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That’s question on every landowners’ mind when they open their annual property tax assessment notice. People often ask me why there is such a discrepancy between the assessed value and the market value of their property. While there are several factors that contribute to differences in property valuation, the two main reasons are the ‘when and how’.

Firstly, the ‘when’; BC Assessments (hereafter known as BCA) calculates value based on the market value of your property as of July 1 the previous year. Conversely, a real estate agent will make a calculation that represents the current market value. As we know, a few months in the BC real estate market can make a difference in prices, this is often part of the reason for the difference between the assessed value and the market value as determined by an agent. Secondly, the ‘how’; BCA keeps track of 1.8 million properties. The BCA appraiser visits properties to estimate the value based on an extensive list. Think there is more to the story? You’re right.

The catch is, appraisers don’t visit every property, every year. Alternatively, they use a mass appraisal system calculating the valuations based on similar sales as of July 1. A real estate agent on the other hand, will use current market data and recent sales when helping you establish the value of your property. An agent will also examine the interior and exterior of your home in order to take into account the unique details of your property. Differences in value can occur because owners make changes or renovations that BCA doesn’t know about.

Assessments and property taxes

Just because your 2010 property assessment notice shows an increase or decrease in value, doesn’t mean your property taxes will go proportionately up or down. The local municipal governments are the ones that set property taxes based on their projected budget requirements, not BC Assessments!

Depending on local governments needs and whether new construction has been added to the property class, property taxes may increase, remain steady or occasionally decrease! You can compare property values in the area by visiting http://www.bcassessment.ca and by selecting the ‘e-valueBC-compare Assessments Online’. Should you wish to file an appeal, you’re too late as the deadline was February 1, 2010. I should have written this sooner!

At the end of the day, a property is only worth what a buyer is willing to pay for it. That price is directly tied to the current supply and demand as well as the current economic conditions of an area. I don’t always get to list a property for what I think market value is, however, I’m always happy to help you figure out what a property is really worth.

Joe Squire B.A. REALTOR® Sutton West Coast Realty http://www.joesquire.com

REALTOR®, Island property specialist, Project Marketing / Condo guy, amateur economist, sailor, snowboarder,world traveler with 32 countries in my travelogue. Do it now!

I assist people in buying and selling properties in Vancouver & the Southern Gulf Islands. Benefit from my knowledge and get the expertise you need on your side when making a move in today’s challenging market. I can give you the insightful advantage you want when buying or selling in the region. Gain from my perspective and negotiating skills.

You deserve my prompt, energetic service and professionalism.
Please contact me directly anytime.
http://www.joesquire.com

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How about these right… I think you’ll find the following nuggets of wisdom particularly insightful. Leave your comments below. Check out the second one in particular…

Homes for Sale in Quilchena, Richmond, British Columbia $869900

2116.00 sq. ft. Homes for sale in Quilchena Richmond, British Columbia. For sale at $869900.0000 CAD. 3511 Granville Avenue, Quilchena.

307 1083 Sunset Dr – The Herons at Waterscapes | Kelowna British …

Superb club house with fitness room, billiard room, meeting lounge, outdoor pool & BBQ kitchen. Steps to lake, bird sanctuary, arena, restaurants and theatre. View building information and amenities for The Herons at Waterscapes. … Province: BC. Water Influence: Waterfront Nearby Pond Nearby. Property type: Strata Type of dwelling: Apartment Year built: 2009. Description of year built: Approximate. Style/Storeys: One Storey Finished floor area: 1192 sq. ft. …

Homes for Sale in Bazan Bay, Victoria, British Columbia $724900

2993.00 sq. ft. Homes for sale in Bazan Bay Victoria, British Columbia. For sale at $724900.0000 CAD. Bazan Bay.

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

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Who says that bigger is better?

The affordability indexes of all large urban centers in the United States and Canada are reaching disproportionate levels these days, ranking North America in third place after East Asia and Europe on the scale of the world’s most unaffordable places when it comes to housing. Tokyo and Hong Kong, with an average resale value of U.S.$1,100 and U.S.$900 per square foot approximately have turned into cities of sardines, with people reduced to live in 300 square foot cubicles to afford a roof over their heads. And here in North America we are poised to follow suit pretty soon.

The affordability crisis is a very serious matter indeed. It has economic, political, social and demographic reverberations and repercussions. The primary culprit and cause of the crisis is the ratio between wages and real estate market values. This ratio is entirely skewed to values. Whereas, for example, market values in metropolitan areas in Canada have appreciated an average of fifteen percent per year for the past five years – or a total of seventy-five percent since 2001, salaries have increased an average of four percent per annum – or twenty percent total. There is, therefore, a fifty-five percent gap, which accounts for the problem buyers are facing today when it comes to go to the bank and qualifying for a loan.

