Quote:
Originally Posted by Sylvanfan
Well there were a lot of Baby Boomers who came into some nice inheritence packages from their parents too. These boomers who have owned their homes since the years rolled over into the 2000's all of a sudden saw their net worth sky rocket over night, and than they inherited a nice sum of money from their parents who were pretty well off too. This also helped spark demand for vacation/recreation property in this area.
As I say Osoyoos biggest glut of property is in the vacation/recreation type property. Like anything to do with building...builders over reacted to what was once a crazy demand and have saturated the market as they always do. This past summer there was also huge competition from the US as their prices were down and our dollar was way up. Even with an 80 cent dollar there are still way better bargains in the US, and last I knew Phoenix doesn't have a foot and a half of snow and a frozen Lake! But like Nancy suggests with most Albertans not being able to get $100 grand so easily in the form of home equity, I think that also was a big factor.
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We are looking at a retirement property in Arizona. Prices are way down - ie - you can get a 2100 sq. ft. house with a pool just outside of Phoenix for around $100,000.00 US. Even at 80 cent dollars, that's still very cheap at $120,000.00 CAN. According to what I've read, the dollar should rise to around 85 cents US later this year. I don't think the prices of houses in Arizona are going to rise any time soon. So, we'll probably make our move later this year.