BC, Canada, hype, prices

Property tax warnings sent out.

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Space889 added a link to this story: BC assessment is sending out warning letters to a few thousand property owners whose property tax is going up.

“Increases of 15 to 25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond and Surrey,” says B.C. Assessor Jason Grant.

It should come as no surprise that as property values rise their taxes may too, but it’s worth noting that doesn’t necessarily mean more money in government coffers.

That’s because property taxes here are based on a properties value in comparison to its neighbors, not the properties absolute value.

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Ulsterman
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CTV News described the rises as “exponential” and then went on to say they would rise 15-20% Yes, definitely exponential! Presumably the “investigative journalists” failed math in school.

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3 years 7 months ago
tedeastside
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Austin is the exact opposite of Vancouver…
no self-absorbed snobs, no shady people, no third world scammers, no Jersey Shore wannabe’s,
…just good honest friendly people who will help you whenever they can. most people attend service every Sunday Morning, its a different planet than vancouver..nobody and i mean nobody gives a damn about real estate, you won’t hear about it once.
its a major high tech and business center and considered the Music Capitol of the world, you’ll love it there, although your snowshoeing and ice climbing opportunities will be greatly reduced.
and you cant ski and kayak in the same day, hope that doesnt get you down

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3 years 7 months ago
patriotz
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@1:

Any function of the form X = X0 * 10^(r*t) is exponential, regardless of the size of the rate r. For example if prices or population rise at 2% a year, that’s exponential growth, since they will double every 36 years.

The real issue is whether the rate over the past year, or past few years is sustainable. Anyone purchasing RE today is betting that it is.

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3 years 7 months ago
w
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w
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Why analysts see no quick end to the Toronto, Vancouver housing booms

http://www.theglobeandmail.com/report-on-business/top-business-stories/why-analysts-see-no-quick-end-to-the-toronto-vancouver-housing-booms/article27661566/

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3 years 7 months ago
Jimmy
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The conference board is slinging their bullcrap again…

https://www.biv.com/article/2015/12/bc-lead-growth-canada-over-next-two-years-conferen/

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3 years 7 months ago
southseacompany
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“1st-time homebuyers at risk because of heavy mortgage debt, says C.D. Howe study”, CBC with video

http://www.cbc.ca/news/business/mortgage-debt-cdhowe-1.3357351

“About a half million Canadian households are mortgaged to the hilt and could easily get into trouble if they faced a higher interest rate or a personal financial hit, according to a new study by the C.D. Howe Institute.”

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3 years 7 months ago
southseacompany
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“Bank of Canada’s Stephen Poloz tells Trudeau government to spend: Walkom”, Toronto Star

http://www.thestar.com/news/canada/2015/12/10/bank-of-canadas-stephen-poloz-tells-trudeau-government-to-spend-walkom.html

“Bank of Canada governor Stephen Poloz is prepared to penalize savers in order to get a stalled economy moving again.’

“Citing the late British economist John Maynard Keynes, the central bank chief reminded his audience that when interest rates are already low, fiscal policy (the willingness of governments to spend more than they take in) is always more powerful than monetary policy (attempts by central banks to promote investment).”

“In effect, he was telling Prime Minister Justin Trudeau and Finance Minister Bill Morneau to go for it — to run deficits if necessary in order to get the country working again.”

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3 years 7 months ago
Yunak
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@5

(BC economic growth == Σ $$$$ laundered) true

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3 years 7 months ago
Yunak
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I am still shocked and can’t comprehend that we just let bullies and goons to eliminate voting on this forum in order to have their shit exposed.

What is the next then? When people start peacefully protesting housing, schooling, social and immigration issues we should expect triads and gangs to take care of it to establish order?

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3 years 7 months ago
Best place on meth
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@8

BC jobs growth = more realtors

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3 years 7 months ago
left already
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@4 if you look at Norway, Finland and Switzerland with rates in deep negative territory for some time now, the only good investment there has been RE as prices have shot up big time. I tend to agree with the article, that for the foreseeable future, RE will continue to go up in Vancouver, despite crazy looking prices. There is no other asset out there right now that will provide capital preservation with some income, one would think government bonds, but if the yields turn negative, even more people will go into RE. There is nothing left out there for people to invest their money in, it is just that simple. It is hard to say what will bring this to an end, inflation is nowhere to be seen and if it did appear, CB would wait till the wages… Read more »
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3 years 7 months ago
elvince
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@left already: I don’t want to burst your bubble, but if you believe RE has done great lately, you’re wrong. Even the van west detached has been beat by an index fund over the last 12 months. An INDEX fund! No magical wizardry, no voodoo finance, just a normal, 0.05% Expense ratio index fund.

