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Homes worth over $1 million in this BC neighbourhood assessed at $2 | Urbanized – Daily Hive

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For another consecutive year, average home assessed values saw drops in Metro Vancouver, with every jurisdiction in the region seeing decreases in BC Assessment’s 2020 roll.

However, these decreases weren’t just confined to the Lower Mainland, and one neighbourhood in a community on the Sunshine Coast saw drops that seemed unfathomable just a year a go.

In the District of Sechelt, some residents of the Seawatch subdivision saw their home values tumble from over $1 million to just $2 – one dollar for the land, and one dollar for the house.

BC Assessment

Residents of the subdivision were evacuated in February of last year, in response to a hillside waterfront neighbourhood’s high sinkhole and landslide hazards.

The subdivision had been experiencing sinkholes for several years, and a new hole appeared on Christmas Day 2018 on a parcel of land owned by Seawatch developer Concordia. This hole was quickly filled, but it was estimated to be 25 metres (82 ft) deep with a void of 400 cubic metres (14,125 cubic ft).

Over a dozen homes were affected by the evacuation order. The homes were constructed in around 2008, with each home carrying an assessed value of about $1 million.

Seawatch Sechelt

Seawatch homes in Sechelt. (Google Maps)

BC Assessment

This week, BC Assessment released its figures for all properties across the province, based on the market value as of July 1, 2019.

Across Metro Vancouver, the Fraser Valley, the Sea to Sky Corridor, and Sunshine Coast, total assessments have reduced from about $1.48 trillion in the 2019 roll to about $1.41 trillion in this year’s roll.

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Here are Warren Buffett's top 15 stock holdings – Yahoo Canada Finance

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Berkshire Hathaway’s (BRK-A,&nbsp;BRK-B) famed stock portfolio, which typically embodies Warren Buffett’s “buy and hold” maxim, posted stellar returns in 2019.” data-reactid=”15″>Berkshire Hathaway’s (BRK-ABRK-B) famed stock portfolio, which typically embodies Warren Buffett’s “buy and hold” maxim, posted stellar returns in 2019.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Some of the top holdings include American Express (AXP), Apple (AAPL), Bank of America (BAC), and Delta Airlines (DAL), according to Buffett’s widely-read annual letter.” data-reactid=”16″>Some of the top holdings include American Express (AXP), Apple (AAPL), Bank of America (BAC), and Delta Airlines (DAL), according to Buffett’s widely-read annual letter.

Buffett wrote that he doesn’t view these investments as “stock market wagers — dalliances to be terminated because of downgrades by ‘the Street,’ an earnings’ miss,’ expected Federal Reserve actions, possible political developments, forecasts by economists or whatever else might be the subject du jour.”

Rather than stock holdings, Buffett views these as companies Berkshire Hathaway “partly owns.” He added that these are companies “earning more than 20% on the net tangible equity capital required to run their businesses” and are profitable “without employing excessive levels of debt.”

A snapshot of the top 15 stock holdings held by Berkshire Hathaway at the end of 2019.
A snapshot of the top 15 stock holdings held by Berkshire Hathaway at the end of 2019.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In the long run, he remains bullish on equities, noting that they’ll outperform fixed-income investments.” data-reactid=”30″>In the long run, he remains bullish on equities, noting that they’ll outperform fixed-income investments.

“Returns of that order by large, established and understandable businesses are remarkable under any circumstances,” Buffett wrote. “They are truly mind-blowing when compared to the returns that many investors have accepted on bonds over the last decade — 2 1/2% or even less on 30-year U.S. Treasury bonds, for example.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Berkshire's stock investments delivered unrealized gains of $53.7 billion in 2019 as stocks surged to all-time highs.” data-reactid=”32″>Berkshire’s stock investments delivered unrealized gains of $53.7 billion in 2019 as stocks surged to all-time highs.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="That said, the 89-year-old billionaire investing legend suggested that investors ignore that figure because of a new GAAP rule that requires earnings to include the net change in unrealized gains and losses. A year ago, Berkshire posted unrealized losses of $20.6 billion as stock prices fell.” data-reactid=”33″>That said, the 89-year-old billionaire investing legend suggested that investors ignore that figure because of a new GAAP rule that requires earnings to include the net change in unrealized gains and losses. A year ago, Berkshire posted unrealized losses of $20.6 billion as stock prices fell.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Julia La Roche is a Correspondent at Yahoo&nbsp;Finance.&nbsp;Follow her on Twitter.” data-reactid=”34″>Julia La Roche is a Correspondent at Yahoo FinanceFollow her on Twitter.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the latest financial and business news from Yahoo Finance” data-reactid=”35″>Read the latest financial and business news from Yahoo Finance

