The Editor,
Re. “Price drop” (The Tri-City News, July 29).
So let me get this straight: The city of Port Coquitlam paid $890,000 for a property, tried to sell it for $799,000 and no one wanted it.
So what does the city do? It reduces the price by $200,000. What a great deal for the PoCo taxpayer. We just lost nearly $300,000, assuming the city sells it for $599,000.
It’s almost impossible to lose money in this real estate market but we did. Well done, city hall.
Terry Newman, Port Coquitlam
