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Housing crash on the horizon

Housing crash on the horizon

Postby Scrobins94 » Dec 16th, 2017, 3:39 am

When the mix of new homebuyers tilts from owner occupiers to investors/speculators, you start to wonder if ever rising housing costs are sustainable. The greed nature of some will trigger many to sell when they feel the market is at or near the peak, and thus the cycle will resume the normal course to correction as many rush to add theirs to the market supply. I'd say Fall of 2018 we see prices begin to decline.

These are my opinions only.

https://okanaganedge.net/2017/12/15/com ... ing-crash/

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Re: Housing crash on the horizon

Postby Hmmm » Dec 16th, 2017, 10:20 am

[icon_lol2.gif] [icon_lol2.gif] :biggrin: Do you rent your place? It’s usually the renters that hope for or predict the great housing crash. I predict Kelowna prices will be 10% higher by the fall of 2018. Kelowna is unique for many reasons and as long as there are many people that want to cash out from other areas and live the good life in Kelowna, prices will increase.

Are they closing the lakes, golf courses, wineries, ski resorts, mountains, fine dining and luxury car shopping here, anytime soon? It’ll crash for sure when that happens.
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Re: Housing crash on the horizon

Postby Scrobins94 » Dec 16th, 2017, 11:02 am

The particulars of my housing situation are none of your business. :up:

Please feel free to discuss without getting defensive. :smt045

Never did I say Kelowna is not a hot prospect in the long term.

Likewise, don't forget Kelowna wasn't immune to the 2008 crash. How many projects did not take off that time? E.g. The Monaco, Kelowna 24, downtown hotel, are just some examples. Wait. They haven't take off this round either.

The problem with crashes is that usually they are preceded by a sense of greed - mixed with a feeling of invencibility.

Don't just listen to your average realtor, they are motivated per transaction.

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Re: Housing crash on the horizon

Postby Piecemaker » Dec 16th, 2017, 11:08 am

If housing prices fall by 20 to 30 percent, the average property owner won't notice. A drop in prices only affects those negatively that bought at a higher price and need to sell. Should we choose to sell our home then, it will be probably worth what we think it is worth now. When we look around at home being sold, we are always surprised at their price and tend to underestimate what our home is worth!
If we sold when prices are lower and bought another home, we theoretically should save what we "lost" in the "crash" on the purchase price of the new home! Theoretically...
It's possible to do all the right things and still get a bad result.

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Re: Housing crash on the horizon

Postby Jflem1983 » Dec 16th, 2017, 11:10 am

I think the the run up has been fast and furious. There likely will be a bit of a softer market.
I already see homes for sale much longer than last couple years.

Prices might flatten out for a bit. I do not think this is an out there concept.

They could go higher as well.

Kelowna becomes less attractive with each new condo or townhouse. Each tower takes away a piece of the heart of the city. Soon we will just be soke metropolitan crap hole .

Rise fall or stay level i plan to leave town in five years or so. I will not stick around for much longer due to the traffic .
I feel it will be nearly un liveable by then
Now they want to take our guns away . That would be just fine. Take em away from the criminals first . Ill gladly give u mine. "Charlie Daniels"

You have got to stand for something . Or you will fall for anything "Aaron Tippin"

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Re: Housing crash on the horizon

Postby W105 » Dec 16th, 2017, 11:10 am

I think Hmmm missed the part that it was the Chief Economist of Central 1 Credit Union who made this statement...not some renter hoping for a crash...

and one yr ago this guy said all is well with our housing market, and now he says this ?? me thinks he knows alot more than the average homeowner..

a debt to household income ratio now sits at 171%...this is NOT good

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Re: Housing crash on the horizon

Postby monroe » Dec 16th, 2017, 11:22 am

:popcorn:
" ... Kind of weird but hey, weird is normal on castanet " - LANDM

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Re: Housing crash on the horizon

Postby Hmmm » Dec 16th, 2017, 11:34 am

W105 wrote:I think Hmmm missed the part that it was the Chief Economist of Central 1 Credit Union who made this statement...not some renter hoping for a crash...

and one yr ago this guy said all is well with our housing market, and now he says this ?? me thinks he knows alot more than the average homeowner..

a debt to household income ratio now sits at 171%...this is NOT good

I commented on the OPs comment. So no point missed.
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Re: Housing crash on the horizon

Postby Hmmm » Dec 16th, 2017, 11:36 am

Scrobins94 wrote:The particulars of my housing situation are none of your business. :up:

Please feel free to discuss without getting defensive. :smt045

N.

I was only guessing, because there have been so many on CN predicting this crash that are waiting to buy after it. Since maybe 10 years ago give or take. I say that they missed out on huge potential gains on home, if they did buy instead of waiting for the predicted every single year crash.
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Re: Housing crash on the horizon

Postby Even Steven » Dec 16th, 2017, 12:46 pm

Oh please, please let this correction happen soon. I wouldn't mind upgrading and already have few nickels for a downpayment.

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Re: Housing crash on the horizon

Postby vinnied » Dec 16th, 2017, 12:46 pm

they've been talking about this crash for i dont even know how long now. Never happens. Sure things may flat line, or even take a small dip, but not for very long, and it will always rebounds and then take off again. look at the crash in 2008 regarding real estate prices in kelowna. that sure didnt last very long. I predict prices similar to that of vancouver within the next 15 to 20 years. if your in, hang on to what you have. I think you will be pleasantly surprised
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Re: Housing crash on the horizon

Postby motokelowna1 » Dec 16th, 2017, 12:54 pm

Well im glad my debt ratio is the opposite its called good economics, know how to manage money and only buy what you need. After that it is Christmas every day....

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Re: Housing crash on the horizon

Postby KelownaCrackinCrew » Dec 16th, 2017, 12:55 pm

How many of you people on here actually own homes? :biggrin: And I don't mean mortgage I mean actually paid off...
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Re: Housing crash on the horizon

Postby motokelowna1 » Dec 16th, 2017, 12:56 pm

KelownaCrackinCrew wrote:How many of you people on here actually own homes? :biggrin: And I don't mean mortgage I mean actually paid off...

ME ME ME

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Re: Housing crash on the horizon

Postby KevinJP » Dec 16th, 2017, 1:00 pm

I too can make the same prediction. Yes, there is going to be a housing but I don't know when either. And then he predicts housing prices are going to double in 25 years. If that's the case, I should buckle down now and buy a house, leading to more of a frenzy.
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