VANCOUVER (NEWS1130) – Property assessments are in the mail and depending where you live, there could be bad news on the way if you’re planning to sell your home.
The BC Assessment Authority says a significant number of property values in the Vancouver Sea to Sky Region are down for the first time in years, notably in Whistler, the Sunshine Coast, and Vancouver’s West Side.
A 33-foot single-family lot on Vancouver’s West Side is down more than $70,000 on average to $1,256,200.
UBC Real Estate expert Tsur Somerville says it’s a bit surprising.
“When you look from July to July or June to June, other price indices for the Lower Mainland remain flat for the region as a whole,” he explains.
Meanwhile, values throughout the rest of Metro Vancouver and the Fraser Valley are fairly stable. But Somerville says a slowing housing market has likely contributed to declining numbers in some areas.
“Housing prices peaked in about April or May of 2012,” he points out. “They were flat going into that and as a result, you’ve got some slight price declines. But even if you were to take from the peak price point of late spring 2012 to now, prices are down from three to six per cent, depending on where you are.”
“I was expecting overall, for the entire Lower Mainland, on average for them be flat,” he adds.
Somerville says even if your assessment dropped, the amount you pay in property taxes won’t, as long as municipal governments keep spending.
Overall, the Vancouver Sea to Sky Assessment Roll increased by about $11 billion, nearly half of which includes subdivisions, rezoning, and new construction.
Click here to see a list of assessments.
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Hey Tim you are right! I moved out of that rip off place to Alberta and could not be happier! Only 5% tax, gas is 0.89c L now, You can have a brand new house BUILT for you in Calgary or Edmonton for $325,000, the wages are WAY more because they compete to keep people from going to the oil sands, and there are not near the cry babies as BC. In the winter you dress for it! When you get home from work your in your nice new house you can truly afford with your family and sitting in your nice hot tub outside with nice fluffy snowflakes falling on you as you relax. O and people can drive here! Also Alberta wont sink when the big earthquake hits your family will be safe! The bleeding heart are not here crying about everything either!
@Tim
You asked: Why do the BC property assessments go down and our municipal/city/local taxes keep increasing?
Because the MILL RATE (tax rate) set by the municipal governments is increased every year to make more money than they did previous year to fund the same level of services. Inflation and cost increases mean we have to keep increasing the rate just keep the same services. That rate is compounded year over year on top of the previous years taxes. The power of compounding means we pay more and more very year. A lot more. For example, a five percent increase in taxes for three years isn’t a 15% increase after those three years are over. In actuality, it was a 15.8% increase.
Alberta has higher prices for electricity than we do. You’ll also pay more to heat your home than here is BC.
@Joe
Right on! Statistically, every time the NDP are in power they raise personal income tax rates through the roof to pay the union and public sector employees higher wages. They also will raise fees and taxes to pay for their socialist agendas. Housing prices will drop accordingly. You think we are in trouble now. Lol! If the NDP get in, we will be sitting in cold, dark houses with little in our pockets or bank accounts and a devalued home.
Did the NDP bring in the HST?
The HST was actually an improvement, even though I think how it was implemented was poor. Going back to the PST is a huge mistake, waste of time, and will cost more for businesses in the long run. Other provinces are moving toward a harmonized system, so I wouldn’t be surprised if it came back…well done BC!