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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 12-27-2015, 12:35 PM   #4476
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Originally Posted by Harvey Specter View Post
Interesting read and insight on how overheated our luxury real estate market really is:

We looked at a random sample of 40 of the 52 homes that sold between 2012 and 2014

In a normal six-month period, 20 to 30 houses sell in Shaughnessy; in the first nine months of 2015, the number was 110.
interesting read and perspective, but also to be taken with a grain of salt. I'm not one who turns a blind eye on foreign influence, but just a couple points I found odd

1. 'Random' sample of 40/52 homes sold... peculiar number no? If you're sampling ~80% of that area, why not just take all the numbers into account, unless they don't show the point the writer is trying to make.

2. What qualifies a 'normal' 6 month period where 20-30 houses sell, when did 'normal' happen? Why compare a normal 6 month period to a current 9 month period, are they even a comparable comparison? The end numbers are obviously attention grabbing as a result...
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Old 01-03-2016, 07:10 PM   #4477
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http://evaluebc.bcassessment.ca/

new assessment is out today. just checked online. gone up by 30%
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Old 01-03-2016, 07:15 PM   #4478
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Your parents house?
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Old 01-03-2016, 07:47 PM   #4479
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Yea same here. Went up 300k. Although they send out a pre assessment in December which says now the assessment reflects the market value. Unlike before where the assessment was well below. Can someone confirm if I'm correct and if this will rape us in taxes?
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Old 01-03-2016, 09:22 PM   #4480
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My condo went up less than 5% near kits but my house in north burnaby went up around 26%. Yay more taxes.
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Old 01-03-2016, 09:39 PM   #4481
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Jesus. My parents house in East Van is up $260K to 1.125M. It's all nuts.
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Old 01-03-2016, 09:48 PM   #4482
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20% increase... now I know why my property tax increased this year
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Old 01-03-2016, 10:19 PM   #4483
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Condo actually went down 5%...home went up 15%...
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Old 01-03-2016, 10:23 PM   #4484
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Yay... More taxes to pay
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Old 01-03-2016, 10:31 PM   #4485
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Hoe can building appreciate...
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Old 01-03-2016, 11:18 PM   #4486
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e-valueBC

new assessment is out today. just checked online. gone up by 30%
Parents house went up by 100k. I say this is so the gov can get more tax. If this keeps up I think it would be wise for parents to sell and just rent......
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Old 01-04-2016, 07:10 AM   #4487
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Damn, parents house went up 30% out of no where located in Van right on the border of E/W side. The value has been going up by minimal margins over the last while so this was a surprise.
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Old 01-04-2016, 09:01 AM   #4488
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Also, this is based off of numbers up till July 1 2015.
The market was still hot going into the end of October.
On my feed, I am still seeing some places selling in less than a week during christmas time.
WTF.
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Old 01-04-2016, 09:11 AM   #4489
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My place went up 16% but realistically could sell for ~29% above last years assessed value, based on recent sales/current inventory in my neighbourhood. So I'm ok with the current assessment.

Could only be upset if you really felt the assessed value of your home was more than market value, which you can contest and file for review.
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Old 01-04-2016, 09:25 AM   #4490
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My condo went up less than 5% near kits but my house in north burnaby went up around 26%. Yay more taxes.
Taxes go up on average by the city's budget increase, which is usually 2-5%.

The city determines how much property taxes you pay, so even if everyone's value goes down 50%, your taxes wont go down 50%, the city will just increase tax rates by 100% in order to get their revenue to meet their budget.

Interestingly, Vancouver also has one of the lowest property taxes relative to other major cities in the world. Can't say the same for people in New West or Port Moody though. . . . .
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Old 01-04-2016, 09:29 AM   #4491
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Damn, parents house went up 30% out of no where located in Van right on the border of E/W side. The value has been going up by minimal margins over the last while so this was a surprise.
We've been talking in this thread this year that prices have been going up by 30%, so not sure why anyone would be surprised if it's a detached home.

We've been speculating that perhaps it's mostly due to the currency dropping 25-35% which gives foreigners more purchasing power.

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Also, this is based off of numbers up till July 1 2015.
The market was still hot going into the end of October.
On my feed, I am still seeing some places selling in less than a week during christmas time.
WTF.
From what I see in the market right now, prices are still going up every month, so it hasn't plateau/flatten out yet. Although it looks like it's no longer rising at the crazy rates it was in the summer.
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Old 01-04-2016, 10:58 AM   #4492
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Phew, mine only went up by 15%...
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Old 01-04-2016, 11:36 AM   #4493
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We've been talking in this thread this year that prices have been going up by 30%, so not sure why anyone would be surprised if it's a detached home.
Because the increases were only minimal over the past few yrs as op mentioned, when the overall Vancouver area values for detached have been going up by double digits over at least the past several years.
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Old 01-04-2016, 11:52 AM   #4494
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I live in sefc and 1 bed condos here are on fire. Seeing 1 beds sold within days, and at prices creeping past $900/sqft. Insane.
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Old 01-04-2016, 12:09 PM   #4495
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I live in sefc and 1 bed condos here are on fire. Seeing 1 beds sold within days, and at prices creeping past $900/sqft. Insane.
Edit: The assessed value of my unit decreased by $7k. It's now assessed at $713/sqft.
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Old 01-04-2016, 12:10 PM   #4496
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Where is SEFC?
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Old 01-04-2016, 12:52 PM   #4497
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Where is SEFC?
I was wondering too, South East False Creek?!
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Old 01-04-2016, 01:01 PM   #4498
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Yup, south east false creek.
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Old 01-04-2016, 01:03 PM   #4499
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20% increase at metrotown :S
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Old 01-04-2016, 01:28 PM   #4500
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Where is SEFC?

Some people call that neighbourhood "Olympic Village"

I prefer "SoDoVan"

"SoEaFaCree" just sounds racist.
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