The Ups and Downs of B.C. Assessments

Should you appeal your BC Assessment?  Well, the numbers are out and some are up and some are down with no shortage of conflicting opinion as to what the latest property assessments all mean.  As REALTORS® we know that an assessed value determined in July of the previous year may reflect little on the current market value of a property for any number of reasons, including the property was not personally inspected by an assessor, conditions either deteriorated or improved in recent months or market conditions changed.

The Assessment Authority estimates the majority of homeowners will see a change of less than five per cent either up or down. The public can compare their assessment to others in their neighbourhood free of charge by accessing BCA’s website www.bcassessment.ca and its easy-to-use e-valueBC&...

Ottawa - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic outlook is slightly weaker than the Bank had projected in its October Monetary Policy Report (MPR).  At the same time, global tail risks have diminished. The economic expansion in the United States is continuing at a gradual pace, restrained by ongoing public and private deleveraging, global weakness and uncertainty related to fiscal negotiations.  Despite a marked improvement in peripheral sovereign debt markets, Europe remains in recession, with a somewhat more protracted downturn now expected than in October. Growth in China is improving, though economic activity has slowed further in some other major emerging economies. Supported by central bank...

The Real Estate Board of Greater Vancouver Year End Housing Market Update for December 2012 with REBGV president Eugen Klein.

For more news and statistics visit us at http://www.rebgv.org.

Source : The Real Estate Board of Greater Vancouver

Depreciation Reports, Contingency Reserve Funds and Special Levies

Depreciation Reports

Strata corporations are required to obtain depreciation reports by December 14, 2013 (two years from the effective date of the new requirement) or hold a ¾ vote to waive the requirement.

A depreciation report helps strata corporations plan for the repair, maintenance and replacement of common property, limited common property and common assets. The report must contain:

▪ A physical inventory of the common property including building systems.

▪ Anticipated maintenance, repair and replacement costs for common expenses projected over 30 years.

▪ A financial forecasting section that contains at least three cash flow funding models for the contingency reserve fund (CRF).

Depreciation reports provide useful information to strata lot owners and can help prospective purchasers,...

Fraser Valley real estate sales at lower levels in 2012