The B.C Real Estate Association says be careful what you wish for because it could lead to major economic problems.
In his latest report, Chief Economist Cameron Muir says, the desire by some to have the government drive down home prices may sound practical at first blush.
However, Muir says, even a relatively modest drop of 10 per cent across the province will produce significant negative economic consequences to the economy, three billion dollars in losses.
“35 per cent would pull almost 250 thousand dollars out of the average homeowner in British Columbia.”
Muir also says if prices drop 35 per cent, there will be 64 thousand lost jobs and an economy in recession.