Vancouver hit by dramatic drop in house values
Hundreds of Vancouver homes are worth hundreds of thousands of dollars less now than they were a few months ago. With Halloween approaching this is just the kind of horror story nobody wants to hear but it’s not a work of fiction. The implementation of rules designed to protect the city’s heritage properties means that many pre-1940s properties are now harder to demolish and any replacement homes must be smaller; wiping huge sums of their values. In one example a homeowner with a heritage property has found that his lot is worth $500,000 less than a neighbouring lot due to the restrictions. The city council’s rules are meant to be temporary while they assess Vancouver’s heritage homes. Read the full story.