Re: while I partially agree... - Saab General Bulletin Board - Saabnet.com
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Re: while I partially agree...
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Posted by James [Email] (more from James) on Fri, 26 Nov 2010 12:15:02 Share Post by Email
In Reply to: Re: while I partially agree..., Reality, Fri, 26 Nov 2010 10:16:04
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Sure, people move around, and some locations are moderately dependent on a single industry + are subject to that, though Canada has cities that are fairly balanced economically.

It sounds to me though that your area probably ran into way more housing inflation than anything near us. There are virtually no 6 million dollar homes anywhere near here, and anything close to that price range is at least 2-3 times the square footage of a normal house. The "towns" nearby us would likely be much harder hit by a real estate collapse than the good core city neighbourhoods, imho (I'm talking single family homes, not condos).

But from my perspective, unless we chose to sell, the value of the house doesn't make a big difference except in terms of the amount of property tax we pay (a minor annoyance, ours have more than doubled along with this, but taxes pay for services, so whatever). If we were to sell, it's the price differential that matters (and actually, the lower the better with real estate fees being % based). The absolute value really only matters when I kick the bucket, and hopefully I've got more than a few years left in me! I have no interest in leveraging the value of my home to invest/purchase other things... that's the kind of behaviour that got people into trouble to begin with!

We'll see how it plays out. I could see a 20-30% drop max over the next couple of years as possible near us if interest rates rise. I doubt we'd see much more than that, but I could be wrong. Average prices here are up 10% this year btw...

James...

posted by 216.59.225...

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