Are We Now Seeing Inflation In BC Home Assessment?

BC Assessment letters have recently gone out to British Columbians and given them new information about the changes to the value of their homes.

Inflation has been a top concern for many Canadians and we’ve been told that prices are going to go up for living. It was reported last year that the country is seeing some of the highest inflation that has been seen in almost 20 years.

Food prices in British Columbia are expected to rise as a result of that inflation, some have issued forecasts which suggest it might be 5 to 7 per cent more on food spending this year. There isn’t said to be any relief on that front coming anytime soon, though some have asserted that eventually inflation will come back down.

Increases in BC Home Values in 2022

Property taxes were expected to increase this year and that is what many are seeing in their recent letters that have gone out detailing the value of homes in BC.

The province and other Canadian leaders have promised previously that they are working to bring down the cost of homes for people this year and as a plan looking into the future.

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The affordability around British Columbia is a big voting issue, as it is for many Canadians.

We continue to see more Canadians priced out of the real estate market, it is one which some financial experts have previously suggested has been in a bubble for years.

Many Canadians today have simply given up on the dream of home ownership because of the unaffordability in cities all around the province, as well as other areas of the country.

With those prices going up and salaries not moving up along with it this only becomes harder and more unaffordable for millions.

Priced Out of Home Ownership in BC

Some British Columbians have already made the choice to move to other more affordable regions because of that housing affordability issue.

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Canadian Parents Gifting Billions To Make Home Purchases Possible in Canada

For those Canadians who have been able to purchase their first property many of them had to get help from their parents, with Canadian parents gifting billions to make those home purchases possible around the country.

Despite several attempts from politicians in the past to address these issues the problem still hasn’t been fixed. The housing demand continues to reportedly be outpacing supply for homes in BC.

There can easily be a decreasing amount of optimism for those first time buyers when things only get more expensive and out of reach.

Some home owners have seen their values go up 20 to 30 per cent on these recent assessment letters that have gone out.

Despite millions hoping that prices come down to a more affordable level there are many who have suggested that we will only continue to see those prices rise for homes in BC and elsewhere.

As those home prices rise and more Canadians give up on the dream of home ownership it means less opportunity, fewer options, and a decreased standard of living for Canadians as a result.

Non-Profit Offers Rebate For Homeowners in BC Who Collect Rainwater

A non-profit in BC is offering rebates for homeowners in Salt Spring Island, BC, who collect rainwater.

That non-profit, Transition Salt Spring (TSS), began the project known as Rainwater Harvesting Rebate in October and it gives homeowners between $250 to $500 for installing cisterns that enable them to catch rainwater on their properties and store that water.

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Saving Water In BC Communities

There had been such interest for homeowners getting involved in the program that they needed to shut down the application process after a few days. There are dozens of applications going through the rebate program and it is looking to possibly help save 100,000 litres of well water each year.

Due to the high demand with this project there is a waitlist of homeowners that are looking to take advantage of the opportunity in collecting rainwater on their own home.

The homeowner water collection program they have come up with for Salt Spring Island is supposed to help maintain water levels during the hot and dry summer months, among fueling other benefits.

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Dealing With Droughts In BC

This is an area that has dealt with water shortages in the past and has experienced some of the worst water shortages this past year with the record breaking heatwave that we had seen that ended up cooking over 1 billion seashore animals, and leading to lives lost around the province.

There are more communities around BC facing the same issue with water shortages. Given the success so far of the program, in seeing the enthusiasm from the community about getting involved, this could translate into seeing more programs like this spread to other areas of BC as well as people look for solutions to their water problems.

Vancouver Is The Most Unaffordable City

RE/MAX has recently labelled Vancouver to be the most unaffordable city in the country which might not come as a shock to many. For the average home and rental situation in Vancouver right now not many people are able to afford it.

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The increasing cost of living in Vancouver (and around Canada) has been referred to as one of the biggest real estate bubbles in the world on more than one occasion. This has some asking if or when that bubble might pop. And while some are eager to see prices decline and a more affordable market come about, there are many home owners who of course want to see the opposite.

Those home owners in Vancouver and around Canada can’t help but ask themselves why some and the media might be seemingly cheering for a real estate market collapse in Canada by wanting those prices to decline significantly so that the average full-time working family could afford it.

Higher and Higher Prices for Homes in Vancouver

The prices in the Vancouver real estate market are some of the most expensive in the world. This has meant that on repeated occasion Vancouver has been called one of the most expensive places in the world to live.

It is getting more difficult for the average individual and family to call Vancouver home and make a comfortable living here, as prices go out more families are being pushed out of Metro Vancouver to find more affordable housing.

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It isn’t getting easier for those in Metro Vancouver to afford a living. People in Metro Vancouver also face high gas costs too. Those in BC are known to pay more than anyone else on those gas costs and that Vancouver has had the highest gas prices in Canada despite frequent fluctuations.

Looking for Cheap Housing in Vancouver

From postponing starting families to making the difficult decision to relocate, many British Columbians don’t have the choice when living in the Metro Vancouver area. They are priced out. With the average 1 bedroom apartment costing $2,000 it isn’t a viable option for a number of families and individuals.

Whether families are working full-time, or have multiple income streams between them, there is a lot of struggle in British Columbia. This means that altogether many Canadians have simply given up on the dream of home ownership. The consequences of that environment, experts warn, could fuel stress and anxiety linked with that decision to give up hope on things getting better for a home situation.

For now Vancouver is the most unaffordable city in Canada and things are not looking like that will turn around anytime soon. For years it has been reported that Vancouver is one of the most expensive places to live not only in Canada but also one of the most expensive cities in the world to reside.