Industrial land prices crash
Blueskies pointed out this article in the Globe and Mail – Apparently industrial land prices in Metro Vancouver have dropped as much as 30% over the last year. Vacancy rates for industrial land is also on the rise.
The value of industrial land in Metro Vancouver decreased by as much 30 per cent in the last year as speculators desperately unloaded land bought near the market’s peak into a market with little demand.
“If there is no demand to build, it is no surprise vacant land is the first asset to be disposed of,” said Avison Young principal Rob Gritten. “Speculators who entered this market in the late stages of the bubble, and with no income to support carrying costs, have been forced to discount significantly to attract bids.”
Silly speculators, don’t they know that residential condos is the place to invest?
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What happens if the debtor of a lien dies in califiornia | Money Talks... Says:
March 9th, 2010 at 6:33 am
[...] Metro Vancouver industrial real estate prices plummet, vacancies … [...]
November 13th, 2009 at 11:24 am
@Purp: Not all municipalities follow that model. Majority do but not all. The big one is apparently City of Vancouver which operates more on a % level rather than on a budget level.
Also doesn’t change the fact that higher property assessment values can mean a lower property tax rate even if the tax has actually gone up. If enough people believe the property tax is set based on a rate then a lower rate will give the appareance of doing a good job to keep the costs down.
November 13th, 2009 at 2:35 am
@Deliverator:
Well actually Tamil is the language spoken by (surprise) Tamils. Tamil Nadu (which literally means “Tamil Land” is a state in India. Tamils are an ethnic group whose homeland is Tamil Nadu and who also live in Sri Lanka, Malaysia, Singapore and elsewhere. Whether you want to call an ethnic group a “race” is subjective and not worth debating.
realpaul:
Are there prizes for this kind of thinking? The price of something is how much money it takes to buy it. The purchasing power of money is how much of something you get for a given amount of money. In other words, one is the reciprocal of the other, and if one goes up the other goes down, by definition.
November 13th, 2009 at 12:31 am
@realpaul: Sikh is a tribe currently occupying the state of Punjab not a race and Tamil is a state in India, not a race
Sikh is a religion.
http://en.wikipedia.org/wiki/Sikh
November 12th, 2009 at 7:47 pm
@Truthiness : I think it’s been discussed here lots before, but property taxes are not calculated as you describe. The annual budget is determined, and then property assessments are used to divide this tax burden based on a property’s assessment relative to other properties. Total assessed value of all properties do not affect the total amount of taxes collected.