Quote:
Originally Posted by Flame On
All this is making me nervous about upgrading from a one bedroom condo to a house we just bought. But in this market I feel if we don't get on that boat it will sail away from us permanently.
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Well keep in mind that housing is still a basic need. So long as you need a place to live a house is still of use to you. I lived in Prince George which is a one horse town thats completely dependent on Forestry. I moved there in 1996 and and left in 2001. In that 5 year span real estate prices went down about 35% and dipped to about 50% by around 2003 type of thing. But today prices have come back past the levels they were at in 1996. So as long as you stay employed and can continue to keep making the payments on your place and can ride out the cylce you'll be fine.
I also hold the opinion that a house with land is something thats more useful than a condo over the long haul. Eventually a good chunk of this echo generation who are currently buying condo's and driving up the prices in that market will get married, have children and want to live in a house with a yard and all that stuff they had growing up. And eventually there won't be enough 20 something singles and D.I.N.K. couples coming up behind them to keep the condo market as lucrative as it currently is.