Grapefruits Posted January 8, 2019 Share Posted January 8, 2019 House in Cloverdale went up 9%. Rancher goes down, mega house goes up. Link to comment Share on other sites More sharing options...
Violator Posted January 8, 2019 Author Share Posted January 8, 2019 20 minutes ago, luckylager said: It only really matters if you want to sell, are renewing, or want to borrow off your equity. We're up for renewal this summer and planning a big reno (big ass twin dormers in the attic, adding 3 beds and a bathroom). The increase in property value on top of paying down our principal makes the reno "almost free", given the equity we've gained on the property. We looked at a few really sweet places in GH on the house hunt. Offered on one by Lambrick Park, but got out bid. Ended up getting really &^@#ing lucky on a house in Oaklands. Practically stole it by offering assessed value, and they accepted. Place hadn't been reno'd since the 50's... Yup, I had to work my ass off. Lots of work and 4.5 years later we've got 500k in equity off the house, probably more once the bank sends their "assessment specialist" by. What I'm saying is- you want your assessment to go up so long as it doesn't increase more than the average. A few hours of work to beautify your property from the road will pay far more than you'd make in those hours by working (unless you're a brain surgeon, which I doubt because you live in GH). In a few years you get some "power" with the bank and can use your debt as leverage for reno's, new cars etc. Man, I just rambled on eh... Thats pretty smart and wbat im doing own the house free and clear only owe money to the district. Link to comment Share on other sites More sharing options...
luckylager Posted January 8, 2019 Share Posted January 8, 2019 2 minutes ago, Violator said: Thats pretty smart and wbat im doing own the house free and clear only owe money to the district. Seriously Violator? You're mortgage free? You mother&^@#er! Link to comment Share on other sites More sharing options...
Violator Posted January 8, 2019 Author Share Posted January 8, 2019 1 minute ago, luckylager said: Seriously Violator? You're mortgage free? You mother&^@#er! Lost a father to get mortgage free. Link to comment Share on other sites More sharing options...
luckylager Posted January 8, 2019 Share Posted January 8, 2019 Just now, Violator said: Lost a father to get mortgage free. $&!#. Sorry man Really sorry to hear that Vio, almost lost my Dad a few years back. Was a really tough time. He made it through thankfully. You have a lot of power with the bank though. So long as you're working, get an equity line of credit and live your dreams on vacation a couple times a year. Link to comment Share on other sites More sharing options...
kingofsurrey Posted January 8, 2019 Share Posted January 8, 2019 1 hour ago, Violator said: Lost a father to get mortgage free. Sorry to hear. Losing a parent must be life changing. Really a tough thing to go through. My dad is in pretty rough shape but hanging on the last 6 months..... Weird how when we are younger .... we seem so oblivious to lifes challenges... / health issues / and the overall fragility / briefness of life. Link to comment Share on other sites More sharing options...
PrinceGeorgeGoon Posted January 8, 2019 Share Posted January 8, 2019 Buy smart, fix em up, be thoughtfull with your renos and the assessed values have little effect, you make money on kitchens and bathrooms. Yeah you are stuck with the neighborhood you buy in but you make your own gravy all over town too. Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted January 8, 2019 Share Posted January 8, 2019 4 hours ago, Ryan Strome said: And this guy owned a multi million dollar home in Vancouver. Link to comment Share on other sites More sharing options...
-DLC- Posted January 8, 2019 Share Posted January 8, 2019 Mine's gone up 53% since 2016. 7% this year...average is 3%. I'm nearly paid off and my place is worth 8 times what I paid for it. Needs work...but when Dad sells we're renovating my place and he's moving in. I have a suite downstairs so we'll have our own space. Has to be for me...I've gotten used to being on my own and it's set in stone now. Link to comment Share on other sites More sharing options...
DonLever Posted January 8, 2019 Share Posted January 8, 2019 Why are people celebrating high increases in assessed values when it may mean higher taxes. Just because the assessed value gone up does not mean you can sell your house for that price. You realize the prices are based on a July 1, 2018 assessment and the housing market has now cooled. Prices have fallen recently so you may get higher taxes without any real increase in your house value. Link to comment Share on other sites More sharing options...
