Map of assessment changes from 2013 to 2014

VMD pointed out this interesting zoomable map of assessed property value changes over the last year in Vancouver.

Anthony Smith at HealthyCityMaps created this map using BC assessment data.

At his site you can click and zoom in to see whats happened to values in different neighbourhoods.

Interesting to see how tax assessments vary from micro area to micro area.

Dark purple represents a large increase, yellow is neutral and dark orange is a large decrease from 2013 to 2014.

Screen Shot 2014-01-30 at 10.42.02 AM

View the full map here.

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jesse
Member

If you look at the overall map, it looks like major blocks are moving in lock-step. Gives a bit of a clue on what algos BCA is using to determine assessed value.

Any Realtor will tell you to ignore, or pay attention to, assessed, depending upon how accurate it is to the market. I pay about as much attention to assessed values as I do to voted down comments: almost zero.

Dave
Member

The best comments are sometimes the ones that get voted down. :;

Assessed values don’t matter a lot, but it is definitely sometime people look at and consider when buying and selling houses. I also think it’s a factor in consumer confidence. You’re more likely to go out and buy that 3 series if the assessment ticked up a bit, whether financial planners like it or not.

Just a heads up… watch for a reversal in the BC-Alberta numbers for the first half of 2014.

VMD
Member

Obligatory pre-CNY “News” #1: Vancouver realtors report micro-boom pre-Lunar New Year
“Is it the Year of the Horse, or something else, that’s triggered a bump in real estate demand?”
Realtor: “This year is better than I’ve seen in the last two or three years
“This year is different because of the local buyers and the confidence in the market values right now,” she said. “The buyers are not just Chinese New Year buyers.”
“If the local demand keeps up, instead of just a blip coming from the overseas or investor buyer, “that’s going to keep our housing market good and high in Vancouver,” she said.”

Don Lapre
Member
Don Lapre

WTF is a micro-boom? If positive anecdotes >0= boom?

Realtor math 101!!

Son of Ponzi
Guest
Son of Ponzi

I think that the Chinese have other priorities than buying RE in Vancouver right now.
http://www.channelnewsasia.com/news/asiapacific/hong-kong-chicken/970666.html

VMD
Member
Obligatory pre-CNY “News” #2: Vancouver agents, builders greet signs of a rebound with glee “Mr. Yan, who’s been a real estate agent in Vancouver for 20 years, says he knows the cycles. Buyers from mainland China will return after Chinese New Year on Jan. 31 to consider house purchases in Vancouver, and so he expects a bit of an increase in west side sales in February.” “Lower-priced entry-level detached homes everywhere in the Lower Mainland should go up in price this year by at least five to 10 per cent,” he predicts. “Condo prices should remain flat for a long time because the local governments are letting developers rezone and build everywhere.” Bosa Properties vice-president Daryl Simpson: “For 2014 we feel good. We feel better than we did in 2013. I would say for the majority of large-scale concrete builders… Read more »
Son of Ponzi
Guest
Son of Ponzi

Well, I’m glad to hear that the Chinese will be back, but I’m not really worried, because according to many posters on this blog they never figured in RE in Vancouver anyway.
It’s the locals, remember.
BTW, Chinese New Year starts today and lasts for 2 weeks.

jesse
Member

“watch for a reversal in the BC-Alberta numbers for the first half of 2014”

That wouldn’t be surprising. It also wouldn’t be surprising to see more robust population growth return to the rest of BC. Growth outside of Vancouver has slowed to a trickle.
https://o.twimg.com/2/proxy.jpg?t=HBgpaHR0cHM6Ly90d2l0cGljLmNvbS9zaG93L2xhcmdlL2RycTg3OC5qcGcUsAkU2AYAFgASAA&s=0CCidEj2X0mmuzz_UJJOzK33eOm2kb7F_E8o5XaG4FQ

BWilson
Guest
BWilson

Oh that’s right, time for a narrative of “endless Chinese demand” I’m hoping for an encore performance of some fake buyers again this year.

And what exactly is fueling China’s economy again?

http://ftalphaville.ft.com/files/2014/01/Screen-Shot-2014-01-30-at-11.49.52.png

UBC in Crisis Mode
Guest
UBC in Crisis Mode

I am confused by the realtor’s claim of micro-boom. Now they call those recently landed immigrates with millions of cash “local buyers”?

franko
Member
franko

@ #9

Awesome charts BW.

Not much doubt that China’s credit bubble is out of control.
Kinda scary when our local realtors don’t understand that the likelihood of a bond default in the world’s 2nd largest economy is being lumped in with Turkey and Argentina.

