@snguyenn Hell no ! #1 too much home ownership-it's better to rent than buy situation. #2 buying for investment rather than shelter #3 low interest rates #4 bad lending practices- like in America where the federal lowered the easy credits to bank to make loans . The overvalue of what it is worth is not even good for the economy people putting extra knots to there belt to pay there mortgage. The fact that our government is not regulating oversea investment from Asia is just unbelievable, sooner
real estate in vancouver is going to keep increasing. believe me by 2020 - 2050 overall its going to be double! vancovuer is a hot hot market. i consider it the "WEST COAST LUXURY" great community government and weather. #1 city in the world. Vancouver houses sell in less than a month with a over a dozen buyers interested. People from china and hong kong with money. A condo in those countries is 1million by so its relatively cheap for them here.
It's completely true that it's all relative at the end of the day. If house prices go up and increase a person's equity, it just makes the nicer 'move-up' homes that much more expensive too.
Who really loses in a downturn market are short term buyers with high-financed properties.
The Vancouver housing market's hype is a product of self interest groups pushing their agenda to preserve their livelihood in real estate. The high prices on housing and it's demands are based on our economy and foreign investments. I suspect both will dry up soon due to world dynamics and when that happens there will be massive selling in the housing real estate industry. (Oct.8th, 2010).
@JordyBrisbin Well considering how long it took the American housing bubble to burst I would say anyone who purchsed a house 5-6 years prior to the collapse lost everything. So those people who bought a house at reasonable prices 7-8 years (or before) ago will be fine. But anyone after is just picking at pennies in front of a steam roller.
I think that the real estate market in Canada and the US is entering the phase that Japan experienced in the 1990s. The bubble has now burst and the prices may not recover for a generation.
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
Move up market? So how do you sell your 2 bedroom when you owe more than its worth, make your money to move into something bigger and more expensive? Shills. Vancouver is going bust, long overdue and all the bullshit spit out by the pumpers will have no effect whatsoever.
@snguyenn Hell no ! #1 too much home ownership-it's better to rent than buy situation. #2 buying for investment rather than shelter #3 low interest rates #4 bad lending practices- like in America where the federal lowered the easy credits to bank to make loans . The overvalue of what it is worth is not even good for the economy people putting extra knots to there belt to pay there mortgage. The fact that our government is not regulating oversea investment from Asia is just unbelievable, sooner
TheLarryching 2 months ago
real estate in vancouver is going to keep increasing. believe me by 2020 - 2050 overall its going to be double! vancovuer is a hot hot market. i consider it the "WEST COAST LUXURY" great community government and weather. #1 city in the world. Vancouver houses sell in less than a month with a over a dozen buyers interested. People from china and hong kong with money. A condo in those countries is 1million by so its relatively cheap for them here.
snguyenn 8 months ago
It's completely true that it's all relative at the end of the day. If house prices go up and increase a person's equity, it just makes the nicer 'move-up' homes that much more expensive too.
Who really loses in a downturn market are short term buyers with high-financed properties.
landongendur 1 year ago
The Vancouver housing market's hype is a product of self interest groups pushing their agenda to preserve their livelihood in real estate. The high prices on housing and it's demands are based on our economy and foreign investments. I suspect both will dry up soon due to world dynamics and when that happens there will be massive selling in the housing real estate industry. (Oct.8th, 2010).
bigtim50 1 year ago
hahahaha
these bulshit new stories make me laff
exsentrik6969 1 year ago 2
3 successive years of price drops. How did that prediction pan out?
justmks 1 year ago 2
This has been flagged as spam show
Please check out my blog
shanedalyhomes@blogspot.com
dalyhomes 1 year ago
All forecasts appear to be wrong. Ask 3 economists what is going to happen, and you will get half a dozen or more forecasts.
For 8 years people have been saying that homes are overpriced, and that we are in a bubble, and those people not buying have really missed the boat.
JordyBrisbin 1 year ago
@JordyBrisbin Well considering how long it took the American housing bubble to burst I would say anyone who purchsed a house 5-6 years prior to the collapse lost everything. So those people who bought a house at reasonable prices 7-8 years (or before) ago will be fine. But anyone after is just picking at pennies in front of a steam roller.
mookixox 11 months ago
Comment removed
Maxobillion 3 years ago
I think that the real estate market in Canada and the US is entering the phase that Japan experienced in the 1990s. The bubble has now burst and the prices may not recover for a generation.
jafaru 3 years ago
there's no freaking way i'm gonna buy real estate this year 2009!
homer30 3 years ago
..so happy I didn't buy and don't plan to...prices are overtly and artificially overpriced.
MajNorberg 3 years ago
This has been flagged as spam show
marked spam but I agree
lennyfest:
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
MajNorberg 3 years ago
But you forgot...real estate in Vancouver CAN'T drop because of the Olympics! All this data must be nothing but lies, I tell you...
CPhillips92 3 years ago
12/13/5 is a 27.3% drop.
ironperth 3 years ago
Finally, Vancouver might be livable soon.
mettabee 3 years ago
Move up market? So how do you sell your 2 bedroom when you owe more than its worth, make your money to move into something bigger and more expensive? Shills. Vancouver is going bust, long overdue and all the bullshit spit out by the pumpers will have no effect whatsoever.
Shapperson 3 years ago 5