Should I Buy Real Estate in Vancouver Now or Later?

This decision is really dependent upon the specifics of your situation. If you are waiting for the Vancouver real estate market to go down - don't hold your breath.

Three years ago I had a client who was convinced that the Vancouver real estate market had finished it's run and the bubble was about to pop. Three years later, prices are even higher and he now cannot afford to purchase.

The Vancouver real estate market has seen a steady increase for the last 10 years. This is in large part due to two factors: one, the fact that we have very limited land space in which the city can grow; two, we have a steady stream of immigrants from China who keep pressure on the market which in turn keeps our Vancouver and Richmond real estate prices from collapsing.

Generally, if you are buying a home it is always a good time to buy in Vancouver. Even if the market drops slightly, you are paying down a mortgage and building up your equity.

If you are purchasing revenue properties, you might want to time it a little more specifically.

The market tends to slows down in the summer so this is a good time to purchase and it heats up in the spring and fall. If you are looking at purchasing in the next 12 months, you might want to keep these cycles in mind.

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