Ray_Cathode Posted January 8, 2019 Share Posted January 8, 2019 6 hours ago, Violator said: https://www.bcassessment.ca Got my bc assessment house went up 7% thats down from 12 last year and 26% a few years ago. Anyone else have a good jump? Good for whom? I have a property in Abbotsford, assessment up 42%. I guess that would qualify as not good because I own it and it’s a rental. The maximum rent increase allowed is 2.5%. Link to comment Share on other sites More sharing options...
nuckin_futz Posted January 8, 2019 Share Posted January 8, 2019 To those who mentioned your folks being in rough shape or having passed away you have my condolences. My father recently passed away and it's been really rough. So now we're dealing with my dad's estate and the assessment for one of his properties came in and well it seems a little strange. I changed around a few of the figures but they're all proportional to what they really are. 2018 Total $951,000 Land $522,500 Buildings $428,500 Previous year $826,250 Land $263,500 Buildings $562,750 My question is how does the value of the buildings drop 24%, while the value of the land increases nearly 100%? Given there was no damage to any buildings and no oil or gold was discovered on the land. Is this normal? Link to comment Share on other sites More sharing options...
Russ Posted January 8, 2019 Share Posted January 8, 2019 5 hours ago, nuckin_futz said: To those who mentioned your folks being in rough shape or having passed away you have my condolences. My father recently passed away and it's been really rough. So now we're dealing with my dad's estate and the assessment for one of his properties came in and well it seems a little strange. I changed around a few of the figures but they're all proportional to what they really are. 2018 Total $951,000 Land $522,500 Buildings $428,500 Previous year $826,250 Land $263,500 Buildings $562,750 My question is how does the value of the buildings drop 24%, while the value of the land increases nearly 100%? Given there was no damage to any buildings and no oil or gold was discovered on the land. Is this normal? Not a clue. I would have to dig out my last years assessment to check but I think my house dropped again and land went up. Land $858,000 House $208,000 And with all the renos I have done in the last 4 years I have dumped probably $70k+ on upgrades haha. I never really know how they get their numbers to be honest. Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted January 8, 2019 Share Posted January 8, 2019 Yellow vest movement any day now, folks. Or, you know, continue to complain on a forum.. Link to comment Share on other sites More sharing options...
86Viking Posted January 8, 2019 Share Posted January 8, 2019 6 hours ago, DonLever said: Why are people celebrating high increases in assessed values when it may mean higher taxes. Just because the assessed value gone up does not mean you can sell your house for that price. You realize the prices are based on a July 1, 2018 assessment and the housing market has now cooled. Prices have fallen recently so you may get higher taxes without any real increase in your house value. It sucks having to pay more tax for sure. The only good thing I see with all our BC Assessment increases is it just means our initial buy was good. I have friends who say I can't or won't ever get into the housing market. I think that is just a lame excuse! If you work and especially if you have a spouse then you have double the income. Getting approved isn't that hard, you just need to be smart with your $ and live on the cheap to help save for a down payment. I wish I was older and could have said my house has gone up 5-10x the assessed value but I have only had my place for 2 and a bit years. I think having the higher assessment will help if you choose to do renovations and neogtiate when your mortgage is up for some extra cash flow? Also, I think most places are still selling for ABOVE assessed value. Place 2 doors down from me sold for $472,000 in 2018, its assessment is $404,000 which I was kind of surpised it was that high to be honest. Having a lower assessment is nice and it doesnt worry me if and when I choose to sell. I know my house is worth more than what the assessment says. Congrats to all the people on here who OWN their own place! Link to comment Share on other sites More sharing options...
DonaldBrashear Posted January 8, 2019 Share Posted January 8, 2019 When assessments start dropping 15 or 20% in a single year, I don't think people will enjoy the annual tradition of going onto bcassessment as much as they do now Link to comment Share on other sites More sharing options...
Tre Mac Posted January 8, 2019 Share Posted January 8, 2019 It's a scam, my assessment went up 46% in two years but there's no hope in hell I could sell my place for that amount if I wanted to. All that means is more property taxes. Link to comment Share on other sites More sharing options...
Heretic Posted January 8, 2019 Share Posted January 8, 2019 Shoot, mine went up almost $10 grand. Good news is, farm status 2 years in a row now: Farm land – value set by BC Regulation 411/95 Total value Assessed $181,269 Land $2,769 Buildings $178,500 Previous year value $171,569 Land $2,769 Buildings $168,800 I still find it funny that instead of having a different rate for taxes, they just drop the value of your land! I guess one reason is, for those that buy "farm land" and put a 6500 square foot monster house on it. Link to comment Share on other sites More sharing options...
189lb enforcers? Posted January 8, 2019 Share Posted January 8, 2019 14 hours ago, beni said: another +9% for the South Okanagan. Want to do my renos and get out before it crashes Same here in Kamloops. 9% for the past 5 years. Link to comment Share on other sites More sharing options...
Mr.Habitat Posted January 8, 2019 Share Posted January 8, 2019 Bought my two bedroom condo in Richmond in 2016 for 418,000 the value is at 625,000 now. went up 29 percent last assessment and 9 percent in the latest one. Link to comment Share on other sites More sharing options...
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