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In Reply to: House prices here just continue to amaze me. posted by grantv on May 2, 2007 at 12:28:20:
over the past several years. Many areas are cooling down now. Hopefully people up there won't go nuts borrowing against all of their equity like so many did here.
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...average price of a home in the Bay Area is well over $600k.In my suberb, average is about $1 million.
Prices are not falling, just rising slower.
$30k in the last few months. Still it is nothing to sneeze at given the quantum leaps upward it has jumped (over 300%).
People buying at a high, the market slows down, mortgage companies won't reapprove when they're up for remortgage time and they lose their house AND owe money. Could be ugly in a few years if houses go down. Kelowna is a major summer, tourist, foreign/oil people summer house town though, so maybe it'll all hold.
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