The Arrogant Worms Posted January 1, 2023 Share Posted January 1, 2023 And if you want to check your price.... https://www.bcassessment.ca/?sp=1&act= 2 Link to comment Share on other sites More sharing options...
bishopshodan Posted January 1, 2023 Share Posted January 1, 2023 Up 13% on my main home and 19% on my rental. Link to comment Share on other sites More sharing options...
Warhippy Posted January 1, 2023 Share Posted January 1, 2023 What the absolute hell. property is tanking and this is what my prince is now? For reference, here is my year by year and my property size I bought two years ago for $$422,500 1 Link to comment Share on other sites More sharing options...
nuckin_futz Posted January 1, 2023 Share Posted January 1, 2023 (edited) I believe these assessments reflect the reporting period of July 1 2021 to June 30th 2022. This time period (for the most part) saw gains for the first 8 months then declines for the last 4 months as interest rates were ramped higher. Next year's assessments will reflect the more pronounced real estate declines. Edited January 1, 2023 by nuckin_futz 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted January 1, 2023 Share Posted January 1, 2023 5 minutes ago, nuckin_futz said: I believe these assessments reflect the reporting period of July 1 2021 to June 30th 2022. This time period (for the most part) saw gains for the first 8 months then declines for the last 4 months as interest rates were ramped higher. Next year's assessments will reflect the more pronounced real estate declines. Yup. This is what it is. Better not be an increase next year. Link to comment Share on other sites More sharing options...
Sp3nny Posted January 1, 2023 Share Posted January 1, 2023 3 hours ago, Warhippy said: What the absolute hell. property is tanking and this is what my prince is now? For reference, here is my year by year and my property size I bought two years ago for $$422,500 Very similar case for me. Bought three years ago and now assess at $683k. My assessed value has more than doubled since I bought. Might be time to dispute my value. Third straight yr of well over $100k gain. Property taxes will be getting out of control. Link to comment Share on other sites More sharing options...
Elias Pettersson Posted January 1, 2023 Share Posted January 1, 2023 The 2023 BC Assessments are based on the value of the home on July 1, 2022. The market peaked in April of last year so you are only looking at a couple of months of a slowdown that is factored into that value. The 2024 BC Assessments will show a much lower value than is showing now as that assessment will be based on the last half of 2022 and the first half of 2023. I could see some assessments next year dropping by 20% or more depending on what happens in the first half of 2023. Link to comment Share on other sites More sharing options...
Heretic Posted January 1, 2023 Share Posted January 1, 2023 I'm happy - still maintained my farm status. Link to comment Share on other sites More sharing options...
van_ws Posted January 1, 2023 Share Posted January 1, 2023 Up 11% on my home. It will be interesting to see how low next year's assessment will be but probably expect a 10-15% drop maybe? I only bought this house three years ago and it has gone up every year to date. I am curious how they take building value into account, it has went up alot higher than I thought even though there has been nothing new built. Cost of materials perhaps? Link to comment Share on other sites More sharing options...
Primal Optimist Posted January 1, 2023 Share Posted January 1, 2023 (edited) Mine shows 751k, 1k less than i paid. ; ) The beauty of it all is when the 5 year term is up I will owe 39k. Heres to 2023! Edited January 1, 2023 by Primal Optimist Link to comment Share on other sites More sharing options...
Westcoasting Posted January 1, 2023 Share Posted January 1, 2023 Up 12 %… yay Link to comment Share on other sites More sharing options...
Crabcakes Posted January 1, 2023 Share Posted January 1, 2023 Valuation date is July 1 2022 so it's pretty much at it's peak before the market started coming down. Having said that, the valuation is relative to properties in your jurisdiction and when they determine your taxes for 2023 you pay your slice of the pie based on how you compare to all other properties. So, your assessment is not your property value. If you go on the BC Assessment website, you can look up any address and see what their assessment is and how it compares to yours. Make sure your assessment is reasonable. If it isn't you can appeal. Link to comment Share on other sites More sharing options...
nuckin_futz Posted January 1, 2023 Share Posted January 1, 2023 (edited) Prices across B.C. have taken a hit, with some regions posting double-digit decreases. The Fraser Valley posted a 17 per cent decline, with average prices in November at about $915,500, down from about $1.1 million last year. Similarly, average home prices in Chilliwack dropped nearly 19 per cent to $649,000. Victoria posted a 7.7 per cent drop in the average home price. Greater Vancouver prices dropped an average 3.3 per cent while Vancouver Island was down 2.5 per cent. ******************* Barring something catastrophic I doubt we'll see much further declines in Vancouver and Vancouver Island. Rates are already at 4.25 and they're not going much higher. Vancouver and Vancouver Island is some of the most prized real estate in the world. There's always a horde of buyers to buttress price declines from getting out of hand. Edited January 1, 2023 by nuckin_futz 2 Link to comment Share on other sites More sharing options...
Elias Pettersson Posted January 1, 2023 Share Posted January 1, 2023 3 hours ago, van_ws said: Up 11% on my home. It will be interesting to see how low next year's assessment will be but probably expect a 10-15% drop maybe? I only bought this house three years ago and it has gone up every year to date. I am curious how they take building value into account, it has went up alot higher than I thought even though there has been nothing new built. Cost of materials perhaps? The government will basically analyze the home based on latest sales, similar to what a realtor would do. They aren't going to get that technical in terms of what it would cost to rebuild your home. The people who do this stuff are similar to appraisers. Link to comment Share on other sites More sharing options...
AngelicHearts Posted January 1, 2023 Share Posted January 1, 2023 Yikes, I regret looking. 1 Link to comment Share on other sites More sharing options...
McBackup Posted January 1, 2023 Share Posted January 1, 2023 Bold of you to assume I can afford a house in BC. 1 Link to comment Share on other sites More sharing options...
Boudrias Posted January 1, 2023 Share Posted January 1, 2023 10 hours ago, Elias Pettersson said: The 2023 BC Assessments are based on the value of the home on July 1, 2022. The market peaked in April of last year so you are only looking at a couple of months of a slowdown that is factored into that value. The 2024 BC Assessments will show a much lower value than is showing now as that assessment will be based on the last half of 2022 and the first half of 2023. I could see some assessments next year dropping by 20% or more depending on what happens in the first half of 2023. If that happens I can expect a drop in my property taxes? I say this in jest as that will never happen. Our municipal government is taking in much more revenue without a serious budget review. More spending on non infrastructure projects and feel good initatives. That's it done for the year. Link to comment Share on other sites More sharing options...
Elias Pettersson Posted January 1, 2023 Share Posted January 1, 2023 22 minutes ago, Boudrias said: If that happens I can expect a drop in my property taxes? I say this in jest as that will never happen. Our municipal government is taking in much more revenue without a serious budget review. More spending on non infrastructure projects and feel good initatives. That's it done for the year. It depends on where you live and what your property tax rate is. Your property taxes are based on the property tax rate in your area multiplied by your BC assessment. If your assessment drops by 20% there is a chance your taxes will go down. But if the city pumps up the property tax rate then the drop in taxes may be marginal. My guess is your municipality will increase your property tax rate just enough so that your taxes stay the same as the year prior... Link to comment Share on other sites More sharing options...
Cromeslab Posted January 1, 2023 Share Posted January 1, 2023 Mine went up from 388k to 511k in Kamloops Link to comment Share on other sites More sharing options...
BCNeil Posted January 2, 2023 Share Posted January 2, 2023 Up 17.7% Link to comment Share on other sites More sharing options...
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