Quote:
Originally Posted by misher
Lol no ones going to sell for less than their mortgage or less than they paid for it. Unless there desperate for the sale people are just going to wait as they've been doing. Our prices are here to stay and you'll notice property assessments aren't going down. It will be up to the NDP whether to try to balance the budget while watching unemployment swell or reverse course and promote the Real Estate industry. As you can imagine a 30-40% hit in our biggest industry thats continuing to increase will not be good for our economy. When people don't sell and people don't buy the market collapses. You'll see how big a piece of pie Real estate is to BC below. In comparison, the LNG project is estimated to provide only an extra ~1% ($500 million) of revenue to the BC budget each year.
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Where to start. It's interesting to see the perspective of somebody who's obviously never lived through or paid attention to a major recession.
1. People selling for less than mortgage/what they paid. Happens all the time in crashes, that's the whole idea.
2. Property Assessments - those are backwards looking and only truly relevant for mill rates and property taxes.
3. NDP are just unwinding the liberal mess, of course there will be impacts. Better than being on this course for the foreseeable future.
4. LNG (and KM2, and Site C) - better invest in some winter clothing. You and your construction buddies will have all the work they can handle in Northern BC.
RE is going to suck for anybody who's been depending on it for a while, but if you haven't seen this coming, I can't have too much sympathy. Reminds me of all of the oil workers in Alberta. There was a fire sale on big trucks, motorcycles and all of the other crap those guys wasted their money on, because the gravy train was never going to stop.
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