Tuesday, June 21, 2011

Foreclosures June 21,2011

With the large number of foreclosures in Tofino one has to wonder how this will affect property prices and District of Tofino revenue. If these properties sell for bargain prices it could mark the beginning of a downward spiral in property taxes.The real estate market seems to be relatively slow here and a drop in assessments will have a dramatic effect on the district's finances. If the Cox Bay waterfront property sells for a low price,waterfront properties throughout the district will be in line for a correction.....
Another possible problem facing the district is a drop in water use. If we have a slow tourist season ,revenue from water sales will take a hit.....

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