JANUARY HEADLINES

2004 REAL ESTATE RESULTS

DRAMATIC RISE IN PROPERTY ASSESSMENTS

APPEALING YOUR ASSESSMENT

LISTINGS & SALES

2004 Vancouver Real Estate Results

2004 was a fantastic year for the real estate market in Vancouver, with residential housing sales nearing 2003’s record breaking activity. The Real Estate Board of Greater Vancouver (REBGV) reports that there were 36,258 sales of detached, attached and apartment properties in 2004, a slight decrease of 4% per cent in comparison to 37,816 sales in 2003.

“To put it in perspective, 2004 was one of the hottest years on record for real estate sales over the past 15 years. Before 2003’s soaring performance, the next highest annual total was 36,415 sales in 1989,” says Andrew Peck, REBGV president. “Through the course of the year consumers continued to take advantage of low interest rates, to enter or ‘move up’ in the market, and to purchase real estate as a solid investment alternative.

“We started to see a return to a more stable, less frantic market around June. We had been breaking sales records every month, and that was not sustainable. Sales activity was quieter during the latter part of 2004, demonstrating a return to a more balanced real estate market,” Peck says. “The return to a balanced market has allowed consumers a bit more breathing room to make buying and selling decisions. In this steadier market, prices have continued to rise, although at a slower pace. Sales are strong, but consumers don’t feel they have to make snap decisions to ensure they get the property they want.”

Download the press release: CLICK HERE 

Dramatic Rise in Property Assessments

The beginning of January saw the annual arrival of assessments for property owners throughout the province of British Columbia. This year, opening those envelopes proved to be somewhat more shocking than in years gone by. The value of real estate increased by 17 per cent around the province in 2004 according to BC Assessment. That's the most dramatic increase in over 10 years. Assessments have risen as much as 25 per cent for condo owners in Vancouver's downtown and Westside, while East Vancouver single-family houses are up by 20 per cent.

In the interior of the BC, the Okanagan region saw lakefront homes rise in value by as much as 50 per cent. The assessments are used by cities and other municipalities to calculate property taxes for the services they provide. These could result in higher costs on property tax bills for many homeowners in May.

Unlike in years gone by, when assessments usually lagged about 20 to 30 per cent behind the land values, this year’s assessments appear to be more in line with the current market prices on property.

For more information on how these assessments have affected your property position, please contact Kevin on (+1) 604.340.1267

Appealing you Assessment

Did you know you can appeal your property assessment notice? The deadline for filing a request for review is January 31, 2005. Your written request must be delivered in person, by fax or by email to the address shown for your assessment office or postmarked not later than January 31, 2005.

What is eligible for review?

-The owner/lessee information.

-The value of a property as stated on the Property Assessment Notice.

-The classification of the property.

-The application of tax exemptions, if any, to your property.

What do you need to include?

-The assessment roll number.

-Your reason for requesting a review.

-Your property description (address and legal description).

-Your full name, mailing address, home and business phone numbers.

-A statement clarifying whether you are the owner of the property.

After you request a review, BC Assessment may contact you or your client to discuss the request for review and may re-inspect your property. You will be notified of the date, time and location of your review hearing. Hearings will be held between February 1, 2005 and March 15, 2005. At the hearing you can present evidence, for example, the sale of similar properties to support your estimate of value.

For more information on how this may benefit your position, please call Kevin on 604-340-1267 or e-mail kevin@findaproperty.ca

Listings & Sales

SOLD! Brand New Unit in TIME Phase II. This extremely popular development is now seeing owners move in and enjoying all the benefits provided. This 2 bedroom + 1 den apartment in Lower Lonsdale features 2 ensuite bathrooms adjoining large bedrooms. What a great home.

For more information on this and other properties, please keep visiting Kevin’s Feature Listings section www.findaproperty.ca/listings/.

Kevin is also looking to sell homes throughout the North Shore and Vancouver’s West Side after a number of recent sales in area. 

If you are looking to sell your property, contact Kevin now. 604 340 1267 or kevin@findaproperty.ca 

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