His description: March R/E sales in Richmond are best described as 'sliding into one of the communities deep ditches.'
Being side by side, the fact that both properties were simultaneously for sale was promoted as a selling point as you can see in this listing for 6251 Gibbons Drive (it makes note of the fact that the neighbouring 6231 is for sale too).
Even at the height of all the HAM insanity, which seemed to bring other Richmond properties in line with it's high asking price, 6231 failed to sell.
After having been raised in the post-war affluence of the 1950s and 1960s, the first wave of boomers entered their mid 20's starting in 1971. As they settled down between 1971 and 1976, these first Boomers bought homes which sold for between $40,000 and $60,000 in suburb communities like Richmond.
A average house on a large lot bought in 1971-1976 in Richmond for between $40,000 - $60,000 is now 'worth' between $1.5 - $2.5 million dollars.
- Media reports have covered the stagnating markets on Vancouver Island.
- Kelowna's mounting foreclosure situation is on the radar.
- Whistler hotel condos are off 50% from their peak.
- The Governor of the Bank of Canada has been sounding warnings for over a year now.
- Widespread media reports are now predicting the housing bubble is about to burst.
- Expectations are that Finance Minister Flaherty will introduce a bubble busting budget to trigger a soft landing in real estate.
- The banking regulator in Canada has proposed highly restrictive loan regulations.
A perfect storm.
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