Paper House

Yesterday this page received his annual notice from BC Assessment, and based on the apparent value of the 600 square feet the I'm buying from the bank, I'm 50% richer than I was a year ago. On average, homeowners in Vancouver are supposed to be 25% richer, and across the province, the value of our homes has shot up like so many New Years fireworks.

Pardon me if I don't think this is such a wonderful development. One of the saddest things about living in Vancouver is that this is a city which makes nothing. Seattle makes software, airplanes, and a decent cup of coffee. Vancouver makes drug deals and real estate deals, and this page can't tell anymore which is more corrupt. Why would my home be worth 50% this year, when it went up 50% last year? The Skytrain station that opened in my neighbourhood last January won't be opening again for the first time this year, and there's no other improvements to the neighbourhood beyond a set a traffic lights and a bus stop. That's worth over half the value of my homes original purchase price from three years ago?

Real Estate speculation and Market Value Assessment are two key tools to maintain a permanent underclass in North American cities, and to keep the wealthy in control. Sure, your home may be 'worth' substantially more, but where can you move to in order to cash in? A psychotic real estate market like Vancouver's means that either property taxes shoot up to match housing prices, or City Hall strips program spending to the bone and takes away money from parks, infrastructure, and support for the people who shoot up and don't have homes at all.