“Are you a landowner in Pitt Meadows?” – “No, a happy renter while the market collapses.” – [Laughing] “That won’t happen!”

“I was just walking into the IGA in Pitt Meadows, where the front page news is property taxes squeezing pensioners and fixed incomes.
There out front of the store stood an older gentleman beside a table, with signage relating to the hot topic and asked me if I was a landowner in Pitt Meadows, I blurted out without a thought “No, a happy renter while the market collapses, which will sort the tax issue at hand.” The man burst out laughing and proclaimed “That won’t happen!”.
May I note that adjacent to this IGA are the foundations for a 388 unit condo building. They’ve got the posts up for the signage to face Lougheed, but the marketing placards aren’t up yet. At the same time, behind the IGA, there is a rezoning app for a 97 unit residential mixed use, all within arms length of 4 other condo/townhouse developments that appear to be certainly under six to eight years old.”

– from Aldus Huxtable, via e-mail to vreaa, 8 Jul 2012

5 responses to ““Are you a landowner in Pitt Meadows?” – “No, a happy renter while the market collapses.” – [Laughing] “That won’t happen!”

  1. It won’t happen just like NORTEL, RIM, ENRON, DOTCOM, Air Canada, MFGLOBAL..the list is endless for bubbles. Some people stay dumb their entire lives.

  2. Renters Revenge

    I wish I had a dollar for every time someone has told me “that won’t happen.”

  3. The housing price collapse will certainly happen, but since taxes are described as the property valuation based share of the total municipal tax bill, taxes are unlikely to drop. They may get worse for some people in fact, if re-assesments and/or non-payers complicate the collection process.

    • The lack of understanding of how the property tax roll is calculated, by itself, regardless all the other troves of data, is all the evidence I need that there are real risks of irrational speculative excesses in Vancouver.

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