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Old 05-31-2016, 09:08 AM   #6376
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Went in to Concord this past weekend for the Brentwood development.

They did not have a price for anything. But they said you are looking at around 350-375K starting for 1 bedrooms, not including parking (around 35 to 40k). Yikes.

If you guy's are interested in what else they have let me know and ill post more...
Man this makes the unit I purchase at The Met 2 a steal! 300k 1bedroom with a parking@@ location is better too.
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Old 05-31-2016, 09:23 AM   #6377
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There is nobody on Christy Clark's trade mission to Asia promoting the sale of residential real estate, the B.C. premier said in a tweet Monday morning.

"We are focused on growing B.C.'s economy and creating jobs. There is no promotion of B.C. residential real estate. Full stop," said Clark's tweet.

Clark published the tweet after concerns were raised last week about representatives of two real estate companies travelling with her on the trade mission to Asia, at a time when many people are calling for measures to limit foreign real estate investment in the province's red hot real estate market.

The B.C. government lists more than 60 companies taking part in the trade mission to Korea, Japan and the Philippines as part of the province's strategy to create more international trading partners. The trade mission is not visiting China.

Listed among those companies are two real estate brokerages — Nu Stream Realty and Sutton West Coast Realty.
Residential real estate sales not part of Asia Trade mission, says Christy Clark - British Columbia - CBC News


Google Nu Stream realty and you will see that they have been involved in some shady type dealings in the past with cash bonuses, etc.

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For example, there is a five bedroom, five bathroom home on Nolan Street in Burnaby South that is asking $1,188,000. It’s listed by Nu Stream Realty Inc. and comes with the offer of a $5,000 bonus (in addition to a typical commission of 3.255 % on the first $100,000 and 1.15 % on the rest of the sale amount.)
Illegal?
Not really.

Unethical?
Yeah.....

Cash bonuses for B.C. real estate agents called into question | Vancouver Sun
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Old 05-31-2016, 09:51 AM   #6378
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U guys are just starting to feel the effect of 10 year super visa with china. prices are still very affordable compare to China.
Also recent changes to citizenship act they have just announced will mean even more people coming to live in vancouver. such as increasing family sponsorship immigration by 4 folds, reducing physical presence time in canada back down to 3 out of 5 years, and more easings to come
the message is clear, canada now needs immigration more than ever
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Old 05-31-2016, 01:08 PM   #6379
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U guys are just starting to feel the effect of 10 year super visa with china. prices are still very affordable compare to China.
Also recent changes to citizenship act they have just announced will mean even more people coming to live in vancouver. such as increasing family sponsorship immigration by 4 folds, reducing physical presence time in canada back down to 3 out of 5 years, and more easings to come
the message is clear, canada now needs immigration more than ever
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Old 05-31-2016, 02:28 PM   #6380
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just got my coquitlam property taxes...$3000 with my home owners grant...fuck right off
Ours is a couple hundred more, but just a few bucks more than last year. Not sure what the problem is? You had the option to cash out last year, and good thing you didnt though
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Old 05-31-2016, 04:06 PM   #6381
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Same in Burnaby....on a duplex... oh well Its worth over 1 mill so .. is what it is.
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Old 05-31-2016, 04:27 PM   #6382
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just got my coquitlam property taxes...$3000 with my home owners grant...fuck right off
Are you sure it's "only" $3000?

I got mine yesterday as well, and the amount I have to pay is $3k+. However, I already pre-paid $2k+ some time earlier -- I don't even remember when. So the grand total for my 2016 property tax is a bloody $5k+.


The regular home owners grants is also a fxxking joke as well. I was so mad last night when I got the property tax notice that I didn't really remember the numbers too well, but the regular grant was quite minuscule. I could very well be wrong, but I think even the senior discounted home owner grant was only some $300.
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Old 05-31-2016, 05:12 PM   #6383
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And if your property is assessed at over $1,314,000, you don't even qualify for the home owner grant! Even a dump in Vancouver is worth more than that.
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Old 05-31-2016, 05:16 PM   #6384
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U guys are just starting to feel the effect of 10 year super visa with china. prices are still very affordable compare to China.
Also recent changes to citizenship act they have just announced will mean even more people coming to live in vancouver. such as increasing family sponsorship immigration by 4 folds, reducing physical presence time in canada back down to 3 out of 5 years, and more easings to come
the message is clear, canada now needs immigration more than ever
This is true compared to the larger cities in China.
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Old 05-31-2016, 06:58 PM   #6385
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The regular home owners grants is also a fxxking joke as well. I was so mad last night when I got the property tax notice that I didn't really remember the numbers too well, but the regular grant was quite minuscule. I could very well be wrong, but I think even the senior discounted home owner grant was only some $300.
Just checked -- the regular home owner grant is a measly $36. A frickin $36. Thanks for nothing!


