Anyone else hear about the house price drop?


#1

House prices went way up, are they dropping in the summer?


#2

Maybe in Vancouver + Calgary but I doubt it here in Rupert.  Our prices are just finally catching up to the rest of the “average joe” part of the country.  Can’t find them much cheaper than Rupert still.


#3

i doubt that prices will drop in the summer thats when the peak season is for selling real estate so expect things to keep on going up i’ve been looking for a house to buy and prices are outragous for what they want for some of the houses out there  JUNK


#4

The same people that told me to buy houses in PR in 2003 are telling me to expect another substantial increase in house sale prices this year. They can’t tell me any specifics about what announcements/projects will be the driver behind this but they sure were right last time.


#5

I doubt that will happen.


#6

They should plummet here in  the Fort. There’s a quiet exodus of families who just can’t make it on EI anymore, the Pope & Talbot guys have been off since October.
It looks pretty obvious that the banks are trying to swallow their losses and not put the homes on the market, I know half a dozen people who tossed in their keys and walked away. But I see no foreclosures on the market.
If they listed 6 at once, everyone would take a beating, as assessments skyrocketed last time (as much as 80%), yet real value slid a little.
A 30 unit townhouse complex went for $350K here last year, and assessments went UP. Explain that one in plain English…


#7

You might be thinking about MP Garth Turner’s article:

http://tinyurl.com/2mskgn

However, just days after Turner’s article, the yearly mortgage consumer survey was released on by Canada Mortgage and Housing Corporation.  Which painted a better picture of Canadian’s with mortgages.

http://tinyurl.com/2mjgkx


#8

I don’t care about house prices… I just wish the mortgage rates would go down in the next six months. Mine is due for renewal in the fall. :smile:


#9

Mortage rates are totally going down!  When you renew, try to lock in, 'cause they will sky rocket in the coming years!


#10

They are really only going down if you have a variable rate mortgage set at prime.  The banks have been slow to drop fixed rates, if those the BoC has been dropping its rate.


#11