Anyone Here?

[Anonymous]

Do condos ever really move up much? They're overpriced to begin with.

Received the assessment not long ago.  Went up 1.75%.  Assessment before it went up about the same also, roughly at 1.75%.

City assessments and actual market value are not always lockstep. Cities have been known to assess homes above market value to raise tax revenue without technically raising property taxes. It's sneaky.

[Anonymous]

Do condos ever really move up much? They're overpriced to begin with.

Received the assessment not long ago.  Went up 1.75%.  Assessment before it went up about the same also, roughly at 1.75%.

City assessments and actual market value are not always lockstep. Cities have been known to assess homes above market value to raise tax revenue without technically raising property taxes. It's sneaky.

That happened in the Czuk. House prices are flat, condos/town homes are down, but everyone had their house received an assessment that their home was worth more than what the markets says it is.

[Asian Pride]

It all depends on the markets...  Here in Greater Van, things are different then in the rest of the country.  Demand is greater than supply.



I would not sell for a dollar under assessed, and buyers/realtors here probably know to not even waste a sellers time even making an offer below assessed...

[Asian Pride]

Many municipalities around here now permit the building of high-rises.  Here, they do not.  I am also banking on the fact that perhaps eventually they will.



THEN, when the builder offers us all well over assessed to bulldoze, I'll take the money and run!  They recently changed the Strata laws here, so no longer can one person "hold out," and prevent the others from approving a mass buy-out.

[Anonymous]

It all depends on the markets...  Here in Greater Van, things are different then in the rest of the country.  Demand is greater than supply.



I would not sell for a dollar under assessed, and buyers/realtors here probably know to not even waste a sellers time even making an offer below assessed...

I know Toronto and Vancouver are the reasons Canada's housing prices are still on the rise. The rest of the country is pretty flat/low annual increases. I won't sell my house for a dollar less than market value because assessment here is bullshit with the NDP in control of our city council for so fucking long.

[Asian Pride]

In a nutshell, as long as the Chinese yuan keeps flowing into this marketplace, it's a pretty solid investment here, IMHO.  And boy oh boy, do the Chinese ever love it here!

[Anonymous]

In a nutshell, as long as the Chinese yuan keeps flowing into this marketplace, it's a pretty solid investment here, IMHO.  And boy oh boy, do the Chinese ever love it here!

Chinese millionaires do not have a lot of confidence in the mainland for a quite a few reasons. They are looking for safe investments/places to park their cash. House prices in Hong Kong makes Vancouver look like a fishing village in New Brunswick. As long as that is the case and as long as we allow non residents to to invest freely, Vancouver and Toronto homeowners are in the driver's seat.

[Asian Pride]

Before I owned, I had a valid issue with the influx of the yuan driving up the prices here excessively.  Now that I own, well...  It's different.

[Anonymous]

Before I owned, I had a valid issue with the influx of the yuan driving up the prices here excessively.  Now that I own, well...  It's different.

Speaking of the renminbi, if China allows a broader trading range or worse abandons the peg altogether expect a mass influx of Chinese money into Vancouver.

[Asian Pride]

The values here will remain a solid investment for some time yet, IMHO.



My parents own a detached on a quarter acre here...  It's assessed value has increased at a mind blowing level every year recently.  Realtors are actually going door to door looking for potential sellers.



I am an only child.  Not to sound grim or greedy, but when they kick the bucket:  KA-CHING!

[Anonymous]

The values here will remain a solid investment for some time yet, IMHO.



My parents own a detached on a quarter acre here...  It's assessed value has increased at a mind blowing level every year recently.  Realtors are actually going door to door looking for potential sellers.



I am an only child.  Not to sound grim or greedy, but when they kick the bucket:  KA-CHING!

Oh, I agree. Torpnto and Vancouver will do well for a while yet. There are a few things that could derail it of course including legislative restrictions on foreign ownership. At some time it will come down back to earth. The question is will it be a soft landing or a thud.

[RW]

In a nutshell, as long as the Chinese yuan keeps flowing into this marketplace, it's a pretty solid investment here, IMHO.  And boy oh boy, do the Chinese ever love it here!

Chinese millionaires do not have a lot of confidence in the mainland for a quite a few reasons. They are looking for safe investments/places to park their cash. House prices in Hong Kong makes Vancouver look like a fishing village in New Brunswick. As long as that is the case and as long as we allow non residents to to invest freely, Vancouver and Toronto homeowners are in the driver's seat.

I foresee some changes in the future to foreign home ownership in Vancouver.

[Anonymous]

In a nutshell, as long as the Chinese yuan keeps flowing into this marketplace, it's a pretty solid investment here, IMHO.  And boy oh boy, do the Chinese ever love it here!

Chinese millionaires do not have a lot of confidence in the mainland for a quite a few reasons. They are looking for safe investments/places to park their cash. House prices in Hong Kong makes Vancouver look like a fishing village in New Brunswick. As long as that is the case and as long as we allow non residents to to invest freely, Vancouver and Toronto homeowners are in the driver's seat.

I foresee some changes in the future to foreign home ownership in Vancouver.

I do too.

[RW]

The values here will remain a solid investment for some time yet, IMHO.



My parents own a detached on a quarter acre here...  It's assessed value has increased at a mind blowing level every year recently.  Realtors are actually going door to door looking for potential sellers.



I am an only child.  Not to sound grim or greedy, but when they kick the bucket:  KA-CHING!

Oh, I agree. Torpnto and Vancouver will do well for a while yet. There are a few things that could derail it of course including legislative restrictions on foreign ownership. At some time it will come down back to earth. The question is will it be a soft landing or a thud.

Foreign ownership is a problem because so many places sit empty which is actually bad for local economies.  There should be people in those buildings who are shopping in our stores, etc.  The issue is more in strata restrictions on rentals than who owns the place.  Vancouver already has a shitty rental situation which is due in part to foreign ownership.

[Asian Pride]

Well, foreign ownership seems to be a subject that the "powers that be" here don't ever seem to want to touch.



You fuck with the foreign influx of $$$, you fuck with current values, which many home owners here may not want...