Rain City
Crew Member
That's Osoyoos since 2006.
Property Assessments
- Thread starter scott craven
- Start date
N2013
Well-Known Member
Sad state indeed. I’m treating part of my TFSA as my children’s down payments should they wish to buy. They have no chance to save enough and be independent. I don’t want them living at home forever while they save for the impossible.
ziggy
Well-Known Member
The question is if no one can afford to buy a house, who is buying them? Clearly someone has the money, or through the laws of supply and demand, it should result in a cost correction when no one is bidding on the houses. We know the largest generational group, the Boomers, are slowly aging out of the market, so it would seem supply is due to increase, yet there’s no sign?
For years I’ve been saying how can anyone get into the market with current prices, eventually they have to come down when no one can afford them. Yet that certainly isn’t happening. So back to my original question, what’s driving the prices and how can it be sustained on a working couples wages?
For years I’ve been saying how can anyone get into the market with current prices, eventually they have to come down when no one can afford them. Yet that certainly isn’t happening. So back to my original question, what’s driving the prices and how can it be sustained on a working couples wages?
wildmanyeah
Crew Member
a 500k mortgage 30 years at 5 year fixed is less then 2k per month
Stizzla
Crew Member
Canada is one of the best countries to live in the world. In Canada, the west coast and Vancouver island are the most desirable places to live. Therefore we live in one of the most beautiful amd sought after places to live in the world.
it’s not like the housing market is only crazy where we live. Go to any big city like New York, London or Tokyo. Those places would make your head spin.
it’s not like the housing market is only crazy where we live. Go to any big city like New York, London or Tokyo. Those places would make your head spin.
ziggy
Well-Known Member
Fair enough, but that assumes you would have to have a pretty big down payment for most places on the market?
ziggy
Well-Known Member
True enough. I was in Tokyo and visited a guy and his wife in their one bedroom, pretty basic apartment. This was in the 80’s and it was a million dollars then.
I should add a couple of years ago we noticed how dark the buildings were in downtown London. Talking to one of the locals they said pretty much no one lived there full time it’s all absently owners.
SpringVelocity
Crew Member
From what I am seeing I would say retiring baby boomers are driving prices up. At least that is what I see on island. A lot of mainland people/ or another parts of Canada coming over cashing in equity in homes. These are are people with money who got houses sorry for pennies what they are now. Good on them, but it will squeeze the younger families starting out.
Our family home in Langford ( Westshore LOL) my parents bought for like 65,000 in 80's. The place was considered the worst place live on island. Now look at it. That same house would be about 900k now. And that is ****** breadbox house without land.
Our family home in Langford ( Westshore LOL) my parents bought for like 65,000 in 80's. The place was considered the worst place live on island. Now look at it. That same house would be about 900k now. And that is ****** breadbox house without land.
seahorse
Crew Member
My finance and I bought our first house in 1987 for $64,000, a 3 year old 1350 ft2 rancher in Campbell River. The price was less than our combined annual salaries at the time. We sold that house and bought a house in Comox 4 years later for $83,000, which was about our combined annual salaries. The next house we bought we paid $179,000 which was double our salaries in 1993. Our wages have gone up in the last 30 years but not by the same pace as housing prices. I drove past a house in Port Hardy last summer that was over $500,000, just crazy.
Part of the issue with the housing prices today are the “bully bids” that are being worked by some real estate agents. This process allows the releasing of bids from multiple offers and then use them to work against each other to drive the prices up beyond asking in most cases. I know of several cases of this occurring. Purchasing real estate should be between the buyer and seller only, not multiple buyers as that is an auction in my opinion.
Part of the issue with the housing prices today are the “bully bids” that are being worked by some real estate agents. This process allows the releasing of bids from multiple offers and then use them to work against each other to drive the prices up beyond asking in most cases. I know of several cases of this occurring. Purchasing real estate should be between the buyer and seller only, not multiple buyers as that is an auction in my opinion.
ziggy
Well-Known Member
Well that would be a Vancouver follow on effect I guess. Prices go nuts where you live so you find another desirable area that hasn’t taken off as much. Fact is though, something really drove up their original homes value for this to happen and its hard to determine just what it is. Young folks in Vancouver aren’t any richer than the Island.
