Heads up, folks! Canada Post is increasing the cost of postage, again. The new rates will take effect as of Monday, January 11.
The proposed new rates, according to CIBC Mellon, are:
Good idea to stock up on stamps now!
By now, many of you will have received your 2009 Property Assessments in the mail, and you may notice that there are TWO assessed values included in the statement. Why is that? Because it’s one of the steps outlined by Premier Gordon Campbell, to help B.C. Homeowners, seniors and rural residents during these turbulent economic times.
“Our government will act to provide new stability for homeowners who are worried about fluctuating property values, and give new options to property taxpayers who are facing economic hardship,” Premier Campbell said.
“We know that property values have fluctuated widely since assessments were conducted last July,” said Premier Campbell. “To avoid confusion, anxiety and unnecessary assessment appeals prompted by higher-assessed property values that do not reflect current market conditions, we will lock-in B.C.’s assessment rolls at 2007 assessed levels.”
(www.gov.bc.ca press release; Nov 1, 2008)
BC Assessment issued a press release on Monday Jan 5, which can be found on their website www.bcassessment.ca to explain the ‘09 assessment notices:
About 94 per cent of property owners in British Columbia will see identical or lower assessed values on their 2009 property assessment notices compared to last year, announced Connie Fair, President and CEO of BC Assessment.
More than 65,000 property owners in the Penticton Office area can expect to receive their 2009 assessment notice in the mail in early January.
“This year, property owners will see some changes in the way BC Assessment has prepared their property assessment notices,” said Fair. “Notices will show the market value of their property as of both July 1, 2007 and July 1, 2008. The lower of these two values is the official 2009 property assessment. For most properties, this means there will be no change between the 2008 and 2009 assessment. The lower value is the basis upon which 2009 property taxes will be calculated.”
If you have questions or concerns about your assessment, or if you feel your assessment does not reflect the lower market value, you should contact the BC Assessment office as soon as possible.
The Penticton Assessment Office is located at:Suite 201-3115 Skaha Lake Rd. in Penticton. You can reach them by phone at 250-763-8300.
During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.
Want to compare your assessed value to similar properties in the neighbourhood? Use the convenient online ‘e-valueBC‘ service at www.bcassessment.ca.
I was reading through our local paper this morning and came across the monthly stats for Oliver, contributed by our South Okanagan Real Estate Board (SOREB). Here’s an excerpt from the article:
Average real estate in Oliver sold for $518,333 in November
The slowing Canadian economy is being reflected in real estate transactions in the South Okanagan. Oliver’s sales in November, 2007 came in at 21, as compared to nine for the same time period in 2008.
The average selling price of a single family residential home in Oliver last month was $518,333…
Now, while it’s nice to keep the general public informed of what’s hapening in Real Estate around here, using a one-month comparison isn’t very effective, especially in such a small market area. Take a look at the November ‘average’ of $518,333… well that number is comprised of 3 sales – 2 of which are single family homes both between $280-380K, and the other…a farm on White Lake Road that sold for just under $900K. That $900K skews the average a bit.
Let me give you a bigger piece of the pie…let’s look at Oliver sales of Single Family Homes, year-to-date. From January 1st, 2008 to November 30, 2008, there were 91 SFH’s sold in Oliver, with the average sale price of $356,289. Compare this to last year, …158 SFH sales in Oliver from January to November, with an average selling price of $331,036.
Looking at that we can see yes, sales are down but overall, prices are still up from last year. Just keep in mind when looking at Real Estate stats, don’t get all glossy-eyed at the big-number averages, know where the information is comprised from and if in doubt, call your Realtor®!
You’ve heard the rumours, and they’re true. The real estate market has indeed slowed down during the latter half of this year. But don’t believe all the doom and gloom you read in the newspapers…it’s not as bad as you might think!
The buyers are still out there, mortgages are still relatively easy to get and interest rates are good. So what’s the problem? Simply this: buyers now have the option to be more choosy in what they purchase. They’re taking their time, they’re looking for good deals. They’re not jumping on over-priced homes like they have in the past few years.
A home that’s priced right still sells. Case in point, in the last few weeks I’ve taken 3 new listings. Of the three, two received and accepted offers within a week… and one of them even had multiple offers! Homes need to be priced right to sell, and in this market, you simply cannot overprice a home and wait for the market to catch up to it. Not unless you want to end up chasing the market with price reduction after price reduction! Still, even with a good price, you may have to practice more patience as a home seller in the next few months.
Be sensible when you’re selling your house, listen to your Real Estate Professional’s advice, and remember, if you’re selling in a down market, you’re also likely buyng in a down market…price is relative.