Quote:
Originally Posted by nik-
Why even bring up tourism when it comes to housing? Tourists don't by houses.
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Actually he has a point because if a place is a destination than people will look to buy property there. Right now there are a lot of baby boomers in this country who are very wealthy. They own their own homes that they paid peanuts for now, their kids have left home, they're making more money than ever and they're coming into their parents money, and thats the wealthiest passing generation to date. In the Okanagan as an example, the economy is luke warm, the wages are crap, the job numbers look terrible. But you can't buy a shack in Penticton or Kelowna, or anywhere in that region for less than 400k. The people who live and work in that area can not afford those house prices....but....people who have inheritance, or who live in other area's and want to retire there or own vacation property there can.