Allons enfants de la patrieeeee-eh
Saturday, October 18th, 2008 10:29 amYay!!!! "Prices of existing homes in Canada's largest city took a stunning drop in the first half of October, down by 15 per cent compared with the same time last year."
(Why yay, you ask? Because most people buy houses to live in, not to sell. When demand for houses inflates the value of small downtown fixer-uppers to double or a third again their real value, it's reflected in the taxes. Property taxes used to be assessed every year based on the house's market value. In a hot market, driven by (where have we heard these words before?) low rates and easy credit, that puts a real strain on low- and fixed-income people, precisely the sort who live in small downtown fixer-uppers.) ( Cut for more frothing and cackling )
ETA: And the good news just keeps on coming.
(Why yay, you ask? Because most people buy houses to live in, not to sell. When demand for houses inflates the value of small downtown fixer-uppers to double or a third again their real value, it's reflected in the taxes. Property taxes used to be assessed every year based on the house's market value. In a hot market, driven by (where have we heard these words before?) low rates and easy credit, that puts a real strain on low- and fixed-income people, precisely the sort who live in small downtown fixer-uppers.) ( Cut for more frothing and cackling )
ETA: And the good news just keeps on coming.
