Quote:
Originally Posted by Red
Yes the analysts have been wrong with timing this As have many people, including me. They did not account for the BOC dropping prime from 4.25% to 1% when the US bubble was bursting. It saved Canada as the big crash was turned to merely a blip on the screen. Can they do that again?
Travis, not sure if you were in the business of selling houses back in 08. You do appear to be very young so I am assuming that you haven't experienced a down market yet. If all you have seen is the last few years of best RE boom this province has ever seen then I can see why you'd have the opinions you have. It's easy to get caught up.
30% of buyers have been missing since January. Expect more as the layoffs are felt across all sectors of the economy in the months ahead. Hard to be optimistic.
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I was a Realtor in 2008.... I have experienced the downs.
Oddly enough, certain realtors can actually strive when the market is down. All of the part time or think it is quick easy money Realtors fade really quick when the market heads south. This opens the door for plenty of potential new clients who lost their overnight Realtor. While there are less transactions taking place than a up market, there are less Realtors to facilitate the transactions that do go on.