Nope, that was my first ever post on the site. Don’t have a PS3 and dont really want one. Just looking for a nice home…..at a cheap price of course

I saw that article in the print edition today with a new headline: “Winnipeg house sales down, but not price”. The Wpg Free Press should have slapped a “… yet” at the end of that headline as active listings are up 50% from last year. Volumes drop, inventory rises and then prices fall.

In fact, prices have already fallen from the peak. The average selling price for a residential detached home was $191,000 in January 2009, down from $224,000 in May 2008.

We are not looking for anything huge, just a modest size whether it be a town, semi or detached… it just seems rediculous that townhouses are 375K ++…. we are looking in that Bond Lake , Oak Ridges area…. so hopefully by May/June 2010 we can snap up a deal!!

checkout these… http://www.queensgatehomes.com/manors/index.html

These are detached towns ~ Phase III start at $389,000 for 2100 sq ft. up to $468,000 for 2400 sq ft.

Thoughts???

You’re talking about microcosm, while I’m talking about macrocosm.

You are essentially claiming that a worthless asset (the US Dollar) has worth solely because banks are hoarding it and thereby creating a shortage, and that they will continue to do so because if they fail to do so, it will become worthless.

You have essentially described a BUBBLE in the USD. One that will pop just like every other bubble.

I submit to you the game of “Hot Potato” and the inevitable outcome.

Well Maurice, me thinks you own a property in either of those 2 places and are pumping the market a little.

If you look at Winnipeg, it was very cheap RE, but priced accordingly to employment in Winnipeg (Burns weiner factory, ie, not much good employment there), weather (Winterpeg) and location (middle of no-where).

Ottawa, well, we can see what homes were cheap there, it’s beside Quebec and covered with politicians.

Mike

I figured this was going to come down the road at some point as speculators who purchased to flip (and profit to the next greater fool) woke up a realised they are in negative profit territory.

The developer should sue those who want to illegally break their contract, after all, the developer did build the building.

Real Estate is a risk investment (sorry if that wasn’t explained to you by your Realtor), it can go up or down.

I imagine we will see more stories like this as prices keep dropping.

I wonder if there are simular stories like this in the USA as their prices started falling 18 months before us?

Mike

I walked along west second from Granville Island to Burrard last weekend and was struck by all the business for lease signs contrasted by the exotic car boutiques, very strange.