In the past few years consumers have tried to obviate to the crisis of affordability by relocating or purchasing farther away from the urban core. But with prices of gasoline higher today anywhere from twenty to twenty-five percent than they were in 2004, and with the expectation looming on the horizon that price of crude will top the $80 per barrel in the relatively near future, long commuting is increasingly putting a dent in the convenience of living well out into suburbia. Additionally, researchers peg the cost per bbl. at a staggering US $100 by 2010. If this condition will occur, the average consumer will pay US$60 for a tank fill up in 2010 as opposed to US$40 today. Moreover, the oil industry anticipates that the world global output will have peaked by the year 2015, which then is a sure sign that from then on the US $100 per bbl. price tag will be there to stay for a very long time.

As such and in light of the foregoing, cities in North America, which are already energy inefficient, are destined to become even more and more so. It is going to cost too much to commute from one side of town, where one lives, to the other side of town, where one works, even with carpools or public transit. It will become too expensive to heat and light 2,500 square foot homes when, in fact, most people can enjoy them only in their free time over the weekend. A recent study undertaken on behalf of the US Department of Energy details that home heating costs can be expected to skyrocket in the forthcoming years. For example, the Department of Energy predicts that homes heated with natural gas could see their fuel costs explode by as much as 48 percent by 2007. And the cost of home heating oil could surge by up to 32 percent. It is the general consensus, therefore, of those involved in economic anticipatory forecasting, that by the end of the decade consumers will mostly demand smaller living quarters, and more affordable.

For all the foregoing reasons, municipalities across the continent are focusing on developing a number of new housing types, and testing their feasibility. Work includes an extensive review of small-scale housing projects across Canada and the United States, as well as discussions with local housing developers about economic viability and marketability. These new housing types are also reviewed and refined in consultation with staff from Planning, Engineering, Housing, Real Estate, Fire Prevention officials and City Building inspectors.

Often overlooked, but an important design consideration affecting the total energy used by the home, is the size of the home. Recent statistics compiled by the US Department of Energy show that new homes on average use more energy than older homes, partially due to larger size, increased use of air-conditioning, and the widespread use of numerous electronics. While home size will likely be determined by factors other than energy efficiency, considerations are now on the drawing board as to whether the same function can be delivered in a smaller package. The general idea behind all these efforts is to provide additional capacity for ground-oriented housing. The hope is to offer a more affordable alternative to the single-family home, while maintaining many of the desirable qualities of this type of housing. Providing these choices within the city core is important to long term growth and sustainability.

The basic parameters guiding the writing of the new construction projects vary from town to town, and take into account factors such as density, size and values of existing developments, as well as anticipatory demand based upon public response obtained by random surveys, which show support and interest for similar forms of housing. Plus, guidelines are laid out to ensure attractive building design, quality materials, landscaping and neighbourhood fit.

For example, a Policy Report and Project Study undertaken here by the City of Vancouver for the Standing Committee on Planning and Environment to put up one such type of housing development in the Kingsway and Knight Corridor – pretty much in the centre of town – has determined the following guidelines:

[ ] a 4.9m (16 ft.) front yard per lot;

[ ] a maximum height of 2.5 storeys and 10.7m (35 ft.) per single-family dwelling;

[ ] parking at grade, accessed from the lane or the courtyard;

[ ] typical unit sizes of 60.4m2 to 130.1m2 (650 to 1,400ft.2) depending on site size;

[ ] construction cost estimated at CAD $110.00 per sq. ft., or between CAD $71,500 and CAD $154,000 per dwelling, depending on size and inclusive of developer’s profit;

[ ] estimated selling price per unit between CAD $270,000 through CAD $350,000.

More importantly, the City of Vancouver anticipates that over a 20-year period, the redevelopment of the entire neighbourhood would generate approximately 800 net additional units for 2,500 more residents, over and above what might be expected if the zoning were to remain unchanged.

Architects and home designers are coming to grips with the realization that comfort has almost nothing at all to do with how big a space is but, rather, that it is attained by tailoring our houses to fit the way we really live. This, coupled by the opportunity given to contain an ever more rampant crisis of affordability, makes the concept of mini-houses a sure winning bet with real estate consumers in the very short term.

Luigi Frascati

Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton-Centre Realty in Burnaby, BC.

Luigi is very proud to be an EzineArticles Platinum Expert Author. Your rating at the footer of this Article is very much appreciated. Thank you.

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