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He doesn’t know exactly when it will happen, but Helmut Pastrick says there’s a very good chance the Central Okanagan housing market will end its considerable climb with a sizable crash.
Speaking to members of the Kelowna Chamber of Commerce Dec. 15, the chief economist for Central 1 Credit Union said there was a 70 per cent chance a recession will send the region’s housing market into freefall.
The corresponding hit to house prices will depend on how much they rose in the preceding upswing, but Pastrick said it will likely mean a 20-30 per cent price drop in the Central Okanagan.
A second, less likely option is a "soft landing," which would only see prices fall by 10 per cent or less.
For more on why Pastrick says the long-term outlook for the region is much different, including his insight into the dramatic shift in the number of homeowners in the region, check out the full story on Castanet's sister business news website, Okanagan Edge.
