Housing crash on the horizon

[Queen K]

Me too. The bank cried I think.

[Grandan]

Me too. The bank cried I think.

I had a homeline credit line and when my daughter put a test kitchen in our basement the bank cancelled the loan and doubled the interest so I paid everything off. Best thing I ever did.

[Zoso]

You would have had to been under a rock for 7 years to not know there was a crash. And before people start talking about how smart they are for not spending . There was several business owners that were left with giant acounts payable . Canada was in my opinion , victim to the banking practicess of the states as well as the media. Partnerships and being in second place to banks can lose you several million in an upset . Yes , Ibelieve it can burst. The best defence you have is to move quickly and regroup before starting another endevor . Having all your cards out is very risky .

[Scrobins94]

I regularly scout new developments for opportunities and I definitely sense the tone has changed from their sales staff. In particular I am noticing them emphasize more and more how these are pre-construction prices and how if you decided the condo etc wasn't for you, or something in your personal circumstance changed, you could just assign it to someone else just prior to completion for a very small % and still get the benefit from pre-construction price and ever increasing prices. This, in my opinion is a speculation driven market.

For clarification I am not condemning anyone for wanting their investment to appreciate. I am just merely stating my opinion that I think we are in a bubble (although perhaps a smaller one hopefully since we would've learned from the 2008 one).

[LTD]

2008 was barely a bump in the road 98% of the people here didn't even notice it and certainly weren't affected by it, lol if that's what folks are considering a"crash" these days bring it on. Pretty sure my home value went up that year as well lol

[Thinktank]

I think it was 2001 - 2003 when the Okanagan crashed?

So it ca happen and probably will happen again.

[Fancy]

It was predicted housing prices would cool in 2017/2018 a year ago. Statistics can be found here:
https://www.omreb.com/page.php?sectionID=2

[Leifer]

This again?

In 2008 I had a colleague move to the Okanagan and buy a house at the very peak of that pricing run up from 2002.
He was pretty sad to see the market slow down in 2008 and all the associated stock market drama. The value of his home went down and stayed pretty flat for several years.

Funny thing is....today his place is worth more than what he paid in 2008.
Turned out buying his place at the very peak of the last cycle didn't really impact him. He needed a place to live, loved the house he bought....end of story.

[Whyme2]

This again?

In 2008 I had a colleague move to the Okanagan and buy a house at the very peak of that pricing run up from 2002.
He was pretty sad to see the market slow down in 2008 and all the associated stock market drama. The value of his home went down and stayed pretty flat for several years.

Funny thing is....today his place is worth more than what he paid in 2008.
Turned out buying his place at the very peak of the last cycle didn't really impact him. He needed a place to live, loved the house he bought....end of story.

Exactly, you need a place to live and prices may fluctuate from time to time. As long as you buy and sell in the same market you’ll do fine.
I’ve been hearing for over 25 years that the housing market is going to crash! Hasn’t happened and prices have quad triple since.

[Fancy]

Interesting article from a year ago:

For all the attention, it’s notable that most analysts don’t see Canada facing a U.S.-style housing crash.

http://www.macleans.ca/economy/economic ... d-in-2006/

[mexi cali]

I am not saying that realtors are the best sorce of information regarding markets, but they do know more than the average joe because market trends and costs are their business. And most of them work for people who are much smarter than them who they can lean on for assistance with their remote viewing activities.

One in particular, a very good friend, was who I reached out too for input when I read about the predicted 20-30% down turn last week.

He laughed and said that this year will indeed see an adjustment but not in that range. He is working with 10-12% in his business and is making his own adjustments.

The market is in a constant state of flux. Adjustments are normal and to be expected.

To a degree, the Okanagan enjoys a degree of insulation from wild swings simply because it's the Okanagan.

[Even Steven]

2008 was barely a bump in the road 98% of the people here didn't even notice it and certainly weren't affected by it, lol if that's what folks are considering a"crash" these days bring it on

Home values went down for a number of years. 2008 when it started going down. We brought in 2010 thinking we're buying at the bottom of the market but it kept going down for a year or two after. But after 2012 it was going up and up.

[Scrobins94]

Home values went down for a number of years. 2008 when it started going down. We brought in 2010 thinking we're buying at the bottom of the market but it kept going down for a year or two after. But after 2012 it was going up and up.

This is in line with my empirical evidence. About 2008-2009 it went downhill very quickly, which was followed by a slow but steady decline up until 2013-2014 at which point prices seemed to stabilize and around early 2016 prices rocket jumped.

A good friend of mine who lives in the Okanagan bought 14 rental units in a single building, at about 30% discount compared to peak prices. Although she did tell me she had to redo some carpets and faucets (amongst other items) as the developer finished them very cheaply cause nobody would buy the remaining units at his originally expected prices.

[Zoso]

Realtors are the least trustworthy to ask if things are going well. They are used car sales people of common sense . Its all a game to them . They are the only ones good at shutting up about things going sideways .

[Urban Cowboy]

^^