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Originally Posted by AWDTurboLuvr
Actually, they are once you filter it down to attached vs detached on year over year results and parse that with inventory stats. Interest rates haven't moved up, yet the correction has already begun in the GVRD, GTA and now Montreal, where I now live. I would add that I think a certain amount of people have already started to realize they can't afford their home...which is why the massive amount of inventory on the market. It was certainly more difficult to sell my condo last summer than my previous transaction 6-7 years ago.
I think once the rates go up, is when the bottom will actually fall out. Do I believe that Vancouver real estate will ever be "affordable"? I don't think so.
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Across the street from me, I have 3 houses for sale, all in a pretty little row. On the other side of the street is another one that has been for sale for over a year(a shitty flip). At prices that I didn't think they'd be listed at(except the shitty flip)
People are trying to get ahead of the curve. Crash out at 20% loss to avoid 30% and a glut of houses.
And do the math...aging population for one. One house that just got listed...beautiful home, absolutely beautiful. I watched him last year maintaining his near perfection hedge. Took him 3 weeks. Up on a ladder. He's, I'd say 50's, 60's. Who the fuck wants that? It's not like its going to get easier for him. So, you can pay people for that. But then, your house isn't as accessible and blah blah blah. We all know whats driving people to downsize.
Well, to do that, you need to have a group looking to "upsize": young people.
And there isn't enough young people to go around. Between those that can't afford it, and those that don't exist due to birth rates post baby boom and those that won't take the risk on interest rates...prices are at best flat for the forseeable future.