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Victoria home prices and housing values


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#2681 Rob Randall

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Posted 01 January 2019 - 08:27 PM

I believe the date on the assessment - Assessed as of 01-07-2018 - means July 1, 2018.

 

Ah yes, thank you. I forgot about the Provincial law forbidding easy-to-understand data. It was drafted by politicians in a building in the 500 block Belleville St.


Edited by Rob Randall, 01 January 2019 - 08:28 PM.

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#2682 johnk

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Posted 01 January 2019 - 11:16 PM

Can anyone offer an explanation of this:
My daughter bought a new SDH in Happy Valley, Langford, last spring 2018. It is one of three identical homes built side by side and sold by the same developer at the same time. Sale prices within about $10K of each other, $529-539K.
My daughter and one neighbour got assessed at about $535-540K. The other neighbour who also paid about $530-540K at the same time was assessed at about $420K.
WTF?
She plans to ask the BC Assessment people why this huge discrepancy and how can a brand-new just purchased home be assessed 20% less than its initial sale price less than a year from it's completion?
Any thoughts out there?

#2683 lanforod

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Posted 02 January 2019 - 08:14 AM

^ that'd make a difference in their property taxes. Odd for sure.

 

 

Mine SFH is up 11%. Oddly though, the breakdown is weird to me. The house went up more than the land. Why'd the house go up at all (no changes/upgrades)?



#2684 spanky123

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Posted 02 January 2019 - 08:52 AM

Can anyone offer an explanation of this:
My daughter bought a new SDH in Happy Valley, Langford, last spring 2018. It is one of three identical homes built side by side and sold by the same developer at the same time. Sale prices within about $10K of each other, $529-539K.
My daughter and one neighbour got assessed at about $535-540K. The other neighbour who also paid about $530-540K at the same time was assessed at about $420K.
WTF?
She plans to ask the BC Assessment people why this huge discrepancy and how can a brand-new just purchased home be assessed 20% less than its initial sale price less than a year from it's completion?
Any thoughts out there?

 

I have had my assessment changed many times over the years. It is not a difficult or extended process. If you can make the case that based on sale data or comparative assessments your assessment is out of whack then they will adjust it for you. 



#2685 tjv

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Posted 02 January 2019 - 08:55 AM

Really the BC Assessment means only one thing, what you will pay in property taxes and that's it.  Anyone who wants to try to compare that to an asking price is asking for a door in the face IMO



#2686 spanky123

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Posted 02 January 2019 - 08:59 AM

Really the BC Assessment means only one thing, what you will pay in property taxes and that's it.  Anyone who wants to try to compare that to an asking price is asking for a door in the face IMO

 

True but sales price data is what BC Assessment uses to set your property value and the easiest way of getting an assessment changed.



#2687 PraiseKek

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Posted 02 January 2019 - 10:14 AM

Can anyone offer an explanation of this:
My daughter bought a new SDH in Happy Valley, Langford, last spring 2018. It is one of three identical homes built side by side and sold by the same developer at the same time. Sale prices within about $10K of each other, $529-539K.
My daughter and one neighbour got assessed at about $535-540K. The other neighbour who also paid about $530-540K at the same time was assessed at about $420K.
WTF?
She plans to ask the BC Assessment people why this huge discrepancy and how can a brand-new just purchased home be assessed 20% less than its initial sale price less than a year from it's completion?
Any thoughts out there?

I'd ask to get the assessment adjusted to 420 for sure. 



#2688 tjv

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Posted 02 January 2019 - 11:23 AM

True but sales price data is what BC Assessment uses to set your property value and the easiest way of getting an assessment changed.

What I mean is BC Assessment has never been inside my house, they have no idea that the basement is fully finished nor do they know the level of quality of the interior finishes - I could have 99 cent laminate floors, laminate countertops with off the shelf cabinets, ductless heat pumps vs the exact opposite.  I like it because my assessed value is low compared to the true value

 

My neighbor is another good example, he completely renovated his house last year and their assessment is up 4% over last year although the true value probably increased by 40+%



#2689 Victoria Watcher

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Posted 02 January 2019 - 11:29 AM

I'd ask to get the assessment adjusted to 420 for sure. 

