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  1. #22401
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    Quote Originally Posted by XXX-er View Post
    don't forget taxes which are 10K a year on that listing
    It's only 10k because the current owners have been there long enough that their assessment is 850k. When it sells, the county will re-assess it at its new value, and the tax will jump to ~1% of that.

  2. #22402
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    On the market for five days, sold for $65k over asking, all cash. And it needs at least 20k in deferred maintenance. I guess someone forgot to tell them about the crash.

    https://www.redfin.com/WA/Bellingham.../home/15820427

  3. #22403
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    Quote Originally Posted by Ted Striker View Post
    It's only 10k because the current owners have been there long enough that their assessment is 850k. When it sells, the county will re-assess it at its new value, and the tax will jump to ~1% of that.
    that ^^ sounds different up here we get re-assessed every year by the BC assessment authority ( a crown corp ) so my taxes went up because the house value was up
    Lee Lau - xxx-er is the laziest Asian canuck I know

  4. #22404
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    Quote Originally Posted by XXX-er View Post
    that ^^ sounds different up here we get re-assessed every year by the BC assessment authority ( a crown corp ) so my taxes went up because the house value was up
    https://en.wikipedia.org/wiki/1978_C...Proposition_13

  5. #22405
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    Quote Originally Posted by XXX-er View Post
    that ^^ sounds different up here we get re-assessed every year by the BC assessment authority ( a crown corp ) so my taxes went up because the house value was up
    It's a California thing. Proposition 13 rolled taxable property values back to the 1976 level. As long as the property is not sold, the tax can only increase 2% per year. When there is a change in ownership, the property is re-assessed at its current market value.

    edit: Dan beat me to it

  6. #22406
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    Quote Originally Posted by Ted Striker View Post
    It's a California thing. Proposition 13 rolled taxable property values back to the 1976 level. As long as the property is not sold, the tax can only increase 2% per year. When there is a change in ownership, the property is re-assessed at its current market value.

    edit: Dan beat me to it
    Significant contributor to CAís housing un-affordability/shortage/homelessness crisis.

    Building more houses would lower prices. Homeowners want to see their houses go up in price (in general) as their nest egg/jackpot. Due to Prop 13, homeowners are shielded from the negative side of low housing supply/high prices: paying higher taxes on the now-much-more-expensive-than-when-purchased home theyíre living in.

  7. #22407
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    In a van... down by the river
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    Quote Originally Posted by XXX-er View Post
    don't forget taxes which are 10K a year on that listing
    That's the "protected" rate. Someone has owned that place for a long time... see the "new" tax estimate:

    Click image for larger version. 

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    More like $81K per year.

    ETA: apparently everyone beat me to it.

  8. #22408
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    " A large contributor to Proposition 13 was the sentiment that older Californians should not be priced out of their homes through high taxes.[5] The proposition has been called the "third rail" (meaning "untouchable subject") of California politics, and it is not popular politically for lawmakers to attempt to change it.[6] "

    up here you can deffer taxes starting at age 55 but they DO have to be paid eventualy

    also 65 & older pay less property tax
    Lee Lau - xxx-er is the laziest Asian canuck I know

  9. #22409
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    WA is similar to BC, but doesn't have an age deferral. You can get one for disability, low income, and death of spouse. There's also veterans assistance. Age 65 and disability can get exemptions as well.

  10. #22410
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    Defferal of taxes is a good thing, taxes in Vangroovy are huge right now I now a guy who has a small house in point grey with a 35K tax bill, another guy in Dunbar same thing, these are small bungalows worth several millions that would be torn down for mansions & condo developments, owned by average types who drive old subabrus
    Lee Lau - xxx-er is the laziest Asian canuck I know

  11. #22411
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    Quote Originally Posted by Meadow Skipper View Post
    I kind of have the impression that a lot of the people in SoCal donít give a shit about water restrictions.
    Yep; serious drought and very little drop in water usage last I saw. Governor asked for 15% water usage reductions from residents. Bay Area dropped about 7%; SoCal not at all.


    Sent from my iPhone using TGR Forums

  12. #22412
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    Quote Originally Posted by Toadman View Post
    Got this in my email box this morning;
    So the HOA voted on the fractional ownership thingy last night. Don't know the results yet but thinking it went down in flames to allow it.

    The house that Picasso bought is now on the market to sell out right.

    https://mail.google.com/mail/u/0/#in...JHHhncflVHjDDb
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  13. #22413
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    Pages of price reduced listings in SF. So many small condos for sale.

