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Bi-la kaifa posted:So uh... Bc assessments are out. My property value went up 43%. Jesus gently caress my taxes are gonna be astronomical Enjoy your new-found wealth! You worked hard for it!
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Jan 1, 2022 09:14
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HookShot posted:Municipalities collect a certain amount of money every year. For the sake of this math being easy, we'll say $10 million. Wow that is uh, something I had no idea
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Jan 1, 2022 09:23
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Owned.
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Jan 1, 2022 12:28
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Alctel posted:Wow that is uh, something As a fun exercise, you can also consider that this is why places like Vancouver and Toronto have extremely low property taxes (as a percentage) compared to places where property values are much lower. The cost to run a city within a certain population range and density is a roughly similar cost per resident, it doesn't really increase at all in relation to property values. Your property taxes will definitely still go up a bit of course.
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Jan 1, 2022 16:19
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Alctel posted:Wow that is uh, something The way most local governments work, changes to taxes like setting tax rates or raising new taxes require legislative action, a vote by the council, etc while assessing the value of any particular house is just an administrative action by the disinterested civil service. That's why it works like that.
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Jan 1, 2022 17:29
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Should we also do a primer on marginal tax rates as well?
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Jan 1, 2022 18:56
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leftist heap posted:Should we also do a primer on marginal tax rates as well? It's incredible how many people don't know how marginal tax rates work, to the point I feel that is deliberately not explained I feel how municipal tax works though is more obscure as only home owners have to care about it. Everyone pays tax, but I've never even come close to affording a house in my life (my income is fine, just I was sending money home to my mum for a long time so didn't have anywhere near the savings for a downpayment, or family help)
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Jan 1, 2022 20:50
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Owning a home does not seem to provide any insight into how property tax works AFAICT.
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Jan 1, 2022 22:05
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You don’t have to understand how it works, you just (auto)pay it like a bill. If you had to compute your own every year like you do with income tax I think a lot more people would learn how it works.
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Jan 1, 2022 22:23
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Seems like the most significant gains are out in the burbs of Surrey/Langley, which makes sense, given that it was the cheapest housing to start with and accordingly has the most ability to rise. Similarly east van prices up biggly while milder on the more expensive west side. New condos in Olympic Village/Mount Pleasant are flat lol. Turns out that during a pandemic people where people are shut in and the bars closed, people aren't terribly excited about paying $1000/sqft+ for a 600 sqft "Jr One Bedroom." There's a narrative out there that house value gains in the 'burbs are being driven by Vancouverites being "priced out" of Vancouver. I'm sure there are some people moving further afield because they want a SFH that badly, a trend potentially enabled by hopes of flexible WFH post pandemic, though IMO it seems more likely to me that the driving force here is simply the same sort of lax lending, low interest rate environment that has pushed up prices this entire time. The Bank thinks that You're Richer Than You Think and is all too happy to lend you the money. People in the Surrey/Langley have decent enough incomes to support huge mortgages that banks are willing and able to lend. The reason we don't see similar gains in Vancouver is because Vancouver valuations have already eclipsed the price point that upper middle class incomes can support. The pool that can afford further bidding up is smaller. If it is Vancouverites moving to the valley that is some catalyst for higher prices I suppose we'd see some sign of it in terms of an uptick in South of the Fraser to Vancouver commuting volumes, though given that WFH is still so prevalent, that sort of metric might not show the trend. Tbh I haven't seen anyone measure that sort of thing for a while.
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Jan 1, 2022 22:35
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I just declined a raise so I wouldn't be pushed up into a higher tax bracket and now I can't afford my property assessment tax hike, thanks Trudope!!
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Jan 1, 2022 23:29
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Femtosecond posted:If it is Vancouverites moving to the valley that is some catalyst for higher prices I suppose we'd see some sign of it in terms of an uptick in South of the Fraser to Vancouver commuting volumes, though given that WFH is still so prevalent, that sort of metric might not show the trend. Tbh I haven't seen anyone measure that sort of thing for a while. You have to go so far east to get an appreciable price difference that I can't imagine most people would think it worth it in terms of commute. You could luck out and find a different job I suppose. I'm sure it's mostly just continuing immigrant growth and kids that are already there.
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Jan 2, 2022 15:04
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leftist heap posted:Owning a home does not seem to provide any insight into how property tax works AFAICT. The whining like clockwork every year in local newspapers that it's unfair to expect homeowners to come up with thousands of dollars for their tax bill, as if they didn't have the option of paying a couple hundred a month
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Jan 2, 2022 21:38
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Or that the tax increase on the home that increased by hundreds of thousands of dollars this year is in the order of tens of dollars per month. Tens I tell you!
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Jan 2, 2022 21:52
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Fidelitious posted:You have to go so far east to get an appreciable price difference that I can't imagine most people would think it worth it in terms of commute. You could luck out and find a different job I suppose. I'm sure it's mostly just continuing immigrant growth and kids that are already there. If people are moving east I suspect it's a one town over shuffle. The notion of moving from Vancouver to Abbotsford is absurd (to me anyway), but moving from Langley to Abbotsford and adding a bit of a commute back to your job in Langley is really not much of a big deal. I could see people making that choice.
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Jan 2, 2022 23:28
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Have you ever driven to Abbottsford from anywhere at any point? Abbottsford is like the last place I would move because of the traffic alone.
