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05-10-2016, 06:03 AM
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Join Date: May 2007
Location: Edm.
Posts: 4,845
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House pricing going up !
I see they are going up again .
Most houses have increased an easy $50,000 since the pre- property taxes and assessment were sent out because of the arena .
Now again $50,000 higher because of FT Mack.
$100,000 higher in total . WOW !
Helping out then taking it back !
Will the homeless increase?
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05-10-2016, 06:36 AM
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Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 18,775
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Quote:
Originally Posted by -JR-
I see they are going up again .
Most houses have increased an easy $50,000 since the pre- property taxes and assessment were sent out because of the arena .
Now again $50,000 higher because of FT Mack.
$100,000 higher in total . WOW !
Helping out then taking it back !
Will the homeless increase?
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Don't believe it. Where is the proof?
Calgary prices are plummeting.
http://www.lowestrates.ca/news/calga...mand-creb-2431
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
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05-10-2016, 06:41 AM
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Gone Hunting
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Join Date: Feb 2009
Location: Lougheed,Ab.
Posts: 12,736
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Quote:
Originally Posted by Sundancefisher
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Sounds like the OP is either a realtor ...or wishful thinking...
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The future ain't what it used to be - Yogi Berra
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05-10-2016, 06:42 AM
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Join Date: Feb 2008
Posts: 3,050
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Quote:
Originally Posted by -JR-
I see they are going up again .
Most houses have increased an easy $50,000 since the pre- property taxes and assessment were sent out because of the arena .
Now again $50,000 higher because of FT Mack.
$100,000 higher in total . WOW !
Helping out then taking it back !
Will the homeless increase?
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No! Not happening. However holding steady, surprisingly. Emotional people buying currently. If you find some emotional buyers (there are many), you may have a sale.
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05-10-2016, 07:06 AM
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Join Date: Sep 2008
Posts: 727
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Quote:
Originally Posted by Sundancefisher
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To me a 4 - 5% drop is not what I would call plummeting
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05-10-2016, 08:00 AM
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Join Date: Oct 2007
Location: Canada
Posts: 614
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Quote:
Originally Posted by -JR-
I see they are going up again .
Most houses have increased an easy $50,000 since the pre- property taxes and assessment were sent out because of the arena .
Now again $50,000 higher because of FT Mack.
$100,000 higher in total . WOW !
Helping out then taking it back !
Will the homeless increase?
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Tell me how the fire results in an increase to the price of a home in Edmonton of 50 k. This post makes no sense.
Wait....do you mean assessments?
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05-10-2016, 09:28 AM
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Join Date: May 2015
Posts: 1,414
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The "average" selling price may not have dropped much, but what you are getting for that selling price is what is plummeting. What was $600 K is now $400 K..... Anything selling is nowhere near asking prices, anything selling is greatly discounted.
Quote:
Originally Posted by JBE
To me a 4 - 5% drop is not what I would call plummeting
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05-10-2016, 09:38 AM
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Banned
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Join Date: May 2007
Location: Calgary
Posts: 10,384
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Not sure what is happening in Edmonton...
But here in Calgary we are noticing a slow decline in most sectors.
I am seeing some major changes though.
2 lots that were valued at $250,000 a few years ago just sold for $50,000 a piece.
Things have changed, just not as fast as I have seen the past.
Its kinda funny.. I just sent out a Email describing 4 pocket listings I have here in Bonavista. Owners are in no hurry to put them on the market. BUT They would sell them at market rates.
Jamie
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05-10-2016, 09:39 AM
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Join Date: Apr 2008
Location: Alberta
Posts: 1,731
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Quote:
Originally Posted by JustMe
The "average" selling price may not have dropped much, but what you are getting for that selling price is what is plummeting. What was $600 K is now $400 K..... Anything selling is nowhere near asking prices, anything selling is greatly discounted.
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Yep! Surprisingly prices have held up reasonably well with the economic downturn that's getting worse by the month. A large part of the previous housing booms were because of big oil and people moving here for high paying jobs and that's over for a few years. Housing should be ok but first time buyers aren't going to be seeing breaks anytime soon and many don't have the big bucks to get into the 300,000 to 400,000 houses anymore
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05-10-2016, 10:12 AM
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Join Date: Jul 2013
Posts: 1,041
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I know a couple of realtors that tried to instigate the "buying frenzy" by "Fort Mc people are going to get insurance pay-outs and buy everything in edmonton!!!!". Yeah, that didn't go very well. LOL
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05-10-2016, 10:30 AM
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Banned
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Join Date: May 2007
Location: Calgary
Posts: 10,384
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Quote:
Originally Posted by JustMe
The "average" selling price may not have dropped much, but what you are getting for that selling price is what is plummeting. What was $600 K is now $400 K..... Anything selling is nowhere near asking prices, anything selling is greatly discounted.
