$90 billion in lost home value in Metro Vancouver over the past year: report
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$90 billion in lost home value in Metro Vancouver over the past year: report Home values across Metro Vancouver have taken quite a beating over the past 12 months, cutting much of the equity gained by homeowners in recent years.
Properties across Metro Vancouver lost $89.2-billion in homeowner equity over the past year, according to a report released on Tuesday. The report was prepared by analyzing publicly available housing data, and was released by Step Up Now, a volunteer group that lobbies against taxation.
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A new analysis, commissioned by a group fighting real estate taxes implemented by B.C.’s NDP government, estimates Metro Vancouver shed nearly $90 billion in home value in 2018. The analysis was commissioned by the anti-speculation tax and anti-school tax group StepUp Now, and was conducted by tax agent Paul Sullivan with Burgess, Cawley, Sullivan and Associates.
Never in history has B.C. lost so much wealth so quickly – and intentionally. A year and a half ago, British Columbians awoke to a startling announcement from their government: the BC NDP said it would enact whatever initiatives were required to reduce home prices.
Recent reports are that $90 billion has been lost in home value just in Metro Vancouver just over the past year. This figure is roughly 65 per cent of the entire annual economic output of the region (GDP $137B). It represents approximately $40,000 for every resident of Metro Vancouver in the year, almost matching average annual salaries.
Recent reports are that $90 billion has been lost in home value in Metro Vancouver over the past year alone. That is equal to roughly 65 per cent of Metro Vancouver’s $137 billion GDP.
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