The news of falling assessments was all over News 1130, CTV and the papers today.
CTV
Vancouver Sun
Ironically a falling assessed value makes things even more difficult to sell in hard hit areas.Why? Because buyers will start wondering why they should pay more than a number which is dropping. In fact maybe they should pay less to account for future declines.
And lenders who were happy and foolish enough to lend way over assessed value in the way up, will now look at assessed value as some sort of base value for lending (which it isn't). That unfortunately is how human psychology works.