Shouldn’t be long until HAM in Vancouver turns into CAM.

paulb
Member
Active Member

New Listings 239
Price Changes 53
Sold Listings 86
TI:13496

http://www.paulboenisch.com

gordholio
Member
VMD, thanks for the bullsh*t update. Good to know realtors are still out there essentially vomiting up whatever the hell they want. Meanwhile, Best Buy lays off nearly 1000 people today and Sears lays off a bunch more. Bombardier laid off 1700 just last week. Seems every time I switch on BNN, some mega-corp or another is turfing workers. A good buddy of mine sells large-scale electronics to major companies throughout the lower mainland. At east he *did*. He got canned a couple of days ago, along with a gaggle of other long-serving employees. Yep, it’s a great time to buy a house in the Best Rainforest on Earth. Tanking economy, tanking dollar, world-class overpricing, world-class overbuilding, world-class debt loads. And let us not forget world-class clouds. Interesting, I had a chance through my job this week to talk, in… Read more »
patriotz
Member

@11: “the likelihood of a bond default in the world’s 2nd largest economy”

There won’t be a bond default in China. They will just roll yuan off the presses to pay the bondholders.

The difference with Turkey and Argentina is that China is a foreign currency creditor, the government is only in debt in yuan.

Of course the Chinese solution will not be without consequences.

mac
Member
mac

Gorholio,

Too bad you can’t give a bit of a hint which area the realtors work and how well known they are/were.

Renter
Guest
Renter

2014 bad year for home sales, anything with number 4 ie 2014 means death, so ham say no no this yr

Johnny-boy
Guest
Johnny-boy

Steady HAM/Chinese buying on the north shore. 70% I would guess.

UBC in crisis
Guest
UBC in crisis

Breaking news: Chinese New Year Flipping!

Land sale for $4,980,000.00
http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=V1043621&rowc=7&rowp=6&BCD=GV&imdp=9&RSPP=5&AIDL=21&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=2000000&MXPRC=99900000&SCTP=RS

Property Address 1773 KNOX RD VANCOUVER V6T 1S4

Total Assessed Total Land Total Building
$4,089,000 $4,060,000 $29,000

Sale Date Sale Price
23/Jan/2013 $4,330,000

Joe Mainlander
Guest
Joe Mainlander

Re: Micro-boom. Well, the last 3 or so years prices have moved 5% up…5% down … not much else.

Micro-boom, followed by micro-bust. Another name for a flat market.

Newcomer
Member
Newcomer

“The idea of a bubble and soft landing and all that is behind us”

Well, that much has been true for a while. There will be no soft landing.

kabloona
Member
kabloona
Canadian Business: 34% of Canadians plan to retire by winning the lottery – Stretches the definition of “plan” http://www.canadianbusiness.com/blogs-and-comment/retirement-lottery/ 🙂 BTW, guess which province has the highest proportion of Lottery Dreamers…?? Yeah….. 😉 “A new poll out today, commissioned by BMO, found that a third of Canadians — an average of 34% of those polled across the country — say they are planning to fund their retirement by winning the lottery. To be clear: that is an absolutely insane plan. Although Chris Buttigieg, the Senior Manager of Wealth Planning Strategy for the bank quoted in the press release, is too polite to say so outright: “To those hoping to win the lottery to fund their retirement, the odds of actually winning are approximately 1 in 14 million. A much better bet would be to develop a personal retirement savings and… Read more »
George
Guest
George
@kabloona #21 Regarding people who are planning on funding their retirement via lottery winnings: I think “planning” is the wrong verb here. It’s not that people are “planning” on winning the lottery in order to have enough money for retirement. It’s that people are being realistic and honest with themselves and saying, gosh, given the cost of living and my low wages the only way I will ever have enough money for my retirement is if I win the lottery. We can criticize people all we want for many poor financial decisions but I know many people who are in this boat who will never have enough money for retirement unless they win the lottery and it is absolutely no fault of their own–they are squeezed by low wages/high taxes and user fees/high cost of living. Also, baby boomers who… Read more »
xyz
Guest
xyz

More stories from the Landlord Twilight Zone.
The guy who drops 1.3 Million on the best house on the worst street.
Now assessed at $1,207,000…
New ad up for his illegal 2 bedroom basement suite just noticed today. $1250/m + 30% of utilities where rents in the area are dropping like flies. For instance, I just rented a 3 bedroom upper closer to Vancouver for $1200. My ex is viewing a 2 bedroom basement suite tomorrow $650/m.

A little googling and it looks like this is the second time in 7 months he has advertised… The new tenant will be at least the 3rd since the guy took possession July 2012 slight problem with turnover looks like.. 🙂

patriotz
Member

@22: ” Also, baby boomers who bought real estate 20 to 30 years ago have already won the lottery–they’ve won the real estate lottery. ”

Nope, they just think they’ve won. The only ones who’ve actually won are those who’ve sold.

Unlike 6/49 etc, the winnings depend on when you cash in your ticket.

YVR
Guest
YVR

@22

We can criticize people all we want for many poor financial decisions but I know many people who are in this boat who will never have enough money for retirement unless they win the lottery and it is absolutely no fault of their own–they are squeezed by low wages/high taxes and user fees/high cost of living.

Actually because of our social system in Canada (you know the one that requires working people to pay taxes/user fees) everyone has enough money for retirement. Many people retire with no money at all living off 100% government support. Saving for retirement is just a question of the standard of living you will have. Of course if you only have government support the standard of living won’t be very good.

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