The real estate landscape in GV (Greater Vancouver) is subject to multifaceted influences, ranging from government policies and building associations to transportation plans and infrastructure developments. Notably, the upcoming 7.6% increase in property taxes in 2024 by COV (City of Vancouver) and rising CAC (Community Amenity Contributions) for new builds are anticipated to impact buyers as these costs are likely to be passed on.
While various stakeholders profess a commitment to making housing more affordable, the true intentions may be obscured by public relations efforts. It's crucial to delve into the fine print, read between the lines, or seek professional advice to fully comprehend the personal implications.
Property taxes, often considered a certainty in life, are set to rise, with BC Assessment expected to reflect this change in early 2024. Homes near a skytrain station or those with large lots may particularly feel the impact due to un-zoning policies. The evolving nature of real estate, with constant changes and fees, necessitates vigilance.
On a positive note, property owners have the opportunity to appeal their tax bills by the end of January 2024. Various reasons, such as residing in a principal residence for over a decade or using part of the property for agricultural purposes, can warrant an appeal. Watch this video to better understand BC Assessment.
Despite the challenges, the real estate market is influenced by the unchanging realities of life, encapsulated in the 5D's: Debt, Divorce, Diapers, Downsizing, and Death. Life events will drive market dynamics, creating a domino effect in real estate. Coupled with potential factors like lower interest rates, pent-up demand, and cultural events like Chinese New Year, these dynamics could contribute to an active market in Q1-Q2 2024, defining a "new normal" for the real estate landscape.
The advice here is to actively participate in the market rather than adopting a wait-and-see approach. The notion is that it's better to be in the game, purchasing real estate and waiting, rather than waiting to enter the market. This perspective underscores the importance of strategic decision-making and proactive engagement in navigating the ever-changing real estate terrain. Reach out for non-commitment discovery meeting.
