Help with Greater Victoria 2020 Assessments
Every year Greater Victoria Property Owners receive their Assessments in January, and this year we noticed that 2020 Assessments are down across most of Greater Victoria as the real estate market softened to more of a balanced market.
A grand total of 7,255 properties sold over the course of 2019, 1.47 percent more than the 7,150 that sold in 2018. 2019 sales came in at slightly under the ten-year average of 7,413 properties sold.
“Overall, our market throughout 2019 can be characterized as still active, slow to grow and low in supply,” says 2019 Victoria Real Estate Board President Cheryl Woolley. “Last year we saw many prospective buyers sit on the sidelines waiting for inventory to be added. As a result of this unmet demand, there was and continues to be a push from consumers to create townhomes and condos at accessible price points. We began 2019 discussing the potential impact of various taxes and lending rules introduced by the federal and provincial governments that were designed to calm housing market activity – although this activity had already begun to slow following our hyper-active market in 2016/17. The most impactful government change we saw was the tighter mortgage lending rules, which lowered consumer borrowing power and made many unable to qualify for the value of mortgages they had in the past, therefore compressing more demand into our mid- and lower-priced property market.”
So what has happened is that in the delirium of the hot market of 2016 and 2017, market prices were pushed up, and then the Municipalities decided that prices had increased, and should be taxed at higher rates. The problem is that the heat was temporary, and present properties were being taxed at inflated rates which couldn’t be sustained. Of course, the inevitable happened, and some of the air has been let out of the balloon. Now there is a bit of discomfort in the minds of owners who either feel that their property assessment has been adjusted either too high, or too low! … “Only the shadow knows”! the saying goes, and well… I am the shadow! Linda Brown and I are experienced in being in the grass roots, connected in the Victoria BC and areas market… fully conversant in the actual market values of your property.
Typically, an Appraiser is valuing a property based on past data for an ever-changing organic real estate market. Expert Appraisers have contacted me from time to time to assist them in correctly analyzing tricky property values. The difference with Ball & Brown is that you are getting that triad of evaluation skills: the ability to deduce information from past data, combined with hard-won experience, and yes… gut instinct that correctly interprets present market factors; THAT is the way to a proper market evaluation! Contact us if you would like to challenge your Assessment by Jan. 31st, or receive a Free (no pressure ever) Market Evaluation. We will be delighted to help. BallBrown@gmail.com www.marilynball.ca www.lindabrown.ca
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