“I was at a function on the weekend and spoke with a woman who just listed her West side home. She had just met with one of the ‘Super Star Realtor to the Stars’ (which is another sign of how nuts this place is).
The woman had suggested to the realtor they list at the assessment value to start. No way said the realtor. They told her 200K below assessment was much closer to market.
What is fascinating in Vancouver is that the common belief is that the assessment is lower than the actual value. This, of course, helps us all stomach the high taxes. Except in many cases it is obviously not true or at least not true anymore.”
– Junius at greaterfool.ca 27 Aug 2012 9:55am
Throughout the mania it was indeed ‘common knowledge’ that properties were ‘worth’ more than ‘assessed value’.
We’ve noted, too, that this has now changed.