Calculating Fair Value in today's market

[JimmyWW]

I am sure that many who came and bought were counting on downsizing to help finance their later years; an important issue since conservative investments (GICs, bank accounts) have offered such poor returns since the financial collape of 2009. It's awfully hard accept that you won't get a least what you may have paid for your home and especially if you bought into the dream that real estate always rises in value.
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Amen to this, Skook. One example my wife and I are looking at right now is on Bowen, where the property (built in 2009) is -- no lie -- being offered at 58% above assessment. The owners don't, I think, have to sell: but they are being seriously misled about the value of their home. Another is on at around 45% above assessment, and the same rule applies.

All that being said, a friend retired to the island recently and paid 97% of list price without a murmur, despite that being some 30% above assessment. Right now -- in the islands, at least -- it seems to me folks are praying for that starry-eyed Vancouver or Toronto-based buyer to come along and snap up a retirement home for approx 60% of the value of their family home, and tell themselves they've got a deal.

In that regard, it's interesting to note that listings on Bowen are now very close to their three-year high...

Boomer, welcome to the forum! Skook, thanks for your continued work. I hope you are doing well.

Jimmy