Sunday , August 1 2021

An example of the Metro estimates show a decline in values ​​among the most prestigious homes



House of Chip Wilson, located at 3085 Point Gray Rd. in the Vancouver neighborhood of Kittsilano, is now estimated at $ 73.1 million, a decline of seven percent from a year ago.

NICK PROCAYLO / Postmedia

Many British Columbians are likely to jump on the new New Year's tradition in search of their property estimate in 2019, likely to show some home-based repatriation in neighboring Vancouver neighborhoods and rising in the suburbs of Metro Vancouver.

B.C. The assessment authority is beginning to send physical assessment notifications to the property owners by post this week, but the search function on the agency's website came on live on December 31, allowing impatient owners to get ahead of Canada's post.

So, while B.C. The estimate will not publish a detailed analysis until later on January 2, curious can check and see that the 2019 estimate for Shelter Gray Road, the founder of Chile Wilson, last year the most expensive part of the province fell by seven percent to 73, 1 million dollars.

And last year's five most valuable estimates of the property collectively sank by an average of seven percent, and slightly declined with an increase in the estimated value of the James Island privately owned by the Gulf Islands.

This is a perspective on the resurgence of the property market in 2018, which highlights the demand for high-end properties, subject to new taxes, rather freezing, while competition for apartments and suburban homes is heated by comparison.

"The estimates only follow the market," economist Zur Somerville said and "what we know is that the market is dry more at the higher end of the low end, which will also affect larger prices there."

The larger question, says Somerville, a senior associate at the Center for Urban Economics and Real Estate at the University of BC, estimates for apartments and houses for habitation are likely to be very large, while estimates for individual homes "should be flat or down."

It could moreover shift the tax base of municipalities to houses and houses for housing, Somerville said, "and this should be true across the lower continent."

However, property assessor Paul Sullivan argues that there is a political story in the additional taxes that the NDP government has applied to expensive homes, such as a surcharge on school home tax estimated at over $ 3 million.

Sales and prices have declined most, although they are the least viable homes, Sullivan said, while prices at the lower end of the market continued to climb.

Sullivan said it does not matter if the $ 10 million home is now worth $ 9 million, but that's important if a $ 800,000 condo is now worth $ 900,000.

"Thank you for your help NDP," said Sullivan. "You really helped the problem of housing housing by taxing the hell of all".

Sullivan estimates that lowering estimates for homes in the highest homes will erase ownership of homeowners in Vancouver with just $ 10 billion.

However, Somerville says reducing the inflow of foreign capital in the Vancouver Metro Highway property may have a greater impact on prices.

Property estimates are an effective estimate of property values ​​calculated by B.C. from July 1 each year, used by municipalities to adjust property tax rates, but they also offer a preview of real estate markets.

In Vancouver, Robson Street's 308 unit in 1950, a two bedroom apartment, it is estimated that its rating in 2019 increased by five percent to $ 766,000 from $ 727,000. It is now listed for the sale of a number of advertising services for realtors for $ 785,000

In contrast, the house now on the list for sale for $ 1,249 million, for example, on the 749 East 29th Ave, was estimated at $ 1,342 million for the estimate in 2019, a decrease of three percent from an estimated $ 2018 million from $ 1.38 million.

On the west side of Vancouver, the house intended for sale for $ 2.76 million was estimated at $ 2.38 million in its 2019 estimate, a drop of 13 percent from an estimated 2018 percent of $ 2,698 million.

The house listed for nearly $ 1.1 million in 1276. Nestor Sv. In Covitlam, his rating in 2019 increased by 4% from $ 997,000 in 2018.

And the 404-630 Como Lake Avenue in Coquitlam, with two bedrooms on top floor condo in that Burquitlam neighborhood listed for sale at $ 589,000, saw its mark 2019 climb 20 percent to $ 575,000 from $ 480,000 in 2018.

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