BC housing Assessments

[MeanSeanBean]

5 minutes ago, bishopshodan said:

What do you mean?

I believe it is rare for homes to sell at less than assessed value...

I just don't believe our home has gone up by 250k in a year. That seems absurd to me.

[Mike Vanderhoek]

5 minutes ago, Shayster007 said:

I just don't believe our home has gone up by 250k in a year. That seems absurd to me.

homes in my neighborhood were bought for at tops 300k 6 years back, last year when homes were assessed around 525k range they were selling for nearly 700k. Our house is now assessed at around $ 700k. It is absurd but is what it is, I don't know how people are supposed to get into the market.

[bishopshodan]

17 minutes ago, Shayster007 said:

I just don't believe our home has gone up by 250k in a year. That seems absurd to me.

Oh , I see what you mean.

 

Assessments are usually lower than market price. But perhaps your list price might not have gone up that much if you tried to resell.

 

However a neighbour a few doors down bought for $1.2 two years ago and just sold for $3.4. 

Now, that is insane but it's also waterfront so obviously very limited inventory. 

 

I believe If I was to list my primary it would be at least 50% over what it is assessed at...and it just went up 51% but i am also in the same situation as the neighbour that just sold, waterfront. 

Either way, it is getting nuts. I've been in the market working my way 'up' for 25 years, I've bought and sold  a lot. I have never seen it like this. 

 

Edited January 3, 2022 by bishopshodan

[Gurn]

iirc my wages never went up by 23% in any single .......... decade.

Edited January 3, 2022 by gurn

[aGENT]

1 hour ago, Shayster007 said:

We purchased our first house just over a year ago, and the assessment is sayings it's gone up by 250k over what we got it for. Yeah, I don't think so...

Afraid that's the market. Not enough inventory and too many people wanting to buy.

 

Ours went up over $200k. That's in a small town, on the island. Not even the lower mainland or even a bigger city on the island.

[bishopshodan]

2 minutes ago, aGENT said:

Afraid that's the market. Not enough inventory and too many people wanting to buy.

 

Ours went up over $200k. That's in a small town, on the island. Not even the lower mainland or even a bigger city on the island.

There was a great thread by a poster (Harvey) that was annoying AF in the Trump thread but he really knew his stuff in real estate. Think you posted in there too. 

 

That thread was started about 7 years ago. I was in there talking about exactly your point..... inventory. Soo many were saying to get out of the market and that the correction was coming. Meanwhile I was preparing for the biggest purchase of my life and going all in on an expensive home.  I was proven to be right. The sky didn't fall. My house has gone up by a lot and now I find myself with the very first world problem of massive land taxes....I'm expecting about 9k for this upcoming year. 

 

They need to cut the development permit times, they need to start building in a big way if we have hopes of any cooling off. 

Canada is the best place in the world and we need lots of quality immigration to support our economy. There will be new money coming in and therefore competition in the market.

 

Build, Build, Build.

 

[aGENT]

10 minutes ago, bishopshodan said:

There was a great thread by a poster (Harvey) that was annoying AF in the Trump thread but he really knew his stuff in real estate. Think you posted in there too. 

 

That thread was started about 7 years ago. I was in there talking about exactly your point..... inventory. Soo many were saying to get out of the market and that the correction was coming. Meanwhile I was preparing for the biggest purchase of my life and going all in on an expensive home.  I was proven to be right. The sky didn't fall. My house has gone up by a lot and now I find myself with the very first world problem of massive land taxes....I'm expecting about 9k for this upcoming year. 

 

They need to cut the development permit times, they need to start building in a big way if we have hopes of any cooling off. 

Canada is the best place in the world and we need lots of quality immigration to support our economy. There will be new money coming in and therefore competition in the market.

 

Build, Build, Build.

 

Yup. 

 

And yes, as I noted in the politics thread, that tweet in Canada having 400,000 people immigrate last year is heavily contributing to the exact housing inflation we're discussing here.