I think the same goes for Norway, Finland and Switzerland. If you can’t find investments that beat house price increases, check abroad. It probably means the economy is messed up in your backyard anyway.

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3 years 7 months ago
elvince
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And btw, I was talking about a US index fund (all-stock, non-hedged), obviously. VUN.to, for example, has shot up 26% YoY including dividend.

If the powers that be insist on destroying our savings, then I guess those 5 mouse clicks are worth the effort to switch my investments in another country.

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3 years 7 months ago
space889
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Austin, aren’t they also gun crazy?! You can buy and own a whole lot of guns that you can’t even get your hands on here. Good thing people like BPOM/Yunak/Vangrl & rest of gang don’t live there or else there would be a lot of shootouts.

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3 years 7 months ago
space889
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@southseacompany – haven’t that kind of warning been issues like forever??

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3 years 7 months ago
space889
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@elvince – cherrypicking much? Yes, you can always find something that beats something else. The question is, how many people bought that much US index fund at the start of the year? How many people at start of the year though Cdn$ would tank by 30%? I doubt a lot of posters on this forum predicted any of that.

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3 years 7 months ago
space889
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@Yunak – that’s really funny, especially coming from a piece of shit itself….I guess it’s true, turds like you just can’t stand basic human hygenic standards.

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3 years 7 months ago
Yunak
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@14

They could be gun crazy but luckily they aren’t car crazy.

http://www.slate.com/articles/news_and_politics/foreigners/2015/09/why_drivers_in_china_intentionally_kill_the_pedestrians_they_hit_china_s.html

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3 years 7 months ago
Yunak
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@17

Speaking of basic human hygienic standards… they will certainly start changing in the cities like Vancouver, Sydney, etc. to get more in line with upcoming majority and prevailing culture.

“Most Chinese believe that expelling bodily gases and fluids is essential for good health and, related, that a failure to clear the throat of sputum can result in respiratory illness. For this reason, it will not be unusual for you to witness many instances of public spitting and urination, the blowing of the nose without the use of tissue paper (expelling mucous by pressing against one of the nostrils and blowing hard through the one open nostril), as well as coughing and sneezing without covering one’s mouth and face.”

http://middlekingdomlife.com/guide/personal-public-hygiene-china.htm

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3 years 7 months ago
Bull! Bull! Bull!
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Bull! Bull! Bull!
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remember the hedge funds that were “shorting” canada real estate? i wonder how they’re doing now.

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3 years 7 months ago
Bull! Bull! Bull!
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anyone declaring capital gains for 2015?

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3 years 7 months ago
left already
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@elvince
for most people stock market is synonymous of a casino whereas a home is a home, perception is what it is.
While the stock market might have gone up 30%, those gains can diminish / disappear within a month, this can be true for RE as well but history is full of stock market horror stories rather than RE busts.
I am not giving financial advice, just pointing out the fact that negative rates will boost RE as they have done in countries that have neg rates already.
Talk to anyone who bought a house in Vancouver around 2000 and feel free to compare the returns, after tax if possible.

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3 years 7 months ago
Best place on meth
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Trump has the right idea, but aimed at the wrong people.

http://finance.yahoo.com/news/whos-investigating-fake-chinese-goods-051001606.html

Economic terrorists are far more dangerous to us.

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3 years 7 months ago
Bull! Bull! Bull!
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Bull! Bull! Bull!
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bull market in stocks is clearly over. where will the money go next?

commodities? currency? real estate?

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3 years 7 months ago
elvince
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@space889: Taking an INDEX fund as an example is the exact opposite of cherry picking.

If you don’t know what an index fund is, then you have nothingto add to this conversation. Or any conversation related to money, really.

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3 years 7 months ago