The number of new listings is at an all time low, while the number of people sick is at an all time high. Is that it...once everyone is healthy this real estate market starts rockin' again. We don't think so, but the stats sure point in that direction. High inflation and the threat of increased interest rates certainly have people nervous. But demand is still high and inventory is still low. We could look historically...but find no answers to "what happens after 2 years of a pandemic, unprecedented spending, and record breaking numbers in real estate?"...because we are in new territory!
Perhaps the answer to what to do in regards to real estate is more philosophical. Should you sell, buy, invest?? Take inventory of the things in life that are important to you, the things that make you happy and bring you joy, and the ways in which you want to earn, invest and spend your money. Are you in for the long haul or the short haul? Real Estate professionals have become advisors in so many of these conversations - so call on us to help determine your next move.
Assessments are in and jaws are dropped!
Many of us are looking at our increased assessments with awe - and wondering what the heck our tax bill is going to be this year! Don't panic just yet. The average assessment in the Thompson Okanagan went up 28%, but that doesn't mean your taxes go up 28%. It means IF your assessment went up 35% your taxes are going up relative to the amount OVER the average increase. Or IF your assessment only went up 24%...you just might find your taxes going down. The exact formula - we don't have, just know it's a relative amount compared to the average...and certainly broken down further than these averages into more specific geographical areas and property types. The overall increase in assessments for BC was up 22%, so yes, we really did feel the "heat" several ways in the Okanagan this past year!
The bcassessment.ca site is useful and if you feel your assessment is incorrect, the deadline to appeal is the end of Jan. Us realtors can help with market stats, average house prices, sale prices, etc if you are needing some help. A few interesting stats from the site: