I have a question for you. We live in a time of superb economic growth for the western provinces, Vancouver is a beautiful place to live and we’ve got two weeks of winter games coming in just 4 years. Interest rates are very low by historical standards and the CMHC will insure mortgages with absolutely no down payment.
So given all those positives WHY IS MY HOUSE WORTH $29,000 LESS THAN IT WAS A COUPLE OF MONTHS AGO?!?
I mean seriously, prices should be going up shouldn’t they? We’ve got nothing but positive economics here. I’m taking some solace in the fact that its the winter and the market usually slows down around now, but a $29,000 average drop in house prices!?
This has got me worrying about the liquidity of my house-riches. What if I can no longer put up some fresh paint and new laminate and increase value by $50k? What if something were to happen to our economic paradise? What then?! I mean if prices can go down when everything is going great what happens if everything stops going great. What if rates rise, more people move out of the province, or the job market starts to decline?
You people have turned me into a worrier, just BUY SOMETHING ALREADY!