The worst housing news in 26 years
by investor on 17/11/08 at 1:33 am
In the six weeks since Vicky and Mike Plover put their house in Kelowna, B.C., on the market, a so-called healthy housing correction has been turned by a crumbling economy into the worst decline in a generation.
House prices in the B.C. Interior region tumbled by 11.2 per cent last month from the previous October, the sharpest decline in the province and even worse than the national drop, which was the worst year-over-year monthly tumble in 26 years.
Ms. Plover said she remains confident the home will sell but realizes the economy is now working against her and her husband.
“Unfortunately, we were a bit late [to put the house up for sale],” Ms. Plover said Friday morning before her realtor hosted an open house, with another set for Sunday. “It’s definitely tougher than it was six months ago. And the economy this fall has made a huge difference.”
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