Down she goes!

quote:

TORONTO, VANCOUVER — 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. ... Nationally, the average price of a resale home in October fell the most, percentage-wise, since August, 1982, sinking 10 per cent from the year before to $281,133, the Canadian Real Estate Association (CREA) says. It was the fifth consecutive month with year-over-year price declines. Unit sales fell by 27 per cent from October, 2007, declining sharply in every province except Newfoundland and Labrador and the Northwest Territories. Month-over-month sales fell by 14 per cent, the largest drop since June, 1994. ... In Toronto, Canada's largest housing market, sales fell by 35 per cent year-over-year in October, and prices by 10.5 per cent. Other hard-hit parts of Ontario included the cottage country regions of Muskoka, Haliburton and Bancroft. The housing market downturn in Ontario, and to a lesser extent in Quebec, is worrisome because it reflects weakening economic fundamentals rather than the sharp price increases that took place in the West, Mr. Porter said. ... http://www.reportonbusiness.com/serv.../Business/home

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Depression...

there, I said it. I'm not proud, but it's out there.