prices down 40% in Vancouver, BC
Wow! Prices are really starting to fall in Vancouver. Until recently, British Columbians had been thinking that this housing debacle was just an "American" problem. Here is an example of a luxury condo complex that has seen a 40% price decline in a matter of months. And this is in a nation that had NONE of the subprime or negative amortization loan products that became so endemic in the US.
But then, Vancouver just isn't as special as Seattle. The Pink Ponies couldn't get visas to cross the border...
http://blog.macleans.ca/2009/02/23/the-shocking-truth-about-the-value-of-your-home/?ref=patrick.net
But then, Vancouver just isn't as special as Seattle. The Pink Ponies couldn't get visas to cross the border...
in just a few months, the assessed value of his new place had fallen to roughly $1.2 million—and his bank wouldn't issue a mortgage for more than the property was worth. Meanwhile, the condo developer was finding that it couldn't sell its units either, at least not for anything close to the $1.5 million Kassam had agreed to pay. So it held a "blow-out sale," offering units for as much as 40 per cent off the original listed price.
http://blog.macleans.ca/2009/02/23/the-shocking-truth-about-the-value-of-your-home/?ref=patrick.net
Comments
Fixed that for you.