6 - Sunday, April 16, 1989 - North Shore News INSIGHTS Soaring home prices no path to instant wealth MORE NONSENSE IS TALKED about real estate than almost any other subject. A fresh spate erupted last week over ‘‘capping’’ assessments to help taxpayers hardest hit by the real estate boom. Municipal Affairs Minister Rita Johnson has introduced a bill that would allow councils to limit assessment increases to 15 per cent above the municipal average. In North Van the average 1989 in- crease is 33 per cent, in West Van 55 per cent. So if the bill goes through, the maximums will be, respectively, 48 per cent and 70 per cent — whereas some 1989 assess- ments are presently up by 80-100 per cent or more. The raunicipalities would, of course, have to compensate for the taxes lost from those homeowners under “capping"’ by adding maybe $15- $20 to the tax bills of the majority of owners with average or lower hikes. As elsewhere, the 2,700 North Shove taxpayers aided would be the owners of the more expensive properties whose dollar values have soared most. So now the NDP and its media allies ave crying foul. ‘‘Cod ing the poor’’ is their knee-jerk reaction. But just how ‘‘rich"’ IS a home- owner who bought a home a year ago for $250,000 and now, through no fault of his own, finds it valued at $400,000? According to columnist Patricia Graham in the morning tab, he’s made a 12- month “profit’’ of $150,000 and thus deserves no mercy whatsoever from the tax man. Think again, Ms. Graham. It so happens that this guy’s INCOME hasn't increased one per cent after inflation. The only way to get his hands on that lovely ‘‘profit’’ is to sell the home. Any similar home in the area where he and his family live will now, of course, also cost $400,000 upward. So to ‘‘cash in’’ even partially he'll have to either buy an inferior propetty or move to Chilliwack, Is THAT what you call ‘‘being rich’’? Home ownership is a great in- vestment in pleasure and security, especially if you eventually pay off the mortgage. But for the average income-earner it’s no path to in- stant wealth. Where's the fairness, then, in suddenly stripping him of hundreds of dollars more than his neighbors simply because the mar- kei (in which he played no part) went berserk? Go to it, Rita — don’t mind Patricia! ake POSTSCRIPTS: Cutting the cake Tuesday, April 18, at the 20th bir- thday party of West Van’s popular who built per capita circulation to the highest in North America. The everyone-welcome party in the Library building is from 2 to 4 p.m. ... Buoyed by the election of its first MP, Deborah Grey in Beaver River, Alta., the Reform Party is keeping up the momentum in North Van, where it holds its a.g-m, and election of officers Wednesday, April 19, at 7:30 p.m. in the Coach House ... Closing the generation gap tomorrow through Thursday, April 17-20, at Ridgeview Elementary in West Van is ‘‘The Selfish Giant’? — a musical drama with a cast of 230 children aged five to nine PLUS 50 over-60s from the Seniors Centre Choir! Curtain at 7 p.m. nightly, with a Thursday matinee at 1:30 p.m. Tickets $5 from the school and the Seniors Centre ... Still on stage and direct from Bonnie Scotland, where they’re renowned entertainers, Grant Frazer and Stuart Anderson lead an ‘‘Evening of Scottish Song’’ 8 p.m. Tuesday, April 18, at the Centennial Theatre. Tickets $10 at the door with proceeds to the Sons of Scotland Benevolent Association .». And believe it or not, Todd Mielke, 23, son of West Van’s (Dr.} Charles and Avoca Mielke, scored TWO holes-in-one last Tuesday and Wednesday, the first at the University Golf Course and the second at Point Grey! kat WRIGHT OR WRONG: If you would be healthy and wise, eat like a king at breakfast, like a prince at lunch, and like a pauper at dinner. —=5 en ee -een i eo LiwaT oro ace tesreomee 1 PEe