Have Kelowna home values dropped 41%?

[grammafreddy]

Are you buying blue chippers and holding for the long term?

[Static]

Are you buying blue chippers and holding for the long term?

Nothing but dividend paying blue-chips.

[Static]

penny stocks are way better

The TSX Venture is 3000, the TSX is 13,000ish. Penny stocks are not better. I have yet to meet one person, other than an executive, who makes it wealthy from penny stocks. 95% of the stocks are scams, IMO. One has to have a horseshoe up their butt to make significant gains.

[Canuck]

http://www.youtube.com/watch?v=DreC3IeH ... re=mh_lolz

[GrooveTunes]

Just imagine if this happens.

http://www.greaterfool.ca/

[Jo]

Seems everybody needs a little time to calm down. I'll reopen tomorrow morning when everybody has had their brains reinstalled. Lots of posts gone, how on earth do you manage to get so many personal attacks posted in such short order?

[Jo]

Hopefully you all feel better today and can therefore conduct yourself in a more appropriate manner.

[GrooveTunes]

http://www.theglobeandmail.com/report-on-business/economy/housing/canadas-mortgage-body-moves-to-slow-booming-housing-market/article2378722/

[Fritzthecat]

Hopefully you all feel better today and can therefore conduct yourself in a more appropriate manner.

You're such an optimist.

[GrooveTunes]

Glad I sold in 09 when it was obvious the crap was going to hit the fan. It's getting closer.

http://www.greaterfool.ca/

[trrs]

Condos were severely overpriced, and I know the higher end condos have dropped in price massively. I could see 41% in condos.

But in single family (with illegal suites) detached homes ... no. 10-20% ...

[Glacier]

One family down the street from us wants to move to Nanaimo. They have a job waiting for them, but they have been unable to sell their house despite dropping the list price from about $400,000 to the current price of $279,000. It's a small house but they are asking significantly less than they paid for it 5 years ago. As in they are willing to lose $150,000 on the place.

Another couple on my street has their house in foreclosure. They had it listed for over a year at the price they paid some 6 years ago, but no buyers. The bank has accepted an offer on the place that is only 2/3rds of what they paid. It goes before the judge at the end of the month, at which point I'm tempted to go show up and put an offer on the place, but I'm thinking that 2/3rds of the previous price might be too much in today's market.

[Panzer130]

Oh wait..... that was 1977.
Prices go up, prices go down. The fear mongers will cry the loudest.

[36Drew]

Oh wait..... that was 1977.
Prices go up, prices go down. The fear mongers will cry the loudest.

I think the problem you will find is not the rise and fall of prices in RE (or any other market for that matter), but the large number of homebuyers who purchased homes with zero down, 40-year (and now 30-year, "5% cash back") mortgages who would not be able to afford said homes under normal circumstances - as in, 5 or 10% down and interest rates sitting at 6, 8, 10%.

Interest rates are at rock-bottom. They have one way to go... up. That means that at some point, mortgage payments are going to increase. Wages more than likely will not. What do you think will happen at that crossroad? Who pays for the fallout?

[grammafreddy]

Hopefully you all feel better today and can therefore conduct yourself in a more appropriate manner.

This post should be moved to the funny forum.