To the surprise of no one, the assessed values of residential properties continues to drop on the North Shore, with the most drastic changes at the high end of the market.
The latest assessments released Thursday show values down an average of 16 per cent for single-family homes in West Vancouver and condos down about 10 per cent. North Vancouver values are also dropping although not as severely.
For those trying to divine what this means for their actual tax bills, a reminder: Municipalities first determine what their operating and capital needs are for the coming year, then look at the total value of assessments and then set the tax rate accordingly. If the increase isn’t to your liking, we encourage you to show up to your council’s next budget meeting and tell them what you’re willing to see cut.
Markets are cyclical but we can’t help but think B.C.’s foreign buyers’ tax, the increased school tax on homes over $3 million, and the speculation and vacancy tax have taken some of the fun out of high-end homeownership.
Those taxes have been deeply unpopular for some in West Vancouver but all indications are they aren’t going away any time soon.
A poll conducted in December found more than three quarters of British Columbians support the speculation tax.
Buying a home on the North Shore is still out of reach for most people earning median incomes, thanks to so many years of reckless, double-digit increases.
We’ve only just begun to see and understand the data from B.C. Assessment but one thing we know for certain, when it comes to affordability, we aren’t out of the woods yet.
What are your thoughts? Send us a letter via email by clicking here or post a comment below.
