I think that prices can fall under replacement cost. Generally older buildings (50 years old or more) are land value only since the structure is worth so little.Posted by Tom on Sunday, October 20th, 2019 at 1:51am
Can't we please just have one year where prices at least stay stable rather than this continuous fall? I know some young people who's equity in their house is almost nothing now! When will the federal government step in and acknowledge the weak housing market is decimating millennials?Posted by Tom on Sunday, October 20th, 2019 at 6:26am
In theory the prices can't fall much lower than the replacement cost of a house. For resale apartments and resale townhouses the replacement cost is at least double.Posted by Tony on Sunday, October 20th, 2019 at 6:36am
Tom, although this will be hard on millennial's they should have had the foresight to see this coming.... interest rates can only stay so low and with stagnant wages over the past many years asset prices cannot keep rising. Coupled with boomers who are down sizing it is evident that supply will outweigh demand and prices will fall. It's unfortunate for them but I do not think it is up to government intervention.Posted by Dylan on Monday, October 21st, 2019 at 4:29am
I agree with Dylan. One should never purchase a home going in blind. Been sitting waiting to pull the trigger for the last couple years. Wish they would of touch on economics in high school but there is a reason that they don't.Posted by JJ French on Monday, October 21st, 2019 at 7:13am
4 more years of hell for Alberta.
Time for Alberta to leave Canada.