greed? Nah, it's cheap credit...mostly coming up from the US. 0% interest by Federal Reserve has been a suicidal policy for 10 years now. Thats why the US real estate entered a bubble then collapsed, just like US education loans have entered a bubble and are also on the verge of collapse. But more pressing is the US dollar is in a historical bubble (due to Fed Reserve monetizing of debt by printing money to buy US treasuries) and is also on the verge of collapse. Interests in Canada will go up!
So went down and then up with an interest rate cycle and here we are. Low interest rates and slow sales with an increasing supply. I think the writing is on the wall increase in interest rate will equal price declines and level affordability.
Hey I'm from vancouver too and I -- like you -- make decent money but could never afford a million dolalr home in east van where I grew up. :(
I believe that these prices in vancouver cannot sustain themselves and a crash is imminent. Canada is not an island, and is vulnerable to the same problems as the US and European Economies. I've heard that tehre is a cycle in real estate that has been pretty consistant for the last 60 years. 2012-13 should be bottom, and thats when I'll try to buy...
Well, your timing is a bit off but market will crash. Of course the industry is going to hype this as long as they can. When this market crashes in late 2010 I will not shed one drop of tears. I see a drop of 40% after 2010 very likely. I really want to see this happen.
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hbloch1 9 months ago
greed? Nah, it's cheap credit...mostly coming up from the US. 0% interest by Federal Reserve has been a suicidal policy for 10 years now. Thats why the US real estate entered a bubble then collapsed, just like US education loans have entered a bubble and are also on the verge of collapse. But more pressing is the US dollar is in a historical bubble (due to Fed Reserve monetizing of debt by printing money to buy US treasuries) and is also on the verge of collapse. Interests in Canada will go up!
mattyelle1 9 months ago
So went down and then up with an interest rate cycle and here we are. Low interest rates and slow sales with an increasing supply. I think the writing is on the wall increase in interest rate will equal price declines and level affordability.
djrevxo 1 year ago
It's not just greedy developers. It's greed + speculation + hope= Disaster.
dino33ca 1 year ago
Hey I'm from vancouver too and I -- like you -- make decent money but could never afford a million dolalr home in east van where I grew up. :(
I believe that these prices in vancouver cannot sustain themselves and a crash is imminent. Canada is not an island, and is vulnerable to the same problems as the US and European Economies. I've heard that tehre is a cycle in real estate that has been pretty consistant for the last 60 years. 2012-13 should be bottom, and thats when I'll try to buy...
bluehorse888 1 year ago
Well, your timing is a bit off but market will crash. Of course the industry is going to hype this as long as they can. When this market crashes in late 2010 I will not shed one drop of tears. I see a drop of 40% after 2010 very likely. I really want to see this happen.
bigtim50 2 years ago
Boy where you wrong. The prices are still going up.
I truly hope the prices do cool down but it may be long ways away!
Maxobillion 2 years ago
Short answer yes but it really depends on your situation and what your expectations are.
djrevxo 2 years ago
do you think it's better to wait till after the olympics to buy a home?
mongolhorde19 2 years ago