Editor:
I was happy to read Sophie Woodrooffe’s story last week about the real estate market on the Coast. Her reporter’s viewpoint was refreshing compared with information that often comes from other sources, including developers, some politicians, and realtors.
However, I’m wondering where Woodrooffe got the “benchmark” prices she cites. The B.C. Real Estate Association posts average prices on its website. Benchmark does not equal average.
It’s my understanding that a “benchmark” price is a predicted value, not an actual selling price. The benchmark reflects what realtors believe a typical home would sell for. Few homes on the Coast are “typical,” and neither are home buyers. Most buyers, unlike people vested in the real estate industry, have savings in mind rather than profits.
Coasters who are scrounging for an affordable home would be better off if they were to learn the median selling price—not the asking price—for a specific type of home. Hypothetically, the median selling price of a detached 2,000 – 3,000 sq. ft., two-bedroom home might be cited as $500,000. That would mean half of such homes have sold for more and half less.
More reporting about the real estate market would be great, but with the needs of readers in mind.
Elizabeth Rains, Langdale
