Right on schedule, I got my property assessment in the mail this week. My property increased in value by 15%, at least in the eyes of the province. The year before the value increased by 22%.
Through the provincial assessment web site I was also able to get sales data for 2017. Since my apartment layout is pretty much identical across other floors and across two neighbouring towers, I have a very accurate idea of what I could be selling my apartment for. The selling prices over the last twelve months are somewhere in the average of $450K, with one very close to half a million. It’s ridiculous that my apartment could be worth that much. It’s easily the best investment I’ve ever made, even if I haven’t realized any of the gains.
So while these numbers are impressive and all, there’s nothing I can do about this. If I sold my apartment, I’d still have to live in the greater Vancouver area. Buying a place would just eat up my profit. Renting an apartment isn’t ideal either as rents are high as well. My mortgage is several hundred dollars cheaper than what my apartment would rent for. I don’t want to throw my money away to that.
I’m happy to stay where I am because I honestly do enjoy where I live. I wonder what next year’s assessment will be?