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;SmartNews,&nbsp;LinkedIn,&nbsp;YouTube, and&nbsp;reddit.” data-reactid=”36″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardSmartNewsLinkedIn, YouTube, and reddit.

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Buffett spends record US$2.2B buying up Berkshire shares – BNNBloomberg.ca

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Warren Buffett kicked his stock-buyback program into high gear, spending US$2.2 billion on repurchases in the last three months of 2019, the most ever in a single quarter — and he’s looking to buy even more.

Buffett’s Berkshire Hathaway Inc., which loosened its repurchase policy almost two years ago after being stymied on the dealmaking front, has since taken a cautious approach to buybacks, acquiring only US$6.3 billion of stock. In the fourth quarter, Buffett bought shares every month, and has no plans to slow down, if the price is right.

“Shareholders having at least US$20 million in value of A or B shares and an inclination to sell shares to Berkshire may wish to have their broker contact Berkshire’s Mark Millard,” Buffett said in his annual letter to shareholders Saturday. “We request that you phone Mark between 8:00-8:30 a.m. or 3:00-3:30 p.m. Central Time, calling only if you are ready to sell.”

Even as Buffett ramped up his repurchases, Berkshire’s massive pile of cash hovered close to a record, totaling $128 billion at the end of 2019. Buffett, Berkshire’s chairman and chief executive officer, has sought to redeploy those funds into higher-returning deals or stock purchases, but has been stymied by what he’s said are “sky-high” prices for good businesses.

Buffett spent a portion of his annual letter reassuring shareholders about the future of the company once it’s no longer run by the billionaire investor and his business partner, Charlie Munger, who turned 96 this year.

“Berkshire shareholders need not worry: Your company is 100% prepared for our departure,” Buffett said.

At Berkshire’s annual meeting in May, shareholders will be able to submit questions to be answered by lieutenants Ajit Jain or Greg Abel, Berkshire vice chairmen who are considered top contenders to someday replace Buffett. They answered a few investors questions at last year’s meeting.

Berkshire’s operating earnings fell to US$4.42 billion in the fourth quarter, down 23 per cent from a year earlier, driven by underwriting losses at its namesake reinsurance group, which was hurt by typhoons in Japan, wildfires in California and Australia, and widening losses at its business writing retroactive reinsurance contracts.

Berkshire’s Class A shares last year underperformed the S&P 500 Index by the widest margin since 2009. The stock has gained just 1.1% this year.

Also in Berkshire’s 2019 annual report, released alongside Buffett’s letter Saturday:

  • Kraft Heinz Co., which counts Berkshire as its largest shareholder, had a tumultuous 2019, with writedowns, management shakeups and downgrades to junk. Buffett’s company carries its Kraft Heinz investment on its balance sheet at US$13.8 billion, a figure unchanged since 2018’s fourth quarter, even as the market price of the stake dropped to US$10.5 billion at the end of last year.
  • Berkshire’s BNSF railroad posted a 3.8 per cent gain in profit in the fourth quarter, just shy of record earnings in the previous three months, as a decline in expenses helped counter falling revenue across shipments of products such as coal, consumer items and agricultural goods. BNSF posted a regulatory filing Friday night, on the eve of the release of Buffett’s annual letter, giving investors a sneak peek of results.

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No winning ticket for Friday night's $65 million Lotto Max jackpot – CTV News

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TORONTO —
No winning ticket was sold for the $65 million jackpot in Friday night’s Lotto Max draw.

However, six of the Maxmillion prizes of $1 million each were won.

They will be shared by eight ticket holders.

The jackpot for the next Lotto Max draw on Feb. 25 will now grow to an eye-popping $70 million, and there will be 20 Maxmillion prizes up for grabs.

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