Illusion of Prosperity in the USA Today(Miami Style)
Florida has second highest rate of foreclosure in USA. More than 90,000 foreclosures in Florida since January?? Ouch!
Not enough demand, not enough qualified buyers.
So the vultures are circling - looking for condos at 60 cents on the dollar.
Or an 88% price drop, from over 3 million to half a million, for a luxury unit, in a case of "for example"...
Just some stories from a dead market, not a buyer's market.
And further construction coming on line in the next year will just push inventory thousands higher.
As someone said, since retirees like Florida so much, there are no similarities between Florida and Victoria.
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The weather is better in Florida. I met a couple from (I think Alberta - not sure) anyway they moved here last year and were shocked that it rained so much and were thinking of leaving. They thought it would be warm all the time. Some people scare me. This is Canada baby!
Florida does have hurricanes though, I'll give them that...
I can see this happening in Vancouver - easily and it will bring Victoria down with it.