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Mr. Cam Good - GREAT ANSWERS TO FREQUENT QUESTIONS

How is the Market?  It's normalized. It's frankly healthier and more sustainable than it was.

What is the Market Going to Do?  You'll see listings decrease and sales increase as people realize the bad news headlines they see are just sensational sound bites used to sell newspapers and TV commercials and in fact the sky is not falling. Prices in the Okanagan should rise 8% over the coming year.

Is this a Buyer's Market?  It feels like it right now because inventory has shot up and buyers have so many great choices. As inventories come down you'll see a strong balanced market.

Could What Happened in the USA Happen Here?  ABSOLUTELY IMPOSSIBLE. The American sub prime disaster HAD to happen. It was George Soro that said "the economy is global, yet the US continues to act in isolation." When we talk about a buying frenzy in BC, we are talking about buyers with pre-approved rate frozen mortgages for 24, 30 and 36 month delivery. This mortgage product was not available in America. BC buyers have 10, 15, 20 and 25% deposits.America is in a credit crunch. You NOW require a job and a down payment to buy a home. Before, you didn't. You could purchase with no decs and no docs. A 10 year old could buy. What will turn America around? Confidence.

Could What Happened in Alberta Happen Here? ABSOLUTELY! It already is! Look to Alberta, to be a leading indicator of what can happen here. Prices went up an average of 36% in 2006. Albertans spent 2007 deciding that they would like to cash out at the top. Listings through the roof. Days on market way up. Headlines: "The Sky is Falling!" Absorptions remained the constant. Abundant listings, bad news headlines and fear paralyzed the market. The paralysis is lifting now. There were never any economic reasons for the cooling. 

Posted on August 27, 2008