 

Build, build, build indeed. We can't build homes (or condos, or town homes etc) fast enough.

 

On a positive note, it will continue creating jobs, growing the economy and hence paying down the debt load we've accrued during this pandemic as well.

 

But yeah, don't see the 'bubble' popping any time soon.

Edited January 4, 2022 by aGENT

[JM_]

1 hour ago, aGENT said:

Yup. 

 

And yes, as I noted in the politics thread, that tweet in Canada having 400,000 people immigrate last year is heavily contributing to the exact housing inflation we're discussing here.

 

Build, build, build indeed. We can't build homes (or condos, or town homes etc) fast enough.

 

On a positive note, it will continue creating jobs, growing the economy and hence paying down the debt load we've accrued during this pandemic as well.

 

But yeah, don't see the 'bubble' popping any time soon.

our gov'ts need to start opening up more land for development. Vancouver alone is sitting on billions in land that could be used for this. And we all own it btw. 

[johngould21]

1 hour ago, aGENT said:

Yup. 

 

And yes, as I noted in the politics thread, that tweet in Canada having 400,000 people immigrate last year is heavily contributing to the exact housing inflation we're discussing here.

 

Build, build, build indeed. We can't build homes (or condos, or town homes etc) fast enough.

 

On a positive note, it will continue creating jobs, growing the economy and hence paying down the debt load we've accrued during this pandemic as well.

 

But yeah, don't see the 'bubble' popping any time soon.

Where I live in Burnaby, the detached home listings are close to zero. I just noticed a home a block over that we looked at in 1986 when we bought that year. Our place and the other a block over were basically the same price. 139,900. The listed price when it was sold recently was just under $1.9M, and it sold over list price. No matter what any government promises its all going to come down to supply and demand. As you said, close to a half million people immigrating to Canada is a pretty big demand.

Edited January 4, 2022 by johngould21

[drummer4now]

17 hours ago, UKNuck96 said:

Am I glad we don’t pay land taxes here, although that said it might help suppress  our market slightly. It’s difficult over here but in Van I have no idea how you afford and then continue to afford the housing 

Yes but thankfully we don't have that pesky TV License... 

 

[UKNuck96]

8 hours ago, bishopshodan said:

There was a great thread by a poster (Harvey) that was annoying AF in the Trump thread but he really knew his stuff in real estate. Think you posted in there too. 

 

That thread was started about 7 years ago. I was in there talking about exactly your point..... inventory. Soo many were saying to get out of the market and that the correction was coming. Meanwhile I was preparing for the biggest purchase of my life and going all in on an expensive home.  I was proven to be right. The sky didn't fall. My house has gone up by a lot and now I find myself with the very first world problem of massive land taxes....I'm expecting about 9k for this upcoming year. 

 

They need to cut the development permit times, they need to start building in a big way if we have hopes of any cooling off. 

Canada is the best place in the world and we need lots of quality immigration to support our economy. There will be new money coming in and therefore competition in the market.

 

Build, Build, Build.

 

I don’t know the details around Canadian property speculation, but in the UK there is always talk of building more, however people also don’t want new developments near them, as their house is a rising asset they don’t want to drop in value. Then add second homes pushing up prices and squeezing out young people from buying where they grew up. 
 

you would think that alone would cause a drop in demand but unfortunately institutional investors just grab up property as a portfolio further reducing available stock.

 

Is that a similar issue in Van?

[bishopshodan]

6 hours ago, UKNuck96 said:

I don’t know the details around Canadian property speculation, but in the UK there is always talk of building more, however people also don’t want new developments near them, as their house is a rising asset they don’t want to drop in value. Then add second homes pushing up prices and squeezing out young people from buying where they grew up. 
 

you would think that alone would cause a drop in demand but unfortunately institutional investors just grab up property as a portfolio further reducing available stock.

 

Is that a similar issue in Van?

Yes.

There are lots of elements that seem to slow down development. 

I often think about the fact that every single wealthy person I know has lots of money tied up in real estate. None of them would like to see their nest eggs lose value.