And now some recent Surrey properties now have shown up with asking prices more than 30% below assessed value.
At the other end of the price spectrum is this 1,354 sq ft 2 bedroom condo with no rental restrictions and pet friendly building near Scott Rd and 96th.
Assessed value: $203,000. Current asking price: $139,900.
That's an asking price $63,100 below assessed value or 31% below assessed value and no buyer in sight!
Critics contend citing these examples is 'cherry picking' to create a misleading assessment of the market. But the fact is a year ago the idea you could even FIND properties selling below assessed value (let alone with an asking price below assessed value) was considered impossible.
Six months ago finding properties 20% below assessed value was criticized as rare and 'the exception'.
Now properties with an asking price below assessed value is the accepted practice, 20% below accepted value relatively common and numerous sightings at 30% or greater below assessed value.
How much longer until we have a property priced or selling 40% below assessed value?
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