 

at the very least it'll flag the neighbour and they will get a big increase next year.  that might be some satisfaction.



#2690 Victoria Watcher

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Posted 02 January 2019 - 11:41 AM

New property assessments reveal up to 10% drop in value for detached Metro Vancouver homes

 

https://www.cbc.ca/n...4963171?cmp=rss

 

Vancouver Island sees jump in assessed property values

 

https://www.timescol...lues-1.23570472


Edited by Victoria Watcher, 02 January 2019 - 11:42 AM.


#2691 Citified.ca

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Posted 02 January 2019 - 01:20 PM

2018 a stable year for Victoria real-estate despite government intervention; 2019 seen as the bellwether

https://victoria.cit...t-intervention/


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#2692 Wayne

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Posted 02 January 2019 - 01:25 PM

johnk, on 01 Jan 2019 - 11:16 PM, said:

Can anyone offer an explanation of this:
My daughter bought a new SDH in Happy Valley, Langford, last spring 2018. It is one of three identical homes built side by side and sold by the same developer at the same time. Sale prices within about $10K of each other, $529-539K.
My daughter and one neighbour got assessed at about $535-540K. The other neighbour who also paid about $530-540K at the same time was assessed at about $420K.
WTF?
She plans to ask the BC Assessment people why this huge discrepancy and how can a brand-new just purchased home be assessed 20% less than its initial sale price less than a year from it's completion?
Any thoughts out there?

Friends/Family in the BC Assessment team?



#2693 Mike K.

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Posted 02 January 2019 - 01:26 PM

My increase is 50% higher than everyone else's around me, landing at 12%. Everyone else is at 8%. Wtf? There have been no material changes to speak of.

 

Should I request a review?


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#2694 Sparky

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Posted 02 January 2019 - 02:26 PM

^ I have had them reduce my assessment over the phone in the past. 

 

I think you might want to do some math first. How much is the actual difference between what it is and what it should be? ....and how will that affect your tax amount. It might not be much then again it might be very worth while. That 4% difference might be $100 grand or it might be $80. You didn't tell us that you lived on the water side of Beach Drive. 

 

There is a 1800 number in today's online TC that you can phone. Phone calls are cheap nowadays. 


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#2695 spanky123

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Posted 02 January 2019 - 03:06 PM

My increase is 50% higher than everyone else's around me, landing at 12%. Everyone else is at 8%. Wtf? There have been no material changes to speak of.

 

Should I request a review?

 

Do a search of sales in your area during the past year and comparable properties.



#2696 rjag

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Posted 02 January 2019 - 03:31 PM

My increase is 50% higher than everyone else's around me, landing at 12%. Everyone else is at 8%. Wtf? There have been no material changes to speak of.

Should I request a review?


It’s when they saw the classic car in your driveway...does it every time

#2697 Mike K.

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Posted 02 January 2019 - 03:35 PM

Ok hold up, are you serious!?
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#2698 Rob Randall

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Posted 02 January 2019 - 03:56 PM

If that's the case, the sad examples in my driveway should knock a hundred grand off, easy.


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#2699 Victoria Watcher

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Posted 02 January 2019 - 04:05 PM

Ok hold up, are you serious!?


let’s be clear assessment never goes anywhere near your house for maybe decades on end. it’s all worked from a persons desk.

#2700 LeoVictoria

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Posted 02 January 2019 - 04:10 PM

let’s be clear assessment never goes anywhere near your house for maybe decades on end. it’s all worked from a persons desk.


And that’s a good thing. Unless you would like to pay about $500 every year for a real appraisal.

Edited by LeoVictoria, 02 January 2019 - 04:11 PM.


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