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Some deals out there if you know what to look for.
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05-10-2016, 10:32 AM
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Join Date: May 2015
Posts: 1,414
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Quote:
Originally Posted by Jamie
Some deals out there if you know what to look for.
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That's what I hear from realtors in Edmonton. They say it's really going to hit come June or July. Who knows?
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05-10-2016, 10:42 AM
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Join Date: Apr 2010
Location: New Beijing, Canada
Posts: 1,470
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More likely the cities have increased their tax valuations so they can collect more taxes to pay for things like LRT and arena
The actual selling values may or may not have settled or increased.
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#defundtheCBC
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05-10-2016, 11:31 AM
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Join Date: Aug 2012
Posts: 2,169
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The tax man asseses your properties value.... here in deadmonton with their spending going up up and up it seems natural for the assesments to go up and up. Funny how it works
Real estate is going nowhere right now and from the massive new spending cuts in oil and gas this year there is no way real estate will go up as people and companies continue to lose jobs and money
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05-10-2016, 11:58 AM
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Join Date: Mar 2009
Location: Edmonton
Posts: 9,650
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Quote:
Originally Posted by CMichaud
More likely the cities have increased their tax valuations so they can collect more taxes to pay for things like LRT and arena
The actual selling values may or may not have settled or increased.
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Yup, my house value keeps going up yet no real improvements have been done to it in 10 yrs. Its the general assessment from the suits at City Hall that increase it's value.
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05-10-2016, 12:20 PM
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Join Date: Nov 2007
Location: Central AB
Posts: 750
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Quote:
Originally Posted by Sooner
Yup, my house value keeps going up yet no real improvements have been done to it in 10 yrs. Its the general assessment from the suits at City Hall that increase it's value.
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Your house isnt going up in value. Neither is mine. Only the assessed value is. That means we pay more taxes. Nothing more imo.
kidd
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05-10-2016, 01:11 PM
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Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 18,775
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Quote:
Originally Posted by JBE
To me a 4 - 5% drop is not what I would call plummeting
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Depends upon you loss I suppose. Heard recently prices are down 10%.
Maybe this helps ya.
http://www.theglobeandmail.com/real-...service=mobile
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
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05-10-2016, 01:38 PM
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Join Date: Mar 2009
Location: Edmonton
Posts: 9,650
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Quote:
Originally Posted by kidd
Your house isnt going up in value. Neither is mine. Only the assessed value is. That means we pay more taxes. Nothing more imo.
kidd
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It's quite frustrating, that's why I mentioned the suits at city hall calling the shots, not actually the market.
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05-10-2016, 03:55 PM
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Join Date: Feb 2008
Posts: 3,050
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Quote:
Originally Posted by Sooner
It's quite frustrating, that's why I mentioned the suits at city hall calling the shots, not actually the market.
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They are all in it together.
One cannot compare the current RE market in Canada to any previous period of house price inflation.
1) Never before has the RE industry been as important a driver of the economy of Canada
2) Never has mortgage financing been as cheap or as readily available
3) Never have the lending criteria been so lax
4) Never have foreign buyers been such a force in the market
5) Never has CRA been more lax in enforcing the tax code on RE transactions
6) Never have Canadian cities been so greedy for revenues and thereby compliant in approvals for inappropriate developments (building levies and taxes)
7) Never have Canadians been so willing to take out mortgages that are many multiples of their income
8) Never have Canadians RE buyers been so financially illiterate
9) Never have local / provincial politicians been so widely corrupt and so easily corruptible by RE interests
10) Never have Canadians been so manipulated and outright deceived by the RE industry
11) Never in Canadian history has the above 10 elements (points 1 to 10 ) occurred at the same time.
Simply not an “apples to apples” comparison.
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05-10-2016, 08:17 PM
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Join Date: May 2012
Posts: 1,692
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A lot of the above is nonsense
Firstly, "assessed values" for property tax purposes, in urban areas, are based upon neighbourhood sales stats of similar properties from July of the previous year. In our current case, estimated actual market values as of July, 2015. Not current values. This is an obvious compromise of very practical source.
Secondly, while one cannot put it past our political masters (actually the rather inept city adminocrats who pull their strings) to inflate this, the fact is that the "mil rate" for setting the taxes is adjusted to meet the budgetary requirements (which keep escalating due to our inability to elect fiscally responsible representatives with some political cojones) based on average asessed market values. So, just because your assessed value went up does not mean your tax bill went up as a direct proportion - I have actually seen my value go up substantially (early 2000's when all such values went up hugely, doubling over a very few years) while my relative tax bill went down (relative to the average increases) in some years, because my neighbourhood did not experience market value increases as large as the Chuk average.
