Town of Oliver Assessments ( Values for the purpose of taxation )
Assessments 2014
Total $655,096,950
Residential only 560,830,162 Down 3%
Assessments 2013
Total $ 671, 726,143
Residential only 578,155,549 Down 2.5%
Assessments 2012
Total $ 685,081,411
Residential only 593,345,578
Have done this exercise based on a letter that came across my desk about a property bought ten years ago and how it had devalued over the years according to the absentee owner. That owner said his condo had devalued $100 thousand and wanted to know what was happening in this area that would allow that.
From a personal point of view I bought my townhouse in the same period and the assessed value went up almost 100 percent.
I have asked the real estate companies to state whether prices are soft or being reduced lately. Assessments go up and down and the value of your property should be determined by its usefulness to you and your family. Once sold some determination can be made on the return of investment over the years.
Beth Garrish (Royal Lepage):
It is my opinion that optimism is increasing in our community, and as such, so are the people that are looking to relocate here whether it be for work or retirement. I expect that 2014 will be the first year that we will experience either a 0% increase in market value or a slight gain of a few percent. (Hopefully the most noticeable since our rapid market decline from 2007/2008.)
Karen Amos (Amos Realty)
Since 2008 house prices dropped considerably. It has only been in the last short while that we have seen any success towards balancing of our market. There have been some very minor price increases in certain areas of the housing market. Nothing that can set a pattern as yet though and that is what can make pricing difficult still. Condos and mobile homes have been hard hit with reductions still happening.
One part of the market that is seeing ‘increases’ however, is in the rentals. Rentals are seeing increases this year. Once a tenant leaves – the vacancy allows the landlord to increase the amount and it is being done across the Board in most cases by 10% plus or minus. There are more ‘tenants’ right now – looking for a place to rent than we have rentals in our Property Management Division!