It looks like we are getting to the point where having a million dollars worth of assets isn’t so far fetched as most people think it is anymore. I guess that is what people would call a “paper millionaire.†Recently, headlines are everywhere about the 2007 BC property assessment where property values have went up by 23% compared to last year. That is a pretty significant number when you look at it and here is a sample on how it is everywhere in the media as it was on the front page of the Vancouver Sun yesterday:
As you can see from the chart below, property assessment values for this year increased by $150 billion. For all the BC readers, you can find out what your current property is valued at by visiting http://www.bcassessment.bc.ca and simply type in your address and all.
As an example to just how many more paper millionaires this 2007 assessment has created, Landcor Data Corp released these figures to show how many more million dollar properties there are out there now compared to last year alone:
Single-family homes:
2006: 19,568
2007: 38,027
+94.3%
Condominiums:
2006: 1,893
2007: 3,260
+72.2%
Total:
2006: 26,557
2007: 51,059
+92.3%
While this is about property value and not specifically the house that is on it, people always say that buying a house is one of the best financial investments that you can make and I guess this advocates that point even further.