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Jan 2, 2022 23:46
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The good news is that the highway between Abby and Langley is being widened! I'm sure this will solve all the issues.
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Jan 3, 2022 01:12
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Don't make me tap the sign. (The sign says "Induced Demand")
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Jan 3, 2022 20:20
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posting this image because this thread is so bafflingly tilted toward Victoria goons https://twitter.com/zacdevries/status/1478565720971644932?s=20
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Jan 5, 2022 23:53
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Femtosecond posted:posting this image because this thread is so bafflingly tilted toward Victoria goons Yeah I saw this This can't be sustainable, can it? My friends who bought last year with help from their parents saw their house value go up like 200k
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Jan 6, 2022 00:29
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Enjoy Sooke, poors! 
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Jan 6, 2022 00:45
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It doesn’t feel sustainable in the slightest, and I can’t see how it’s a good thing from the government’s perspective either. It doesn’t increase the tax base thanks to how property taxes are calculated. Instead it just locks more and more money up in the banks. Wouldn’t it be much better for the economy if we have less of our income servicing debt, and more of it being invested or being spent on discretionary goods and services?
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Jan 6, 2022 01:44
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Tangential to the bigger problem, but it's crazy that Highlands hasn't been opened up to development the way that the other Western Communities have. There's a ton of valuable undeveloped land there.
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Jan 6, 2022 03:27
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MeinPanzer posted:Tangential to the bigger problem, but it's crazy that Highlands hasn't been opened up to development the way that the other Western Communities have. There's a ton of valuable undeveloped land there. My guess is it’s similar to Metchosin? They want to maintain the area the way it is forever.
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Jan 6, 2022 04:00
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Femtosecond posted:posting this image because this thread is so bafflingly tilted toward Victoria goons Too much haha, pretty soon boo hoo.
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Jan 6, 2022 04:59
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Claes Oldenburger posted:My guess is it’s similar to Metchosin? They want to maintain the area the way it is forever. Yeah, but surely it's just a matter of time before a council more amenable to development comes along...
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Jan 6, 2022 05:20
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Femtosecond posted:posting this image because this thread is so bafflingly tilted toward Victoria goons The responses on Twitter are a real treat. Sooke lookin' good.
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Jan 6, 2022 14:38
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On the other hand you'll be living in Sooke, with all the nudist woods wizards.
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Jan 6, 2022 16:05
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McGavin posted:On the other hand you'll be living in Sooke, with all the nudist woods wizards. It's an awful commute from Sooke into town and the road closes pretty much every time any type of weather or accident happens. I had to drive out there from downtown for work for a while and it was bad enough, and that wasn't even going with the crawl
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Jan 6, 2022 16:09
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Mods please rename this thread to the Victoria Homeowner Megathread
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Jan 6, 2022 16:14
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large hands posted:Mods please rename this thread to the Victoria Homeowner (and tenants) Megathread
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Jan 6, 2022 17:13
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McGavin posted:On the other hand you'll be living in Sooke, with all the nudist woods wizards. You say this like it's a bad thing large hands posted:It's an awful commute from Sooke into town and the road closes pretty much every time any type of weather or accident happens. I had to drive out there from downtown for work for a while and it was bad enough, and that wasn't even going with the crawl We hadn't been out farther than Metchosin yet until mid December but I get it now. A lot of people here in Victoria complain about distances and commute times that (imo) aren't actually that terrible, but I know it's all relative. The Sooke commute is real though, that poo poo would suck.
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Jan 6, 2022 18:11
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I'm wondering if there are resources to find out the sale history of a house outside of the major city centres. I saw a site posted here not long ago, but it looks like it only works for Toronto/Ottawa/Vancouver/Etc. Is there some other way to find out the sale history for the rest of Canada, or am I out of luck here?
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Jan 6, 2022 19:56
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impossiboobs posted:I'm wondering if there are resources to find out the sale history of a house outside of the major city centres. I saw a site posted here not long ago, but it looks like it only works for Toronto/Ottawa/Vancouver/Etc. Is there some other way to find out the sale history for the rest of Canada, or am I out of luck here? Redfin has this info for a lot of municipalities.
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Jan 6, 2022 20:10
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What does everyone think of eXXon for thread IK?
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Jan 6, 2022 20:22
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Koos Group posted:What does everyone think of eXXon for thread IK? Maple Leafs fan? no thanks.
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Jan 6, 2022 20:34
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Powershift posted:Maple Leafs fan? no thanks. drat, that is a problem. Almost had me there.
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Jan 6, 2022 20:37
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No one knows how taxes work and everyone thinks they know how taxes work. If I had a loonie for every time I heard someone get upset that their bonus might "push them into a higher tax bracket and actually make them lose money" or "actually the housing bubble is good because it means more tax income for cities" I'd have enough money to solve the housing crisis by building a massive Karl Marx-hof in downtown Victoria.
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Jan 6, 2022 21:13
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Koos Group posted:What does everyone think of eXXon for thread IK? I meant to post this in the Canpol thread, apologies.
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Jan 6, 2022 21:14
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Baronjutter posted:"actually the housing bubble is good because it means more tax income for cities" This is how it should work imo
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Jan 6, 2022 22:28
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