But he makes an exception for – you guessed it – BC Lower Mainland. Even the shills are giving up on the BPOE.

patriotz
Member
Anonymous
Guest
Anonymous
Yesterday, there was a discussion here about an observation of a large number of vacancies in the West End. SDR and data junkie both scoffed at the idea that people who might potentially rent in the West End are instead opting to rent (or perhaps buy) in other parts of Metro Vancouver, as far as an hour outside of the downtown core. SDR said: “i don’t buy that move “one hour away” either. tough to picture somebody trading West-End lifestyle with one in Aldergrove. The people who lived in West End are more likely to move to Montreal, Toronto even Calgary then Fort Langley and such.” This comment received 25 upvotes and only 2 downvotes. I can’t believe the mentality of this blog sometimes. It’s like the readers of this blog truly believe that Vancouver is the best place on… Read more »
patriotz
Member

A bubble is when prices are out of proportion to rents and that is the topic of this blog.

Rents are higher in some locations because renters (i.e. the demand side of the rental market) have decided that the amenities of those locations are worth it. Rental vacancies indicate that the owners are asking above market rents – whether they be in the West End or anywhere else. That’s all.

Rents are just a matter of consumer preferences. Someone who is willing to pay a higher rent to live in West End is not “obsessed” with anything, just expressing a preference. It has nothing to do at all with the view that prices are out of proportion to rents and are going to go down- in the West End or Langley or where ever.

Name taken
Guest
Name taken

@patriotz:
“A bubble is when prices are out of proportion to rents and that is the topic of this blog.”

Why are you so narrow minded? There is a clear bubble in West End rents as I pointed out yesterday. Rents are out of proportion to income of West End residents. Rents are going to go down in that area. Probably not only West End, but West End is the only one I can comment on because I am not familiar with rents in other areas.

Name taken
Guest
Name taken

Anonymous #4, people who don’t have a car don’t see anything around them and have no concept of what live is like just one hour drive away. I know this first hand as I lived in West End without a car for many years and I spent more time in Europe and USA than in all of BC outside of downtown Vancouver. Reality is that anybody who thinks Vancouver is nice and special is delusional. It is an ok place with its fair share of problems.

Anonymous
Guest
Anonymous
@Patriotz: You are missing the entire point of my post (#5). You’re like the RE bubble text book sometimes, regurgitating definitions. I am not talking about renting versus owning and I know what a real estate bubble is, thank you very much. When I said people are “obsessed” with living downtown or in the C of V, I was talking about renters and homeowners alike. The obsession I am talking about is that people (renters and owners alike) think that the price premium on the West End is worth it relative to places like New West, that are an hour away. Of course, some price premium for living downtown is justified. But what I am trying to say is that the price premium you pay in order to get the urban amenities of the West End is out of whack… Read more »
Anonymous
Guest
Anonymous
One more thing about renting in New West vs the West End. New West is closer to my job than the West End is. I know a lot of people who live and work in New West. As I just discussed, there is a price premium on renting and buying downtown. The price premium for living downtown is supposed to reflect the convenience of living in a more centralized location–close to jobs, shopping, amenities, friends. Well I have all of that right here in New West. If I lived in the West End I would have a longer commute to my job. I think part of what is happening here is that the urban geography of Metro Vancouver is changing. The downtown is becoming less relevant for the functioning of the economy. Due to high real estate prices downtown, more… Read more »
patriotz
Member
anon: “The obsession I am talking about is that people (renters and owners alike) think that the price premium on the West End is worth it relative to places like New West, that are an hour away.” It’s not an “obsession”. People who are willing to pay more to live in the West End don’t have anything wrong with them, they just have different preferences than you. name taken: “There is a clear bubble in West End rents as I pointed out yesterday” You cannot have a bubble in rents because the use of rental accommodation can’t be resold. That’s the case for any service that is used and paid for in real time. A bubble means the market is being driven by speculative expectations. Rents high relative to incomes are not a “bubble”, it just means that renters prefer… Read more »
southseacompany
Member
southseacompany

CBC News: Vancouver’s hottest property values dip in 2012

http://www.cbc.ca/news/canada/british-columbia/story/2013/01/02/bc-property-assessments.html

With video. Realtors claiming the new low prices will ‘definitely’ mean more first time buyers coming out in the spring.

Anonymous
Guest
Anonymous

@Patriotz:

“It’s not an “obsession”. People who are willing to pay more to live in the West End don’t have anything wrong with them, they just have different preferences than you.”

So you’re arguing semantics with me now! Can’t you see the larger points I am making? I am taking time out of my morning to write something very interesting that deals with issues of urban geography, economic geography, cultural preferences, etc. There’s a great deal to reflect on in what I wrote and to disagree or agree with some of the larger points I made. And you choose to take issue with how I am using the word “Obsession”!

I am a big ideas person and a very smart person and I don’t want to waste my time debating semantics with someone. You clearly cannot see the forest for the trees.

Jacob
Guest
Jacob

Anonymous/Name taken: “I am a big ideas person and a very smart person”

Yup, we can see that. it takes you just 20 posts to explain that you moved to New West from West end and that you like there. Ok. We got it.

