Re: Letters: “House values dropping, Aug. 21, SNM.
In reply to Mr. Bernard and his claim that Sooke council can manipulate the value of houses in the area.
I don’t understand his perspective. The housing market appears to be need driven, if someone wants to buy a house, they look for someone who is willing to sell. If that person pays well above true market value how is Sooke council responsible for this lapse in judgement?
Speculation always is a big part of the housing industry. When you buy at inflated prices with the hope of a quick turnover you are responsible if the profit margin does not appear when the market goes through it’s inevitable cycles.
Financial risk is always present in the housing market whether you are building, buying or selling. Mr. Bernard should identify what businesses and financial institutions stand to profit most from this situation before passing blame around for financial loss.
When a person is buying in the hope of purchasing a home rather than purchasing potential profits, the pursuit of profit margin becomes a mute issue.
With the cost of housing always on a general upswing sooner or later a person can sell at a profit if they desire.