The year is 4712; year of the Horse starts tomorrow!!!!
The Chinese New Year is underway, with its traditions of lucky money, renewal and family…
From our family at WesTech to yours, 恭禧發財.
Thinking of using your lucky money to purchase a new home? Want to manage your asset? Do you have clients who can benefit from our services? Or simply hoping to see what your home is worth?
Let us take care of your residential appraisal needs, anywhere in the lower mainland. With a 24 hour turnaround time and over 60 years of combined professional experience, you are guaranteed excellent experience & results!
Bond yields fall, cutting borrowing costs to the bank and mortgage costs for Canadians
RBC has cut two-, three, four- and five-year fixed mortgage rates by 10 basis points after a slide in Canadian bond yields.
Other Canadian banks will be watching the change and could move Monday to follow.
RBC posted the new rates over the weekend on its website. RBC’s discounted five-year fixed rate is now 3.69 per cent, though it may discount that rate for preferred customers.
Five-year fixed mortgage rates rose industry-wide for much of 2013 with an uptick in August helping to cool the overheated housing market.
The five-year rate is an important measure because it is the rate used to qualify borrowers for CMHC financing and for variable and other fixed-rate terms.
The new rate reflects the lowering of Canadian bond yields by 26 basis points in January, which mirrors the slide in yields on U.S. bonds. Bank borrowing costs rest in part on bond yields.
The Bank of Canada has not changed its key overnight lending rates to the banks – it will announce its latest decision on interest rates on Wednesday..
Bond yields rose when the U.S. Federal Reserve decided in December to taper its bond-buying program to $75-billion US a month, but the market has since absorbed the change. However, further Fed tapering or changes in the U.S. economic outlook could lead to fluctuation in the bond markets later this year.
While a majority of assessments may have dropped are you certain that your assessment reflects an accurate drop in market value? Conversely, if you happen to have one of the properties where the assessed value has increased is the increase accurate?
An assessment on your property is done by BC Assessment, who values your property as at July 1st of the previous year (i.e. your 2014 assessment is based on the value of your property on July 1st 2013). If you think your home is over assessed, you can appeal to the PARP on the grounds of unfair market value, or an inequitable assessment. Arguing on the basis of equity means that homes in your neighbourhood are valued either above or below market value, and that your home is valued substantially differently (usually the neighbouring homes are undervalued and your home is valued at or above market value).
Both appeal processes require you to prepare an evidence package which includes an appraisal of your home. This is done by using comparable properties in the neighborhood, and then making appropriate adjustments to come up with your estimate of the market value, which you will later present at court.
Assessments are released on December 31, and all appeal requests must be submitted by January 31 each year. Below is a timeline of the appeal process for any given year.
Some of the most common reasons why appeals are rejected by the court are that there is not enough evidence, the evidence isn’t presented in the correct manner, or there are errors in the evidence. WesTech Appraisal Services Ltd. is one of the largest appraisal companies in the Lower Mainland, and has the experience and knowledge to ensure this doesn’t happen.
We are expecting that there may be more assessment appeals this year given the softened market. Contact us today at 604-986-2722 for a FREE review.
Watch a video from BC Assessment – Property Assessment Review Panel Process here.