Quote:
Originally Posted by Realtor 1
A 10-20% drop is beyond ridiculous.
Granted it's an opinion but one that doesn't seem to have much basis. My prediction is a 5% drop as a absolute worst case scenario and a 3% gain as the best case scenario. I'm not sure what EFF means by housing prices are already reacting because it's wayyy to early to take note of such thing. Give it another couple months before you can be sure.
Kavvy, feel free to send me an email with the criteria you want and I can help you out.
|
Really? "Beyond ridiculous"? Let me guess. Your only argument is " it's different this time "
Ironically the housing market is following a similar path as the global oil market. A glut of supply and decreased demand. Which of course leads to lower prices. We are already ~2% down from the peak of June 2014. Hell it's not reaching to predict prices will be down 5% from the peak by spring.
Historically, during the 80s bust we saw a 38% drop in prices from peak to trough, and during the 08/09 bust we saw a 17.8% decline.
http://calgaryrealestatereview.com/2...ales-timeline/
It's gonna be a rough year for everyone. Real estate is not gonna somehow avoid the economic reality of the province and come out unscathed. To suggest so is disingenuous