City buys building for housing
As La Presse says here, for the third time in a year the city has bought a building for more than twice its assessed value, with the aim of creating affordable housing units – this time in Verdun.
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Kate
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Benoit 00:47 on 2023-06-04 Permalink
The assessed value of this 96 rooms seniors residence was only 3,9M, the equivalent of 3-4 triplexes in Verdun. It was clearly under-assessed.
JaneyB 09:47 on 2023-06-04 Permalink
Also, there’s no link between property assessment values and market values. The price of a building is always what the market can bear. That building was a good deal for the city. Well-done Mayor Plante.
Kate 10:47 on 2023-06-04 Permalink
Agreed, JaneyB.