Quote:
Originally Posted by Winsor_Pilates
My experience with Kelowna makes me think the same thing. A huge amount of our buyers were Albertans on any Kelowna projects we've had. Rec property in BC in general has been heavily supported with Alberta's Oil wealth, and is in big trouble right now. I expect this to be one of the hardest hit sectors in the next year, and there may be some great deals towards the end.
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Agreed.
I don't see people taking huge losses to get out of second/vacation homes as those were most likely bought without large mortgages (wealth vs. debt). Some no doubt will, as people feel the pinch here and it will trickle across the border.
I can see the economy suffering as people spend less, construction slows, etc. from the less free for all spending by commodity rich out of provincers. But, a downturn in houseing prices, regardless at which level may in fact help out the real Kelowna residents as housing becomes more affordable and people will return/stay/move there if affordability improves.