Real Estate

*not a bear* B.C. property assessment PRICE correction. PRoperties more then 50% price drop!

  • Last Updated:
  • Jan 9th, 2020 9:52 pm
10 replies
Deal Addict
Nov 16, 2011
1535 posts
1256 upvotes
Hamilton
that has been going on for quite a while as they fight about liability............ all they've done is supply a little tax relief as these people are still paying for homes they cannot live it.
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
I thought sinkholes had value. Neutral Face
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
This story seems to be a distraction from the story that assessments have dropped NOTICEABLY in B.C. for the first time in a long time. The sinkhole story is sad and should never have happened but I think the enormous amount of focus on this, which isn't a new story by the way, at a time when assessments are falling all over is questionable.
Banned
Nov 12, 2019
21 posts
10 upvotes
choclover wrote: This story seems to be a distraction from the story that assessments have dropped NOTICEABLY in B.C. for the first time in a long time. The sinkhole story is sad and should never have happened but I think the enormous amount of focus on this, which isn't a new story by the way, at a time when assessments are falling all over is questionable.
How does BC assessment hold value vs. REBGV benchmark price?
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
choclover wrote: This story seems to be a distraction from the story that assessments have dropped NOTICEABLY in B.C. for the first time in a long time. The sinkhole story is sad and should never have happened but I think the enormous amount of focus on this, which isn't a new story by the way, at a time when assessments are falling all over is questionable.
I ask you all the time. Is this not what people wanted? They wanted values to come town no?
Deal Addict
User avatar
Jul 4, 2006
4625 posts
1342 upvotes
luckystrike1 wrote: that has been going on for quite a while as they fight about liability............ all they've done is supply a little tax relief as these people are still paying for homes they cannot live it.
The article is nonsense. If the appraisals continued to be high, they’d be complaining about a cash grab for a home they can’t live in.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
Pulpssc wrote: How does BC assessment hold value vs. REBGV benchmark price?
I am not sure what your question is but the REBGV benchmark price doesn't sound like a number derived from statistical calculations if you look at how they define it. I believe the BC assessment is based on some algorithm tied to a closer reflection of reality (i.e. real sales data, assuming sales are recorded honestly in the system) while benchmark price is based on something else. I do believe that there could be a timing difference in these numbers because the BC assessments are based on values as at July 1st of the previous year.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
JayLove06 wrote: I ask you all the time. Is this not what people wanted? They wanted values to come town no?

Oh, totally agree. You are 100% correct. It just seems that our news media can't just report the news but always has to spin the story or leave out pertinent facts that influence the way people think. I can't hardly watch most Canadian MSM for more than a few minutes anymore without getting nauseated but I check in periodicially to see what they are trying to feed us today.

In the sinkhole case, I think this is a story that should be told but it has been told over a period of several years and it should be a story told on its own and not conflated with others stories or used as a way to AVOID properly informing the public about the BC Assessment story.

But I find that our media (and it is not just CBC either) uses the BC Assessment decreases (which is a huge story in my opinion based on the history of real estate in Vancouver and virtually a 20-year run up in prices never seen before) as a headline to get your attention but then quickly shifts to something else without really informing us about the decreases in BC Assessments which affects a significantly greater number of BC residents than the sinkhole story.

I am not a journalist but if I were writing the story about BC Assessments I might give some consideration to the following:

* who is affected by the drop in BC Assessments
* how are people affected by the drop in BC Assessments
* what are some historical trends that can be backed up with facts and figures
* what are the possible implications for people who are buying and/or selling
* who should be concerned about this
* what are the pros/cons of this
* are there other areas or periods in history that have experienced something similar and what were the outcomes

And after I have written my story, I would have others read it to see if I have introduced any bias into my story as I believe that credible reporters leave bias out of their reporting.

I believe reporters should do the best job they can reporting the facts and information and leave it to the audience to judge for themselves what they think of the story.

Some people say journalism is dead today. Maybe there is an opportunity for some brave soul to actually get out there and report the truth to all of our citizens so that they can be better informed in their day to day lives.
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
choclover wrote:
Some people say journalism is dead today. Maybe there is an opportunity for some brave soul to actually get out there and report the truth to all of our citizens so that they can be better informed in their day to day lives.
ditto
Deal Expert
User avatar
Oct 26, 2003
39338 posts
6341 upvotes
Winnipeg
Goodness, BC and their never ending RE horror stories.

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