And, every year, one just needs to look at the value they assessed you at, do a little of one's own research on neighbourhood sales of similar properties, and compare, to see if the market value assessment is fair - and again as of last July, not now. On that basis, I have found the assessments generally quite accurate over the years. In particular cases, if you think you are over-assessed for a particular property, you can quite easily appeal - so long as you can present real evidence of the assessors being significantly wrong (ex., an independent professional appraisal) you will get reduced, often just by negotiation - it is really not a very difficult process.
The real estate board and realtors have to , of course, be the ultimate optimists in all circumstances - obvious self-interest. Any realistic and pragmatic realtor will tell you that market values are down, particularly, as always in such circumstances, on the "high end" properties - pretty much anything valued at over $500,000 at the same time last year.
Values are down in all categories, in fact (though much less in the "average" houses market). And they are not likely to get better. So, your assessed mv is very likely to be less in July, 2016 than in July, 2015. BUT, that does not mean your property taxes will go down - the municipal bureaucracy has voracious needs (?). It just means that they may not go up as much, relatively, as homes in neighbourhoods where values did not decrease as much. In the Chuk, due to our incredibly incompetent City management and captive gutless representatives we have seen about a 75% average increase in 10 years - appalling (??).
So, the property tax situation has very little, in fact or law, to do with swings in value. Hell, it is much more "fair" (in our apparent preferred socialistic sense - not my bag, but it appears to be what most subscribe to?), IMHO, than the previous system, over and about 20 years back, when assessments were based on notional costs of recreating the improvements on a particular property. That meant that an ordinary house in the best part of Glenora, with a lot worth 5 times what mine in my neighbourhood is worth, paid the same property taxes as moi. There was the usual screaming about "poor old widows" who could no longer afford the taxes, whilst stubbornly sitting in a property worth $1M, and who did not wish to move. Boohoo ...? Sell the valuable decrepit "homestead" and smile all the way to your Arizona bank (?). And for the "nouveau riche" who wanted to have a $2M mansion in the City, better factor that $1G monthly tax bill into your plans (?).
Any problem with property taxes is not one of assessment value factors. It is the exact same problem as with provincial and federal income and other taxes. It is the inevitable squeeze of the more revenue sources and taxes we, as the populace, accede to, the more our self-serving governments, at every level, will grow themselves, and will take. It will not ultimately improve the lot of anyone except the takers and their minions, and it will result in most of us being much less well off than we have been.
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05-10-2016, 09:06 PM
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Join Date: Oct 2009
Location: Okotoks
Posts: 1,067
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People need to talk to their insurance agent. In reality your $800k house value consists of a $350k house sitting on a piece of $450k land or thereabouts. So when they cut you a cheque for your burned down house you're getting what it would cost to rebuild that house, meaning in the $400k range. That's great news if you're a long-term Beacon Hill resident who bought 20 years ago for $90k, but if you recently bought in the newer areas and are carrying a $600k mortgage you're going to find yourself upside down if you want to walk, and with all the rebuilding nobody's going to want to buy your land at market price, particularly if you're in a hard hit area because nobody is going to want to live in the middle of a bunch of burned out foundations.
This is simply RE's in Edmonton trying to take advantage of a situation. Yes some will move but the majority of whom I've talked to in the past week are itching to get home, even the ones who lost everything because to them it's home.
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05-10-2016, 09:39 PM
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Banned
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Join Date: Dec 2013
Location: Parkland County, AB
Posts: 134
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Quote:
Originally Posted by justsomeguy
People need to talk to their insurance agent. In reality your $800k house value consists of a $350k house sitting on a piece of $450k land or thereabouts. So when they cut you a cheque for your burned down house you're getting what it would cost to rebuild that house, meaning in the $400k range. That's great news if you're a long-term Beacon Hill resident who bought 20 years ago for $90k, but if you recently bought in the newer areas and are carrying a $600k mortgage you're going to find yourself upside down if you want to walk, and with all the rebuilding nobody's going to want to buy your land at market price, particularly if you're in a hard hit area because nobody is going to want to live in the middle of a bunch of burned out foundations.
This is simply RE's in Edmonton trying to take advantage of a situation. Yes some will move but the majority of whom I've talked to in the past week are itching to get home, even the ones who lost everything because to them it's home.
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It's surprising that most are unaware that only the structure is insured. There's no guarantee that those affected will even be covered. I'm assuming the industry will be conducting an investigation.
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