Gordo Gives British Columbia Real Estate a Maui
Posted November 2nd, 2008 in Real Estate, Sharing the Experience | 
GORDO’s Kona Winds
Gordon Campbell announced today 2 of 4 great things for the sagging Vancouver Real Estate market that should just want to make you stand up and shout NFW.
- Give all homeowners — with 15 per cent equity in their homes — the option to defer property tax payments for up to two years.
- Freeze property assessments at 2007 rates.
Courtesy of Global TV
“Hey Man”
Tell me please – how is deferring your taxes for 2 years any different than the sub-prime mortgages that brought the U.S. housing market to its knees.
Under this proposal you might think that Gordo’s part time job was being a mortgage broker for Country Wide.
What is the difference between this Liberal nonsense and the interest rate bumps for which the sub-primes are famous.
Will we fall for a similar pay-me-later-scam? Are we that gullible to believe that it will be easy street for two years, then act surpised when the Liberal tax man (Gordo’s hope) comes shouting:
“EXCUSE ME! You deferred for two years – Its time to show me the money.”
Optics
Really! Has our dotty premier fallen under an illusion that people are going to put that tax money away in the hopes of a happier day. Sad it is, the reality is that it will be spent.
Two years from now many won’t have saved those tax funds. Two years from now those who chose to defer will be crying in their empty bank accounts. Two years from now the premier shouldn’t turn on any fans.
Were the election in May of 2010 these “great things” might be his undoing, his Waterloo? Since the election is in May of 2009 he may not have to wait that long.
Freezing Property Assessments
Where does this come from? Has he checked the market to know that a great number of Vancouver homes for sale have asking prices that are approaching or have dropped below the 2007 Assessed Values. Why then are the values being frozen. They and the accorded taxes should be reduced!
Oblivious
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Sauder School is predicting a 30% drop,
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Pastrick concurs, saying that we will suffer a 30% drop this year with the expectation of another 17% drop in 2009.
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Wolf and Kwan of Merrill Lynch proclaim that we are are going to match the US in 2 years.
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The Vancouver Sun claims that “Home Prices in Most Lower Mainland Market slipped below 2007 levels.
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CBC says BC’s resdidential prices dropped 12% since March of 2008.
Standing against wisdom, are his wrists so supple that he controls the “silver ball”?
He stands like a statue,
Becomes part of the machine.
Feeling all the bumpers
Always playing clean.
Plays by intuition,
the digit counters fall.
Is Gordo the deaf, dumb and blind kid
playing a mean pinball?
apologies to The Who
Kool Aid
Gordo, you have got to ask yourself if you were slipped some “Kit Kat, GHB or Ativan”.
On a positive note it could have been the mountain air, or maybe you really are a Pin Ball Wizard.
Truthfully, I think you drank too much Liberal Kool Aid.
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I’m always happy to answer your Vancouver Real Estate question? Call or send me an email Twitter or Skype me at YatterMatters.
Larry
*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.
I love your posts, Larry, not only because you provide us with important information, but also because you’re funny
Great work!
You are so right ,Larry. The province shoud adjust assesments according to the market. Often property value is derived from an assesment for lending purposes. Derived, derivatives – seems like we just never learn.
Great piece. I have renewed respect for you and your opinions.