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Take Heed Of Your Property Tax Assessment – There Could Be Some Savings Here

On January 1, 2017 property assessments became available on the BC Assessment website. And as expected, the increases in property values are substantial: values were calculated as at July 2016 when local real estate prices were at their peak. 

The main issue here is that your property value has risen and you are facing a higher than normal property tax rate hike. 

It is important to note that a sharp increase in your property value does not necessarily indicate a proportional property tax hike; it’s relative to how much your property appreciated compared to others in the same municipality. 

In view of this year’s higher assessments, the Provincial government just announced an increase in the Home Owner Grant threshold from $1.2million to $1.6million, in an effort to assist homeowners whose property values and taxes have increased substantially. 

Since July 2016, prices in some neighbourhoods have marginally declined while others have not.  There are a number of homeowners who strongly disagree with their assessments. If you are one of them should you file an appeal? 

You have until January 31 to appeal your property assessment.  Before you do, consider the following: 

  • There are 2 arguments for appeal: either that the assessed market value of your property is too high based on comparable sales, or that you were unfairly assessed in comparison to your neighbors. 
  • There is not a straightforward correlation between your property taxes and your property value  – the important factor here is how your property fared relative to others in your property class and local taxing jurisdiction. 
  • An appeal could work against you as a second review of your property may reveal that you were initially under assessed. 

If your property value went up 30% or 40% don’t panic. It does not mean that your property tax will increase by that much. What matters is how much your value appreciated relative to other homes in your municipality. 

If you are unsure on how to handle the recent dramatic rise in your property value and whether you should appeal or not, we have experts who can advise you as to the best course of action. Contact us on 604 695 1000, email us or visit our offices on 1280 West Pender St. 

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REBGV Market Update May 2019 – Modest Bounce In May, But Sales Remain Below Historical Averages

The latest report released by the Real Estate Board of Greater Vancouver (REBGV) showed that sales in May 2019 crossed the 2,000 units sold for the first time this year.

However, homebuyer demand remains below historical averages.

“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today” remarked Ashley Smith, REBGV president.

Home Sales

Residential home sales totaled 2,638 in May 2019, a 6.9% decrease from 2,833 sales recorded in May 2018 and a 44% increase from homes sold in April 2019. Last month’s sales were 22.9% below the 10 year May sales average. This was the lowest total for the month since 2000.

Detached homes – 913 sales in May 2019 – 926 sales in May 2018

Apartments – 1,246 sales in May 2019 – 1,431 sales in May 2018

Attached homes – 479 sales in May 2019 – 476 sales in May 2018

Benchmark price of all residential homes $1,006,400 in May 2019.

New Listings

There were 5,861 new listings for May on the Multiple Listing Service (MLS). This represents an 8.1% decrease compared to the 6,35 homes listed in May 2018 and a 2.1% increase compared to the 5,724 homes newly listed in April 2019.

Total Listings

The number of listed homes across Metro Vancouver also edged upward 2.3% between April and May, to 14,685, marking the highest number of properties for sale in the region since September 2014. In April 2019 there were 14,357 listings and in May 2018 there were 11,292 home listings.

Sales-To-Active Listings ratio

This ratio explains the relationship between supply and demand that influences price. When the ratio is around or below 12% for a sustained period, then there is downward pressure on prices, and when it is above 20% for a sustained period, there is upward pressure.

Detached homes – 14.2%

Townhomes – 20%

Condominiums – 12%

If you are looking to get into this market before prices start escalating, we are offering a wide range of homes suitable for any budget. Visit our website and browse our wide range of listings.

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105 – 100 Park Royal S West
Vancouver, BC, Canada
Tel: 604 913 1000


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