Quote:
Originally Posted by Regorium
Within my friends it's about 50/50 on this.
In 2009/2010, the average house price dropped by 10%. I don't know how this could be anything but a worst case scenario.
As such, I think a 5% drop is quite reasonable. I just cannot imagine anyone selling their home at 20-30% discounts like some posters have mentioned. Let's say someone gets laid off - how is selling their home for a 20-30% discount going to help? Where are they going to live after that?
I think that unless we start seeing net migration from Alberta, house prices won't move too much. Unfortunately, I don't see opportunities in other parts of Canada so lucrative, that people are willing to pack up and leave and throw away their assets in Alberta just to go to Ontario or something like that.
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I believe the official drop was almost 20% in 09
No one chooses to sell with 20% discount. You are forced to by market realities, or foreclose. Your options get limited when you have no paycheck, houses are dropping and the bank calls your loans.
5%? Current prices are within 1% to where they were in Jan 14. See stats below. Since we gained 10% in 2014 then we pretty much lost all those gains already. No?
http://www.creb.com/Seller_Resources...ng_Statistics/