  14. #22414
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    Real Estate Crash thread

    David Rosenberg
    @EconguyRosie

    The Bank of Canada panicked today with its 100 beeper (!) and the yield curve has inverted. The housing bubble can be assured now of bursting and likely in spectacular fashion. The Canadian dollar popped on the rate hike, but the coming recession makes it a hard ďsell.Ē

    1yr yield at a 15y high

  15. #22415
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    https://www.cbc.ca/news/business/ban...hike-1.6518161

    yup the bank rate up a full % point to 2.5 %

    I don't owe money so it doesnt affect me
    Lee Lau - xxx-er is the laziest Asian canuck I know

  16. #22416
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    Real Estate Crash thread

    Nearly 30 per cent of outstanding mortgage credit has a variable rate, up from just 18 per cent before COVID-19. And for eight consecutive months, variable rate mortgages have accounted for more than half of new home loans, according to the latest Bank of Canada data.

  17. #22417
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    well the variable rate was always the lowest so i've had Variable rate for years before I paid it off

    you just gotta watch whats going on and lock-in when you see it turn which I'm not really very good at but I did catch a rate hike back in the day so i never got burned

    a lot of Canadians with big mortgages are gona burn
    Lee Lau - xxx-er is the laziest Asian canuck I know

  18. #22418
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    Real Estate Crash thread

    We have been observing the market since just before COVID screwed with the local availability and prices. Wife suffered some FOMO, but we managed to not take any big leaps. Actually going to view a property tonight, but I think waiting until next spring might be the better bet (assuming nothing comes up that ticks every box perfectly, and we can afford it). Fortunately for us we have no debt but our mortgage, and that debt is well below our current means to service. Nice place to be except we Ďneedí more room for the toys and garden desires. Should be an interesting market this fall/winter.

  19. #22419
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    yeah I predict at least 1 year more likely 2 year for the carnage to really do some damage and drop the prices

    a fire sale would be an appropo term
    Lee Lau - xxx-er is the laziest Asian canuck I know

  20. #22420
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    I though I was going to sell my St Louis place, but with a 3.125% mortgage I think Iíll be renting it out for 28 more yrs instead.


    Sent from my iPhone using TGR Forums

  21. #22421
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    Quote Originally Posted by Cono Este View Post
    I though I was going to sell my St Louis place, but with a 3.125% mortgage I think Iíll be renting it out for 28 more yrs instead.
    You won't be the only one. Millions of folks with mortgages 50%+ less than where they are now will be a lot less tempted to trade up/sell. The only way I'm ever selling is to buy something with cash. No chance I'll ever be able to get a 2.375% 30yr again in my lifetime.

  22. #22422
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    Quote Originally Posted by ColMan View Post
    You won't be the only one. Millions of folks with mortgages 50%+ less than where they are now will be a lot less tempted to trade up/sell. The only way I'm ever selling is to buy something with cash. No chance I'll ever be able to get a 2.375% 30yr again in my lifetime.
    Which is the exact reason WHY you won't see a collapse in housing.

  23. #22423
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    Aug 2006
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    Itís going to be a pretty big problem in terms of class warfare. With everyone basically locked into a mortgage well below market, without a massive drop in rates itís going to be very hard for those who donít own to break into the market due to lack of inventory.

  24. #22424
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    on this side of the poutine curtain people will be fucked becuz

    while mortgages are calculated/amortised for 25 yrs the term is still only 1- 5 yrs max so as these mortgages come up for renewal there will be a lot of pain and some people will have to sell a house that is no longer/ never was worth the crazy price they paid last year

    the great credit swap crisis of 2008 took a couple of years to affect the RE market up here even tho our banks did not get into credit swaps so did not have the same problem, the chairman of TD bank one of 5 class " A " banks was quoted as saying " I'm not going to get the bank in something I don't understand myself"
    Last edited by XXX-er; 07-13-2022 at 04:08 PM.
    Lee Lau - xxx-er is the laziest Asian canuck I know

  25. #22425
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    Quote Originally Posted by AdironRider View Post
    It’s going to be a pretty big problem in terms of class warfare. With everyone basically locked into a mortgage well below market, without a massive drop in rates it’s going to be very hard for those who don’t own to break into the market due to lack of inventory.
    Inventory artificially held back by local governments and their NIMBY like slow growth laws. "We got ours....now close the gates"

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