Dear Editor:
I read with amusement and a little revulsion about the budding tax revolt by some angry West Vancouver homeowners (West Vancouverites Revolt as School Tax Looms, June 8 front page).
Prominent local Realtor Alan Mark Angell, while later offering a gracious apology for his remarks at the public meeting, did raise some points that merit comment.
Mr. Angell laments the erosion of his own home equity as well as that of seniors living on fixed incomes. What is not mentioned is that the unprecedented run-up in home prices was really an unearned windfall for those already in the market and a massive hardship for those needing to secure housing. Many in the real estate industry actively promoted and revelled in the price escalation of local homes and profited handsomely from it. I received brochures from local real estate agents touting their expertise in marketing local homes overseas where the highest prices could be obtained.
In fact, just this March, a website that markets international property to buyers, primarily in China, proudly announced a partnership that could expose Vancouver real estate listings to 300 million new potential buyers. Mr. Angell is correct that many homes in West Vancouver are selling for well below their assessed values, but this may be more of a case of overzealous assessment than a loss in real equity.
Some of the statements reported from the public meeting are quite astounding: “we likely pay 10 times our share (in taxes),” if you are a buyer, the fact that the home price is cheaper does nothing to help you, and that the tax will have a “trickle-down effect” and divert money from lower-level workers and charities. Really?
Like moths to a flame, some Realtors are already trying to flog homes for more than twice their current assessed values as “land assemblies” within the West Vancouver official community plan neighbourhood study areas for potential increased density. Can we expect anguished protest from these residents as well if things don’t work out as hoped and their anticipated overnight “equity” windfall is ultimately denied?
David Sheffield
West Vancouver
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