Quote:
Originally Posted by van_driver
Been hearing about the "people on the sidelines with cash" for 20 years. Reality is, when prices start softening, people seem to think they'll go down forever and keep waiting for the right time. Before you know it, market turns back around
On a side note, anyone have recommendations for central A/Cs? Got a quote from BC Furnace to install around $7k for 2100 square foot home
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What I've seen over the years is that for the most part, bears remain bears and will mostly find a justification to stay out of the market.
Detached housing in Metro Vancouver is an endangered species. Supply of it decreases every year and the majority of homeowners under the age of 50 would prefer to own it, rather than other forms of housing. I don't see how one can lose with detached housing, unless Canada ceases to be the country that we currently understand it to be.
Other forms of housing may have slight dips, and flat lines, but I don't believe that there is enough housing to satisfy demand. Households are much smaller than they were 30-40 years ago (e.g. forever alone). Households are also forming/disbanding more quickly than in the past. Therefore, we need more individual homes to accommodate singles and the set of households that are in constant flux.
A new high-efficiency furnace and AC combo would run in the $12K range, so it's not completely ridiculous.
The price is largely dependent on the heating set up in your home - whether you need to install a new air exchanger (?), the length of the run you need for the unit ducting, etc.