It’s the end of another week and that means it’s Friday Free-for-all time!
This is our regular end of the week news round up and open topic discussion thread for the weekend.
Here are a few recent links to kick off the chat:
–Assessments and sales
–Canada in ‘serious trouble’?
–Rent vs. buy math
–High debt a way of life
–Oil brings doubt
–Chinese investors not afraid of ghosts
–Realtor Hunger Index at 68%
–Prices down in Yuan
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
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.
View the full map here.
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:
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).