Quote:
Originally Posted by Flamenspiel
I could certainly see a condo crash, especially if the foreign buyers are all bailing, maybe not so much the single unattached homes.
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If anything it's looking like the opposite is happening. The condo, although overpriced, are still in reach of the locals. The unattached homes, starting at 1.5 mil for an eastside shack, are totally out of reach of the locals.
In the past 5 years a huge gap opened in between the price of "starter homes" (ex. condos) and unattached. That gap is likely to close and become more of a gradual step, as opposed to the ridiculously steep curve it is now.
http://www.huffingtonpost.ca/2016/09..._11837936.html
Prices on detached homes are already down. Although a lot of that could be due to the abnormal bump we had in January finally wearing off. Foreigners were pouring money in ahead of China's new regulations on exporting cash, which limit exports to around $50k.