STEVEN TSE PERSONAL REAL ESTATE CORPORATION
  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS

Metro Vancouver homeowners face home assessment ‘sticker shock’ as real estate market poised to cool further

1/2/2017

 
JON AZPIRI (GLOBAL NEWS) Sticker shock of a different kind is setting in across Metro Vancouver as many homeowners check their B.C. Assessment property valuations and discover the assessed value of their home has skyrocketed.

The assessments comes at a time when a long-predicted housing correction may actually become a reality.

Prices for single-family homes in Metro Vancouver have not moved up overall since May/June and are probably down on average 15 per cent. Other forecasts suggest 2017 could see another double-digit price drop across North America, although one can never be sure when it comes to Vancouver.
“There’s nothing typical about Vancouver’s real estate market. I think we’ve witnessed that and I think we’ve come to a realization that it doesn’t perform alongside other markets,” Royal LePage Realtor Adil Dinani said.

READ MORE: Full coverage on the real estate market in B.C.

B.C.’s assessments are now available online and, as we were warned, the assessed value of many properties are up 30 to 50 per cent. But the recently-released assessment numbers aim to indicate property values as of July 1, 2016, weeks before Premier Christy Clark announced a 15 per cent foreign buyer tax which appears to have had a cooling effect on the real estate market.

“Now you have the investors and speculators on the sidelines because the market direction is uncertain so they’ve decided to wait and see what happens. So now it’s largely an end-user market which is why properties are not trading hands as quickly,” Dinani said.

But if the Canadian dollar falls – some economists say it could go as low as 65 cents U.S. – foreign buyers may start pouring back in.


Comments are closed.

    Market Update

    Updates on Real Estate news happening in your city. 

    Archives

    January 2023
    November 2022
    October 2022
    September 2022
    August 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    February 2021
    January 2021
    November 2020
    October 2020
    August 2020
    July 2020
    May 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014

    Categories

    All
    Architecture
    Banking & Mortgage
    City Development
    City Events
    Home Staging
    Market Trends
    Project Presales
    Strata
    Supportive Housing
    Vancouver Heritage

  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS