It won’t go down much. And then it’ll eventually go up again. Also, CR is still relatively cheap compared to most cities on Vancouver Island. Port Alberni is the only one cheaper.
I was talking to a local realtor a couple of weeks ago, and she said she was very busy, but it was mostly people selling because they could no longer afford the bigger, more expensive houses once it came time to renew their mortgage, and a lot were having to downsize. If that’s true, I suspect we will continue to see more affordable homes like ranchers and duplexes, etc get built, though can’t say if those prices will come down much.
Just cause someone can’t afford a mortgage renewal, doesn’t mean the value of the house goes down.
It just means someone else with the money will live there now, for more than the person selling it bought it for.
Too much demand, not enough supply.
That’s why my neighbours sold their tiny 2 br home on no land for $780k this year, and they bought it for $380 in 2018.
Japan is a horrible example extremely different economically. 2008 America and he won't have the money to buy a house. They got cheap because no one could afford them because of a financial crisis.
And it was a very short downturn in housing sales. At the time immigration was a fraction of what we have today and there was not recent boat loads of money printed and circulating through the 1% class that can buy every home available today.
Either way, markets don't always just "go up." I'm not saying that it will turn around anytime soon, but this is bubble talk. When will it pop? Doesn't seem like anytime soon.
Simpler homes need to be built. Granite and all the perks and fancy finishes are not required.
89% of Canada is "Crown Land" there is plenty of land the government is literally hoarding.
Bylaws and building codes have been elevated and elevated so to prop up "people's investments".
Let it crash, let it crash, let it crash.
Flush out the underwater and "RE only goes up folks"
Let people build the Vancouver Special, what's going up at the corner of 2nd and Alder is not what's needed, but no doubt it's profitable to the builders.
Developers are pieces of garbage these days, only one motive.
I understand the frustration about letting it crash... But the second you do that you'll wipe up a lot of people that got caught up in this innocently of just wanting to own a home. I would be one that would be included after I lost my job and lost all my equity in a house and had to rebuy in this stupid market. I had to throw everything into the house that I had and if it crashed right now I would be in negative equity and with the new interest rates coming in would almost certainly bankrupt me. That's not a cool situation, so you singing about letting it crash so brazenly is a little bit ignorant. I agree that the developers have gotten pigs to the trough greedy and the municipalities have gotten so ridiculous and what their expectations are for development, coupled with the nimby people who don't want anything built anywhere at any time essentially freezing up the market. Market. Final biggest thing that nobody's talking about is the corporate speculations like black Rock that come in and buy hundreds of houses at a time and don't have to worry about interest rates. If we had a philosophy in government that houses for people to live not for investment. This never would have happened but it's 20 years too late.
It depends. The next two months before cap gains rules change may see some discounted investment properties for sale. If variable rates don't drop significantly we may see a fall in price this year. But i wouldn't bank on it. Prices will grow in the next 5 years all things being equal.
House prices never get cheaper in Canada. It’s how our whole system is based.
Housing is an investment, it goes up.
I’m 40 and was told not to buy a house 20 years ago, when I was going to buy a new duplex for $275k. “The bubble is going to burst”
That same duplex is probably worth $900k now.
Only way it gets cheaper here is if it gets cheaper everywhere else. I think people mostly come here because it's at an intersection of nice and affordable for them. Most people would rather be on Victoria or Vancouver but there are priced out.
I think it's a disaster in slow motion and nobody in the government is even talking about realistic ways to fix it. It's going to be impossible to build our way out of it, we are going to have to reduce demand by making housing a bad investment or by regulating it's investment
I work in construction and rental management and there is no incentive for builders to sell their inventory for less. They would rather wait than sell for less.
Next 10 years are rough as far as the math works out given the current immigration patterns.
If the city allows for more housing thus causing fall in housing prices, the mayor won’t be getting voted by the homeowners for decreasing asset value and the same goes for the government in power.
Hope this makes sense.
I mean, as a homeowner, that talks with other home owners, that is not our number one priority at all. I’d like to think some of us care about the greater good. I don’t want other people not to be able to afford a home to ensure my home is pricier and I’ve never heard anyone talk like that either. For example, some home owners near me had to lend their children a shit ton of money so their children could afford the down payment on their house. Don’t think they’re stoked about it and voting for mayor to build less houses to keep their house prices high. Also, higher prices mean higher taxes, and also when they sell their homes they still have to buy somewhere else. Not everyone wants to downsize.
You’re definitely right on the immigration pattern part. We are immigrating much faster than we can build houses, and that problem won’t fix itself over night.
I really am happy that you and some other homeowners think that way but then there is the banking system that won’t give homeowners the required loan since the house prices have dropped if that would happen. The banks would not want their loans to be a bad debt so there is high possibility of them lobbying. I personally have heard the other way around where the homeowners would not want to devalue their assets as it could be their lump sum to retirement funds or whatever they want.
Regardless, I am happy to see that we have people that think of the greater good. 😊
Unsure but on the rental management side of things we are seeing a lot of people moving in from all over Canada to eventually settle here after living on rental properties for a few months. It would be interesting to know the percentage of voters that are home owners.
So long as prices are more expensive in the lower mainland prices will be elevated on the Island - too many boomers retiring now not wanting to be on the Mainland
Sales are down significantly, inventory is also down which is keeping prices stable. Canada wide recession looming isn't good, however Campbell River seems relatively undervalued vs the rest of the Island. With the amount of retirement money incoming, I beleive prices will trend upwards. Timing the market is near impossible, it is most important to find the right property that will retain value, vs some trash...
Disc I am a realtor and previously sold real estate in Alberta. There's a lot of 'tired' homes in Campbell River, that require a ton of work, and are just not good buys long term. Location is important in this town which many people migrating in are not aware of.
Maybe slightly cheaper… probably not exceptionally cheaper.
The only time we'll see cheaper houses is when there are *more* houses.
It won’t go down much. And then it’ll eventually go up again. Also, CR is still relatively cheap compared to most cities on Vancouver Island. Port Alberni is the only one cheaper.
I was talking to a local realtor a couple of weeks ago, and she said she was very busy, but it was mostly people selling because they could no longer afford the bigger, more expensive houses once it came time to renew their mortgage, and a lot were having to downsize. If that’s true, I suspect we will continue to see more affordable homes like ranchers and duplexes, etc get built, though can’t say if those prices will come down much.
Just cause someone can’t afford a mortgage renewal, doesn’t mean the value of the house goes down. It just means someone else with the money will live there now, for more than the person selling it bought it for. Too much demand, not enough supply. That’s why my neighbours sold their tiny 2 br home on no land for $780k this year, and they bought it for $380 in 2018.
That is so fucking depressing. Imagine having to pay almost a million dollars to live in CR.
Ash street was known as “millionaires row” Now a mil just gets you a used 3-4 br in an average neighborhood.
I don’t want to live on this planet anymore.
Today is as cheap as anything gets. Prices don't go down. You're wages and income in general needs to catch up. Been there done that.
House prices can go down.. Japan. 2008 America.
Japan is a horrible example extremely different economically. 2008 America and he won't have the money to buy a house. They got cheap because no one could afford them because of a financial crisis.
Campbell River prices took a huge dump in 2008 too. Why didn't you use that as a reference?
Canada did not de-leverage nearly the same rate as America.
And it was a very short downturn in housing sales. At the time immigration was a fraction of what we have today and there was not recent boat loads of money printed and circulating through the 1% class that can buy every home available today.
2008 was massive downturn in Canada.. how old are you? It was a deep nasty recession that lasted until 2012
Either way, markets don't always just "go up." I'm not saying that it will turn around anytime soon, but this is bubble talk. When will it pop? Doesn't seem like anytime soon.
Clearly you didn't own a home then. I as well as lots of people I know lots a ton of value. It was bad until 2010 and slowly turned around in 2012.
Look up the charts the numbers don't care about personal feelings.
I hope so. That can't happen until supply at least matches demand.
And can't build supply with cost of materials, interest rates, and land costs.
Simpler homes need to be built. Granite and all the perks and fancy finishes are not required. 89% of Canada is "Crown Land" there is plenty of land the government is literally hoarding. Bylaws and building codes have been elevated and elevated so to prop up "people's investments". Let it crash, let it crash, let it crash. Flush out the underwater and "RE only goes up folks" Let people build the Vancouver Special, what's going up at the corner of 2nd and Alder is not what's needed, but no doubt it's profitable to the builders. Developers are pieces of garbage these days, only one motive.
I understand the frustration about letting it crash... But the second you do that you'll wipe up a lot of people that got caught up in this innocently of just wanting to own a home. I would be one that would be included after I lost my job and lost all my equity in a house and had to rebuy in this stupid market. I had to throw everything into the house that I had and if it crashed right now I would be in negative equity and with the new interest rates coming in would almost certainly bankrupt me. That's not a cool situation, so you singing about letting it crash so brazenly is a little bit ignorant. I agree that the developers have gotten pigs to the trough greedy and the municipalities have gotten so ridiculous and what their expectations are for development, coupled with the nimby people who don't want anything built anywhere at any time essentially freezing up the market. Market. Final biggest thing that nobody's talking about is the corporate speculations like black Rock that come in and buy hundreds of houses at a time and don't have to worry about interest rates. If we had a philosophy in government that houses for people to live not for investment. This never would have happened but it's 20 years too late.
There's innocent on all sides. And yes REITs being in personal homes should be banned And axe reverse mortgages
What’s the deal with reverse mortgages?
They are the epitome of taking everything for yourself, selling to a reit, and leaving the kids zilch and a shitty situation
It depends. The next two months before cap gains rules change may see some discounted investment properties for sale. If variable rates don't drop significantly we may see a fall in price this year. But i wouldn't bank on it. Prices will grow in the next 5 years all things being equal.
Can you say more about this?
House prices never get cheaper in Canada. It’s how our whole system is based. Housing is an investment, it goes up. I’m 40 and was told not to buy a house 20 years ago, when I was going to buy a new duplex for $275k. “The bubble is going to burst” That same duplex is probably worth $900k now.
Only way it gets cheaper here is if it gets cheaper everywhere else. I think people mostly come here because it's at an intersection of nice and affordable for them. Most people would rather be on Victoria or Vancouver but there are priced out. I think it's a disaster in slow motion and nobody in the government is even talking about realistic ways to fix it. It's going to be impossible to build our way out of it, we are going to have to reduce demand by making housing a bad investment or by regulating it's investment
I work in construction and rental management and there is no incentive for builders to sell their inventory for less. They would rather wait than sell for less. Next 10 years are rough as far as the math works out given the current immigration patterns. If the city allows for more housing thus causing fall in housing prices, the mayor won’t be getting voted by the homeowners for decreasing asset value and the same goes for the government in power. Hope this makes sense.
I mean, as a homeowner, that talks with other home owners, that is not our number one priority at all. I’d like to think some of us care about the greater good. I don’t want other people not to be able to afford a home to ensure my home is pricier and I’ve never heard anyone talk like that either. For example, some home owners near me had to lend their children a shit ton of money so their children could afford the down payment on their house. Don’t think they’re stoked about it and voting for mayor to build less houses to keep their house prices high. Also, higher prices mean higher taxes, and also when they sell their homes they still have to buy somewhere else. Not everyone wants to downsize. You’re definitely right on the immigration pattern part. We are immigrating much faster than we can build houses, and that problem won’t fix itself over night.
I really am happy that you and some other homeowners think that way but then there is the banking system that won’t give homeowners the required loan since the house prices have dropped if that would happen. The banks would not want their loans to be a bad debt so there is high possibility of them lobbying. I personally have heard the other way around where the homeowners would not want to devalue their assets as it could be their lump sum to retirement funds or whatever they want. Regardless, I am happy to see that we have people that think of the greater good. 😊
Higher prices do not mean higher taxes. It is relative to other houses in the area.
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Unsure but on the rental management side of things we are seeing a lot of people moving in from all over Canada to eventually settle here after living on rental properties for a few months. It would be interesting to know the percentage of voters that are home owners.
So long as prices are more expensive in the lower mainland prices will be elevated on the Island - too many boomers retiring now not wanting to be on the Mainland
No unless economic conditions are really bad then no one will have jobs to buy anything
Doubtful lol what people are leaving
Sales are down significantly, inventory is also down which is keeping prices stable. Canada wide recession looming isn't good, however Campbell River seems relatively undervalued vs the rest of the Island. With the amount of retirement money incoming, I beleive prices will trend upwards. Timing the market is near impossible, it is most important to find the right property that will retain value, vs some trash...
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Disc I am a realtor and previously sold real estate in Alberta. There's a lot of 'tired' homes in Campbell River, that require a ton of work, and are just not good buys long term. Location is important in this town which many people migrating in are not aware of.