It seems like there are two distinct schools of though out there about the future of Real Estate in Western Canada.
One side says we are to expect more appreciation next year and the other expects a Housing Crash.
It should be an interesting year, in 2007, to see which side is correct. I know that there have been Housing Bubble Bloggers posting about declines for a couple of years now. The whole time the RE proffession have been there to brag about further increases.
Maybe 2007 will be the year that the Housing Bloggers have been waiting for.
If there is a decline will the RE profession address it?? Or will they continue to tell people it's a good time to buy? I find it interesting how it is a good time to buy when prices are soaring because you will risk being "Priced out of the market" But while prices are declining it is also a good time to buy because "You are in a Buyers Market and there are good deals to be made out there." It seems like it is always a good time to buy. I guess if I stood to make $15K-$20K off of a home sale I would be telling the public the same thing.
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We know that gains we've had can't continue forever, and so I have a feeling 2007-08 will be the end of the boom, with flat or sliding prices, maybe 10-15% nominal drop over 2 years, which is 20% real value, a large hit.
That being said, the uber-bears around here will start sounding like the Bob Rennie's of the world with their propaganda of the end of the world as we know it. Lets face it, if you were calling for a recession 2 years ago and it happens next year, you are still wrong.
Lets face it, if you were calling for a recession 2 years ago and it happens next year, you are still wrong
So it's all about ego?
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