Just got this years Revelstoke assessment online and the value has gone up 182,000 since last year .No end in sight for realty values here. Perhaps a mortgage rate increase will slow things down but who knows as there is lots of demand and not much available .
Realty prices and assessments
- Thread starter tejay
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drew562
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A good buddy of mine moved to revy 3 1/2 years ago. He’s going to make over 500,000 on his house when he sells it next month
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- #4
I don't think raising interest rates 0.5% or even 1% will change much. It will only hurt the first time buyers who are financing more, so many of the others are cash deals or smaller mortgages and a bit of extra interest isn't going to stop from buying. They also need to think about how much raising the rates will impact existing variable mortgages and people coming up for renewal whether fixed or variable. Whether or not people are stretched too thin, it would be very bad policy to raise rates a bunch and have a ton of foreclosures on your hands from it. It would probably be a good idea to keep the 5 year fixed from 2.5-3% like it was before and variable a bit lower so rates aren't stupid low but not going to really hurt anyone renewing. Or change some policy and offer 10 or 15 year rates or even for the life of the mortgage.
Surprised how much starter homes in Edmonton have went up, if they go up much more i'm tempted to sell some, but they were bound to go up after staying the same for so long and even dropping a bit. Higher prices haven't went up though, have one i'm living in on the market and while there is tons of traffic there isn't anyone serious, I don't think it's any better market for it then it was 5 years ago.
Surprised how much starter homes in Edmonton have went up, if they go up much more i'm tempted to sell some, but they were bound to go up after staying the same for so long and even dropping a bit. Higher prices haven't went up though, have one i'm living in on the market and while there is tons of traffic there isn't anyone serious, I don't think it's any better market for it then it was 5 years ago.
struglin
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I can’t believe the pricing in Revy, when did it get this bad?? Vancouver prices
Flapjack
Active VIP Member
Mortage rates will go up, maybe to 20% like 82, a lot of good people lost bigly...some guys can't handle doubleing/tripleing payments for too long.
Those prices are unsustainable in Revy. I'd take the money and leave. I lived there as a teen, the town sucks balls. Atleast in the Kootenays Canadian Tire is reasonably close,think about it...
This I don't understand, once the locals move, who wil be there to work normal jobs ?
Those prices are unsustainable in Revy. I'd take the money and leave. I lived there as a teen, the town sucks balls. Atleast in the Kootenays Canadian Tire is reasonably close,think about it...
This I don't understand, once the locals move, who wil be there to work normal jobs ?
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- #8
That’s a huge problem - nobody can afford a house so there are multiple people living in rentals and people that have bought houses have to have a helper suite so it becomes a short term rental ( mostly illegal ) which exacerbates the availability of long term . No easy answers
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- #10
Leduc is building subdivision areas with new homes. All are built with legal suites. So basically setting people up with help to pay the mortgage.
Doubles the vehicles on the streets.
Flapjack
Active VIP Member
The high prices reflect the fact that money has never been cheaper to borrow combined with low inflation.
The 40 and under crowd haven't seen lean times and high intrest, high inflation, high unemployment.
People will get even crankier when that happens.
The 40 and under crowd haven't seen lean times and high intrest, high inflation, high unemployment.
People will get even crankier when that happens.
pano-dude
Active VIP Member
Pretty typical for most resort towns unfortunately.
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- #18
Bogger
Bogger of the GBCA
Our daughter & boyfriend live in Fernie and face the same issue, right now they each rent a room and the cost is reasonable $600-ish per month. As soon as they want to move in together in a private apartment/condo their rent will triple. To buy a place will cost them at least $400K + condo fees
In 1982 the government wasn’t the primary holder of the Canadian debt. You won’t see higher than 3-4% interest rates, they would literally default on their debt payments. This is no longer a normal debt where you increase interest rate to control inflation. BOC is always threatening increases but they know if they do more than a couple basis points increase they will cause a recession, housing industry is keeping this bad economy afloat.
They’ve created a mess and likely will cause a recession when they try to slow it down.
Beer Slayer
Active VIP Member
Ridiculous here as well, neighbours house sold for a $135,000 over asking....new owners gutted it.
A single bedroom apartment, basement or above a store in town is $1000 to $1300 a month.
I live in a small town, 4000 people, 29 years, this past spring there was a farm sold to build 70 houses starting at $700,000. ...all sold in two days!
A single bedroom apartment, basement or above a store in town is $1000 to $1300 a month.
I live in a small town, 4000 people, 29 years, this past spring there was a farm sold to build 70 houses starting at $700,000. ...all sold in two days!
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