Clockbike
Member
Clockbike

#4 Anonymous
As one of those upvoters from yesterday, let me explain myself by saying I endorsed that comment as a hater of economic dislocation. Regardless if you’re moving from West Van to Aldergrove or vice-versa. When people who grow up in a community have to move from that community, I take issue.

However, I’m not going to make some grand claim that prices should be controlled to allow people to live in their community. Because that’s how we got into this problem to begin with.

Anonymous
Guest
Anonymous
@Jacob: Just to be clear, I am not the same person as ‘Name taken’. I am the anonymous poster who has been writing comments on the West End vs. New West and I am not the same person as ‘Name taken’. In fact, I disagreed with a great deal of what Name taken wrote last night about how the private sector does everything better than the government. I agreed with just about everything Patriotz wrote last night in that debate over private sector vs government and their roles in education, health care, liquor distribution. One of the things I like about this blog is that we can debate issues without having to worry about spelling mistakes, grammar, etc. So when I am writing something that deals with big issues, I get frustrated when people criticize my diction. It’s not that… Read more »
Anonymous
Guest
Anonymous
@Jacob: “Yup, we can see that. it takes you just 20 posts to explain that you moved to New West from West end and that you like there. Ok. We got it.” There is a subtext in that that is almost a personal attack. I did not take 20 posts to explain my choice to live in New West. This all started from my post yesterday morning about going for a walk downtown and observing lots of vacancies in the West End. Again, I am writing about larger issues, trends in the economy and settlement patterns of the Lower Mainland. My choice to live in New West is just one case study to reflect off of. But I think I am not alone. Why is it that Surrey is growing so quickly in population, while C of Vancouver is barely… Read more »
No Noise
Guest
No Noise

It looks like Immigration Canada is ranking in-demand skills/training as more important than big $$$ for new immigrants now:

“In a year-end interview, Immigration Minister Jason Kenney described the coming Web-based “Expression of Interest” system – to be in place by 2014 – as the culmination of more than five years of reform. It will be an invitation-only route for economic immigrants where prospective arrivals advertise their skills and qualifications on a Canadian government database that will be perused by employers looking to hire more than just temporary workers”

http://www.theglobeandmail.com/news/politics/kenney-sees-new-immigration-system-as-way-to-attract-skilled-workers/article6840232/

Patiently Waiting
Member
Patiently Waiting
Its interesting how often New West gets discussed here. That alone tells you it is rising in importance. I hope this rising importance doesn’t result in rising rents. It has a lot of services for vulnerable populations who form communities there thanks to relatively affordable housing. I agree it is a diverse, tolerant community similar in some ways to the old West End. It just seems a little more interesting than the soul-less suburban sprawl surrounding it on all sides. So far its not going upscale. Don’t bother trying to find fine dining. They can’t do better than the crappy Boathouse. Cultural amenities are hokey, but kind of cute. I’m watching the new Quay but not with much optimism. If those trendy places in the Quay survive a while, it would be a sign of a more affluent population. The… Read more »
Anonymous
Guest
Anonymous

@Patiently Waiting:

Thank you for writing something that deals with the substantive issues I was writing.

I can’t believe how much grief I’ve been getting on this blog. You’d think someone on a Vancouver real estate bear blog would get more positive reaction for arguing why real estate prices (and yes rents too) in Downtown Vancouver are too high.

You said: “As for the West End, a generation of tenants is going to the great rental building the sky. Boomers aren’t replacing them because of their obsession with home ownership. While not in a bubble, I predict rents will go down in the West End as the old housing continues to decline and the downtown core loses importance.”

I completely agree with that. But watch out. Patriotz might not like how you are using the word “obsession” here.

VMD
Member

FP: OSFI guidelines needs work
Jan 2, 2013
“OSFI not transparent on revisions to corporate-governance rules”
– “Just as undue complexity in managerial structure undermines organizational capital, so too does a lack of critical thinking capacity on the part of too many senior executives and board members to fully understand and effectively address the complexity of the global financial system in which their institutions participate. ”
– “Nor do the draft revisions focus on the metrics and incentive systems that continue to encourage contributions to short-term performance, rather than the long-term health of an institution (or the sector)”
-“OFSI’s decision to keep the comment process “under wraps” does little to inspire confidence in its willingness to address them here in Canada or influence the broader global financial system.”

vangrl
Member
vangrl

BREAKING NEWS BNN:

“VANCOUVER HOME SALES PLUMMET 31% in DECEMBER FROM YEAR AGO”

VMD
Member
painted turtle
Guest
painted turtle
Neil
Guest
Neil

Re West End vacancies.
Just got an email from a old friend that used to run a IT school in Vancouver. Most of his students were from overseas, mainly Japan. He had to close the school because it dried the intake from Asian countries. He said most of students returned home and no new ones arrived because of economic crises. Most of these students were living in downtown core.
He himself moved to Japan as well because could not find a job here. So he is teaching English in Tokyo.

I believe there is more people moving out of Vancouver/Province recently but the data will show up in year.

painted turtle
Guest
painted turtle

@anonymous
May I suggest that
1) You see the value of concision, especially on a blog.
2) You find yourself a name to avoid confusion.

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