One of the hottest topics in Vancouver is the real estate market. The commercial side has always lagged the residential side in how fast it expands (historically as I understand it by about 2 – 3 years); but because we’ve been on the rise for over a decade plus, we’ve seen some major increases on the commercial side too.
We don’t own the building we are in, but as a renter it certainly does affect us through property taxes. As many of you might know, property taxes are calculated as a % of the assessed value of the building. This means that as the general market rises, our property taxes rise too.
How bad has it gotten? Well, this is the 4th year in this building and our estimated property tax portion is literally double what we were charged in 2013 (edited from 2007). That works out to nearly a thousand dollar increase in our monthly expenses.
It’s certainly something that has had us seriously considering running away from Vancouver central to a more reasonable location outside of town. Of course, we know that’s going to affect our local pickup customers, but one of the major calculations we have to do is how many customers we might lose compared to how much we might save. We’re still locked in for this one year, but after that… well, we’ll see.