I do agree though that many Boomers aren’t downsizing to the level you’d expect. People live longer and are healthier and are not adverse to buying another larger home and yard in their golden years. Also know many who have contemplated selling and buying a Condo, but after researching prices and fees have stayed put.
Imagine if all the Boomers started to downsize at once? What would that do to the so called Starter/Condo/ Townhouse market? That would sure impact first time buyers!
Aquaholic
Crew Member
That is not what a bully bid is.
Yep happened to us. Accepting bids to 5pm.......Not.
Needs regulation and transparency sorry realtors.
kingblazer84
Well-Known Member
At the end of the day the absolute hardest part of getting into the market is saving the massive down payment you need and pre qalifying at 5.25%!!!
You need to make 250k a yr min just to qualify for a dump at 700-800k! Then you need the 5% + cmhc or 20% and no cmhc. With the way the world is nowadays no young person can save that cash load in a life time. it’s almost impossible unless you do nothing but sit in the dark in your parents basement like a mushroom and have zero life or any items/liquid assets.
things that kill your lend-ability are car loans, student loans, line of credits etc! You have to have a perfect debt service ratio as well.
The money comes from people already in the market who have made their small fortune in their house they bought before the massive boom. Mostly baby boomers and the lucky young ones that were smart enough to skimp and borrow and save to make the down payment when the bank wanted no pre qualification.
IronNoggin
Well-Known Member
Paper copy arrived today.
Did not jive with what was noted online, so I went back to that and checked.
It had been changed online to match the paper statement sometime between the first time I looked and today.
Initial online increase was noted as 45%.
Paper and adjusted online statement now indicates slightly better than a 51% increase.
Our Appeal will be going forward.
Ticked,
Nog
Did not jive with what was noted online, so I went back to that and checked.
It had been changed online to match the paper statement sometime between the first time I looked and today.
Initial online increase was noted as 45%.
Paper and adjusted online statement now indicates slightly better than a 51% increase.
Our Appeal will be going forward.
Ticked,
Nog
Captain PartyMarty
Crew Member
So just a quick question about appealing.
What exactly are you going to appeal? What kind of evidence are you going use?
Just curious as I might try as well
What exactly are you going to appeal? What kind of evidence are you going use?
Just curious as I might try as well
wildmanyeah
Crew Member
I've know a few people we were successful at it. one had some out building and a pool that were no longer there.
another one used like a real state service or something to do comparables and sent that in
IronNoggin
Well-Known Member
Only a couple of the neighborhood houses sold over the past year.
None of those sales reflected anywhere even close to that level of increase.
I have chatted with several of our neighbors, and the increases are like a bad shotgun pattern.
Some are close to ours, many are much lower.
They are attempting to say that the level of increase is reflected in our neighborhood as a whole (and to some extent town).
That is a fallacy.
Happen to have a very good Buddy who is a senior realtor.
He is offering to help with the appeal based on the above and his knowledge of the current local market.
Eff Them.
Nog
Fixit
Well-Known Member
Total value $716,000
2022 assessment as of July 1, 2021
Land. $361,000
Buildings. $355,000
Previous year value $536,000
Land. $314,000
Buildings. $222,000
how does my house go up 133,000$ in one year? I did pull an electrical permit to run a dryer, and working on adding a bathroom... should I appeal this? shouldn't the house go down in value?
I bought the house April of this year for 667,000. had to go in 5.5% over asking to get the place
comox BTW
2022 assessment as of July 1, 2021
Land. $361,000
Buildings. $355,000
Previous year value $536,000
Land. $314,000
Buildings. $222,000
how does my house go up 133,000$ in one year? I did pull an electrical permit to run a dryer, and working on adding a bathroom... should I appeal this? shouldn't the house go down in value?
I bought the house April of this year for 667,000. had to go in 5.5% over asking to get the place
comox BTW
Corey_lax
Crew Member
I doubt you would have a case. The house went up because it’s more expensive to build what you got. The same way as aluminum boats from 8-15 years ago. They are worth more than they paid for them.
also you lucked out at getting a house for 5.5% over asking. Just today I put an offer 20% over asking on a house, then raised my price in a blind bid because we were “close”. We didn’t get it though even though we have no subjects on a house that needs a lot of work. Not to mention that the asking price now is probably 30% higher than what it would have been when you bought your place in april.
my opinion is that you won’t win an appeal. It’s the way she goes. But now you have equity to go further in debt and get in on the rental market lol
Similar threads
