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.
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
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.