For what it is worth, the senior home owner grant is $311 for my place. Again,
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Old 05-31-2016, 07:24 PM   #6386
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Are you sure it's "only" $3000?

I got mine yesterday as well, and the amount I have to pay is $3k+. However, I already pre-paid $2k+ some time earlier -- I don't even remember when. So the grand total for my 2016 property tax is a bloody $5k+.
Did you buy your place over the last year? If so you would paid back the property taxes already paid by the person you bought it from which would be for the current year not the new one you just got the bill for.

I don't know what your place is worth but $5,000+ seems really high.
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Old 05-31-2016, 07:35 PM   #6387
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Did you buy your place over the last year? If so you would paid back the property taxes already paid by the person you bought it from which would be for the current year not the new one you just got the bill for.

I don't know what your place is worth but $5,000+ seems really high.
Other than some short stints here and there, I've been living at the same place for the past 25+ years. It's just a common bungalow in East Van.

Compared to the 2015 assessment, the 2016 assessed value suddenly jumped a whopping 27%. Compared to the 2014 assessment, the 2015 assessment only increased by 8%.

At this rate, I wouldn't be able to fxxking afford to live in the same house that I grew up in. It is obvious that those in charge at the provincial government does not value the long time residents in Metro Vancouver, and is doing everything they can to push us out and make us leave.

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Old 05-31-2016, 08:36 PM   #6388
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on the other hand, your house is probably worth substantially more than the assesment
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Old 05-31-2016, 09:07 PM   #6389
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Your assessment will never be similar to the market and the reason behind it is because it only takes a snapshot during one point in time. With the fast up rise of the housing market, the upward trend cannot be represented in the assessment value.

Before, with a more stable market, you can estimate market value by putting an approximate, like 10 or 15% above assessed value. Now? Good luck guessing that percentage!
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Old 05-31-2016, 10:24 PM   #6390
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Your assessment will never be similar to the market and the reason behind it is because it only takes a snapshot during one point in time. With the fast up rise of the housing market, the upward trend cannot be represented in the assessment value.

Before, with a more stable market, you can estimate market value by putting an approximate, like 10 or 15% above assessed value. Now? Good luck guessing that percentage!
You mean until the market stabilizes and assessed = current market value?

Assessed value is a year behind current market value.
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Old 05-31-2016, 10:34 PM   #6391
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Assessed values are only one part of the equation when it comes to property taxes. The mill rate is the other part of the equation.

An 27% increase in assessed values does not mean a 27% increase in property taxes. Your property taxes will of course increase, but the amount depends on how much your property value increased relative to other properties in your municipality.

You should also look at your municipal budget. Cities get a fiscal transfer from the province, but municipal governments are responsible for balancing their own budgets. I'm not a BC Liberal apologist by any means, but if you're concerned about your property tax bill, your displeasure is probably better directed at your city councillors/mayor.

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Old 05-31-2016, 11:25 PM   #6392
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You mean until the market stabilizes and assessed = current market value?

Assessed value is a year behind current market value.
Yea that's what i meant lol
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Old 06-01-2016, 12:12 AM   #6393
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Other than some short stints here and there, I've been living at the same place for the past 25+ years. It's just a common bungalow in East Van.

Compared to the 2015 assessment, the 2016 assessed value suddenly jumped a whopping 27%. Compared to the 2014 assessment, the 2015 assessment only increased by 8%.

At this rate, I wouldn't be able to fxxking afford to live in the same house that I grew up in. It is obvious that those in charge at the provincial government does not value the long time residents in Metro Vancouver, and is doing everything they can to push us out and make us leave.

Maybe you can do this?? hehe
Defer Your Taxes - Province of British Columbia
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Old 06-01-2016, 12:20 AM   #6394
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LOL~

Deferring doesn't change the fact that I'd still have to pay, and from the look of it, there'll (of course) be interest on top as well.

