cheaprealty net

Over at Victoria's Truth, a poster has consistently argued that at most, a 10% correction is in the offing, though lately he has mentioned the possibility of a 20% correction.

Rather than reply there, and perhaps disrupt the thread into a back and forth between bears and trolls er bulls, I decided to validate my take on things - which is that the target price of $350,000 = median single family home is not only likely, it is supportable. Or, am I out of touch, is it really different here now?

Okay - it's different everywhere. So what? Does that mean Victoria is in a protective bubble that isolates it from the wider sweep of economics? Does Victoria and BC for that matter run counter to the trends in the larger economy? If a global over valuation of real estate is correcting, do so many wealthy refugees from less desirable locales want to move here, that it won't matter? Prices will still keep going up?

This is a routinely expressed fantasy on why it's different here, this time.