If housing inventory has risen why haven't real estate prices fallen much in Victoria, BC?

[SmileyGarrish]

ps - It is very bad Kharma to be laughing about the Slum Landlord Oligarchy in Victoria, and how much working people pay the Lords for the joy of living in their roach filled, noise polluted, filth surrounded, unmaintained dumps. Sure it is funny for you - but you don't work for a living, and you exploit people who need shelter - just like the landlords you think are amusing. Good on you mate.

[victoriahomesales]

@SmileyGarrish First, I will never apologize for smiling or adding laughter to the world. I was a renter for years in Victoria, and you sound a lot like I did then. I couldn't believe every month I was throwing money away on rent while my landlord just reaped the benefits. Every tenant should protect their rights and read the Residential Tenancy Act.

And for a guy that tapes himself sitting in the living room playing guitar all afternoon you're quick to accuse me of not working for a living.

[SmileyGarrish]

@victoriahomesales Touche' - I was acting as your PR consultant...........thanks for remaining polite.

[SmileyGarrish]

Why have prices not gone down? To begin with banks have no interest in 'allowing' that to happen. Banks are now intimately interested in Brokerage Companies. Mortgages and second mortgages and third mortgages are fabrications upon fabrications. If the true 'sales values,' as in what homes would actually sell for in an open market, were even a remote possibility, house prices would collapse to the point where the Common People who actually work for a living could possibly afford one. Dreamer.

[victoriahomesales]

@SmileyGarrish It certainly is true that housing costs are far higher than they used to be, my parents first home cost less than a years salary, whereas now it can be 4-10 times that ratio. It's not clear what you mean about 2nd and 3rd mortgages being fabrications upon fabrications, but it is true that for far too long people have treated their homes like ATM's taking out 2nd and 3rd mortgages against the equity of their home to pay for vacations and things with no thought of the consequences.

[SmileyGarrish]

@victoriahomesales My point was merely that banks have lent out far too much imaginary (equity) money to allow those whose 'equity' they relied (financed) on to become worthless: and by that I mean Worth Less than they are presently mortgaged for. Without entering macroeconomic theory, it is clear to this peasant that 'interest rates' and 'money supply' are manipulated by the central bank to ensure private banks ability to continue to siphon great portions of money earned by working people.