This high property tax problem can't possibly be unique to me though. How are you guys dealing with it? Just bite the bullet and live with it?
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Old 06-01-2016, 02:03 AM   #6395
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VANCOUVER (NEWS 1130) – A major bank says it’s going to back off issuing mortgages in Metro Vancouver over our region’s housing prices.

Essentially, Scotiabank is looking at our market and getting a sense there’s too much risk here and in Toronto to keep letting people borrow money to buy a home.

“We’re a little concerned about housing prices in the greater Vancouver area and Toronto,” Scotiabank Chief Executive Brian Porter told Bloomberg TV Canada. “We just took our foot off the gas the last couple quarters in terms of mortgage growth for the reasons I cited, in terms of Vancouver and Toronto.”

Economist Tom Davidoff with the Sauder School of Business breaks down why Scotiabank is making this move.

“Lenders make their money by charging small interest rates, and sometimes making loans that are not insured,” says Davidoff. “If the loan isn’t insured, you’re getting a small interest rate on the upside, but potentially a large loss on the downside. In a market like Vancouver or Toronto, where there’s a lot of uncertainty about where prices are going to go in the next few years, and uncertainty about your borrowers’ ability to make payments should interest rates rise, it becomes very unappealing to take that bet, where you get a little bit on the upside, and a big loss on the downside.”

“While there’s a very big possibility of an upside in these markets, the downside is a very real possibility too.”

Davidoff says if other lenders follow suit, it could be the ultimate test of how important foreign money is in our market.

Tsur Somerville with UBC’s Sauder School of Business commented on this news as well.

“It’s the kind of thing, if you were looking for a trigger to change some of the dynamics in the market, this kind of action by lenders in terms of reducing how much exposure they have to the market is the kind of thing that could slow down the pace of sales,” says Somerville.

Somerville suggests one area that even if the overall market is affected, that may not be true for the condo market specifically.
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Old 06-01-2016, 06:09 AM   #6396
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LOL~

Deferring doesn't change the fact that I'd still have to pay, and from the look of it, there'll (of course) be interest on top as well.

This high property tax problem can't possibly be unique to me though. How are you guys dealing with it? Just bite the bullet and live with it?
My property taxes increased 10% from last year, you live in a different city but the increases your seeing don't seem right you might want to call.

The assessed value of the home isn't the only factor in determining what your taxes are, property taxes and assessed value do not move together on a scale.
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Old 06-01-2016, 07:26 AM   #6397
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This could have huge implications for Vancouver's and Toronto's housing market. The major banks already have their exposure to risk minimized with the CHMC covering mortgage insurance and for them to come out and say this is a little troubling.

As well, before people start harping that foreign investors are paying in cash, they're not. Most are using mortgages since rates are so low.
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Old 06-01-2016, 09:51 AM   #6398
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Are you sure it's "only" $3000?

I got mine yesterday as well, and the amount I have to pay is $3k+. However, I already pre-paid $2k+ some time earlier -- I don't even remember when. So the grand total for my 2016 property tax is a bloody $5k+.
My wife is incharge of paying the property tax. I just give her the money, but IIRC, Burnaby seperates the property tax into 2 parts whereas COV does it as one.
So Burnaby's $3000 property tax doesn't include the second part.
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Old 06-01-2016, 10:10 AM   #6399
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LOL~

Deferring doesn't change the fact that I'd still have to pay, and from the look of it, there'll (of course) be interest on top as well.

This high property tax problem can't possibly be unique to me though. How are you guys dealing with it? Just bite the bullet and live with it?
If you're living in a bungalow and your parents are seniors, why don't they defer? They can defer in perpetuity (i.e. when they decide to sell or they die) and the interest rate is 0.7% per year which is nothing. If your family plans to keep the home until they die, then any estate sale will take care of the property taxes owing at that time. Or you can simply assume the title if they are willing the house to you and roll the taxes owing at that time into a new mortgage.

You can then direct that money you would have spent on property taxes and invest it in whatever you like and get triple the return in a conservative bond ETF or something similar.
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Old 06-01-2016, 10:54 AM   #6400
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My wife is incharge of paying the property tax. I just give her the money, but IIRC, Burnaby seperates the property tax into 2 parts whereas COV does it as one.
So Burnaby's $3000 property tax doesn't include the second part.
COV does 2. One bill for the first 50% of taxes (estimated) due in Feb with the remaining amount on a 2nd bill due in July.
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