Housing crash on the horizon

[alanjh595]

As much as I am pro-ownership, I do believe that there is a "correction" coming in the very near future. Will it be a "crash"? NO, but listings will take longer to sell. I also believe that Kelowna and the rest of the Okanagan will not feel the same effects as the lower mainland will feel.
It's about location, location, location......and of course timing. The ones that feel the least affect will be those that have bought with the intention of living in and staying put for the long-term. It's the speculators and the flippers that will be hurt the greatest.

[Roadhog]

I don't understand why it is greed to want to sell your home at the best possible price. For most people owning a home is the biggest single investment they will make, so of course they want to get the most benefit for themselves and their family. I presume from what the OP writes, that he would sell his home for less than market value in order to help someone who wants to get into the market at a lower price?

[dkopp]

I have a house I bought for a mil last yr, but I still believe it will go down. I only purchased this house out of necessity, and not because I didn't want to rent. I actually couldn't find a rental that I needed, and had to buy a house.

I know it sounds insane to buy a million dollar house out of necessity, but it was.

I still think it will go down. I have seen it in the US, UK, Japan, ..etc.

One thing in common with all bubbles are that majority believe that it won't go down. Which is very much the same in the Okanagan.

Same was said with many places like Florida. Look at it now. Dirt Cheap, and haven't come up since the drop really.

So, I would say the correction is coming soon. At least I think so.

[Scrobins94]

I don't understand why it is greed to want to sell your home at the best possible price. For most people owning a home is the biggest single investment they will make, so of course they want to get the most benefit for themselves and their family. I presume from what the OP writes, that he would sell his home for less than market value in order to help someone who wants to get into the market at a lower price?

If you are going to address me in a snarky tone I would expect you to actually read my OP more carefully. You're way too imaginative, I've never suggested anyone sell their properties or at what price.

[jimmy4321]

I feel if things slow a little , it'll all make up for it by September, with no effect on prices.

[Grandan]

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

Paid off in full.

[LTD]

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

Please feel free to discuss without getting defensive.

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.

2008 crash ? guess I slept through that one

[Jflem1983]

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

Please feel free to discuss without getting defensive.

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.

2008 crash ? guess I slept through that one

It was a real thing. Condos in weatbank were 50 percent off had huge 50 percent off tags on balconies

[Thinktank]

I thought 2008 slaughtered Florida and Arizona and most of USA but hardly affected the Okanagan.

That's what I remember.

[jasond_71]

Here is a prediction. Housing prices will drop them go up then drop etc. etc. but they will always go up over time. Now I'm an economist:)
The US median house price is above 2008 levels.
It took the Okanagan about 5 years for median house prices to reach 2008 levels so there was a dip but it's far surpassed 2008 levels now.
Unless you move to a different market or are a first time buyer it doesn't really matter.

[Urban Cowboy]

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

Please feel free to discuss without getting defensive.

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.

2008 crash ? guess I slept through that one

It was a real thing. Condos in weatbank were 50 percent off had huge 50 percent off tags on balconies

Agree.

It certainly wasn't as bad here as it was in some parts of the US, and other parts of Canada, but nonetheless it most certainly had an effect here too.

Though there are more examples the main ones that come to mind for me, are the Conservatory project went belly up, one of the towers that had begun construction on Sunset Drive was abandoned, and in the Mission area SOPA Square went under at least once, but I believe two times even.

Other projects such as Waterscapes simply scaled down their original plans, as that one has some of the underground garage, and footings for the final phase of condos, already poured, but the developer walked away at that stage due to the crash.

Just because some took no notice doesn't mean it didn't happen here too.

[dodgerdodge]

2008 crash ? guess I slept through that one

I would have thought it was widely publicised and properties were not holding their money. We bought in 2007 when prices were at a high, it took years before we saw our home become worth more than we paid back then.

[Catsumi]

There is a perfectly good and viable Housing Thread in Bickering room where predictions are made regularly and are respectfully received.

Why another thread? Join in the fun!

[Queen K]

There is a perfectly good and viable Housing Thread in Bickering room where predictions are made regularly and are respectfully received.

Why another thread? Join in the fun!

yes, respectfully alright!! I'm hoping to bridge over to a slightly bigger house, so I respectfully say, "bring it."

[PocoGirl]

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

Paid off in full.

I’m 100% paid off