Quote:
Originally Posted by burn_this_city
I agree with those sentiments, but I think it will take longer than 12 months to drop that much.
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I agree, prices will be sticky on the way down as people take time to re-adjust their valuation expectations. Also the newly laid off are likely to spend the entire duration that their severance packages looking for a new job before taking steps to put their home for sale or move away permanently.
There's a mentality that has grown since the Klein days that economic problems are something that other people in different parts of the country and world deal with and does not happen here for any length of time. It will take some time of ever decreasing prices and no upswing to dissuade a group of people who think the 2008-2009 time period in this province was the high water mark for economic misery in their lifetime(Hint: this was probably the least negatively impacted place in the entire world by the great recession).